India will have more electric vehicles than Europe by 2020 – New Motion
New Motion, a Dutch tech company specializing in charging solutions for electric vehicles, plans investments to the tune of INR 1,000 crores. While charging a car with a regular power socket can be carried out in 6 to 7 hours, this is possible in just 15-30 minutes via the New Motion smart chargers.
With the electric vehicle industry set to increase by leaps and bounds, fast charging solutions are the need of the hour. It is for this reason that New Motion, one of largest smart charging companies in the world is planning to set up a manufacturing base in India while plans are afoot to make India the company’s global manufacturing hub.
New Motion expects that in Europe there could be about 3 million electric vehicles in the next five years, while there will be much more EVs in India by then. Setting up a manufacturing facility in India will not only bring down cost of charging but significantly reduce time of charging as well.
Ritsaart Montfrans, founder and CEO at New Motion draws attention to the fact that the government has been very supportive where building of electric vehicle ecosystem in India is concerned. However, experts feel that the government needs to offer more incentives to encourage more people to start using both electric two and four wheelers while there is an urgent need to also use electric vehicles for public transportation. However, this will require added investments to the tune of INR 13,000-14,000 crores over the next few years.
via Economic Times