Capital subsidies will give necessary push for EV manufacturing in India: Etrio
Kalyan C Korimerla, MD & Co-promoter, Etrio, talking to BT, also added that Etrio is currently sitting on large order volumes and the next year looks promising.
- Oct 17, 2022,
- Updated Oct 17, 2022 4:47 PM IST
Hyderabad-based EV maker Etrio, which provides electric commercial vehicles to more than 30 e-commerce companies including Amazon, IKEA, Big Basket, Reliance JioMart, FlipKart, etc., said that supportive state-wise EV policies are a clear signal that India as a nation is embracing EV not only as a solution to improving air quality but also as an economically viable alternative to transportation and supply chain logistics.
"We have seen a definite upsurge in demand for EV. Ecommerce players are rapidly transitioning towards EV and to meet this demand, we need to scale our production capacities much faster. With capital subsidies and grants, producers will definitely be better positioned to step up the production of electric vehicles,” Kalyan C Korimerla, MD & Co-promoter, Etrio, said.
In 2017, Etrio was launched as India’s first EV company to retrofit light commercial vehicles (LCVs) for intra-city logistics. They started a business by replacing the combustion engine and connected components of an existing vehicle with an electric motor and battery.
Korimerla said that sustainable mobility is integral to economic growth and the recent changes in the EV policies reflect the government’s commitment to make EV adoption not only financially viable but also a safe mode of transportation. "The State Policies will benefit all the players within the EV ecosystem: vehicle manufacturers, ancillary suppliers, dealers, buyers, end users and the community as a whole,” he added.
As many as 16 states in India have EV policies at different stages. These include Andhra Pradesh, Karnataka, Kerala, Madhya Pradesh, Maharashtra, New Delhi, Tamil Nadu, Telangana, Uttarakhand, Uttar Pradesh, Goa, Gujarat, Meghalaya, Assam, West Bengal, Odisha, and Rajasthan.
Etrio is present in more than five states and plans to expand to 10 states and over 20 locations by the end of this fiscal. Korimerla said that Etrio is currently sitting on large order volumes and the next year looks promising. "We are gearing up to grow rapidly within the next 12 months. We are currently building and strengthening our distribution network and plan to be in 15 cities in the next 12 months. We are also expanding our in-house R&D capabilities and looking at extending and expanding our product roadmap. We are also raising capital to support our growth plans,” he added.
And state EV policies, he says, aids that adoption rate. “Affordability and accessibility are the cornerstones of driving adoption, and the state policies are aimed at enabling both dimensions,” Korimerla said.
Also read: UP govt's new EV policy to offer incentives to buyers, manufacturers; aims for 10 lakh new jobs
Also read: Indian Army to replace light vehicles, buses and motorcycles with EVs in its fleet
Hyderabad-based EV maker Etrio, which provides electric commercial vehicles to more than 30 e-commerce companies including Amazon, IKEA, Big Basket, Reliance JioMart, FlipKart, etc., said that supportive state-wise EV policies are a clear signal that India as a nation is embracing EV not only as a solution to improving air quality but also as an economically viable alternative to transportation and supply chain logistics.
"We have seen a definite upsurge in demand for EV. Ecommerce players are rapidly transitioning towards EV and to meet this demand, we need to scale our production capacities much faster. With capital subsidies and grants, producers will definitely be better positioned to step up the production of electric vehicles,” Kalyan C Korimerla, MD & Co-promoter, Etrio, said.
In 2017, Etrio was launched as India’s first EV company to retrofit light commercial vehicles (LCVs) for intra-city logistics. They started a business by replacing the combustion engine and connected components of an existing vehicle with an electric motor and battery.
Korimerla said that sustainable mobility is integral to economic growth and the recent changes in the EV policies reflect the government’s commitment to make EV adoption not only financially viable but also a safe mode of transportation. "The State Policies will benefit all the players within the EV ecosystem: vehicle manufacturers, ancillary suppliers, dealers, buyers, end users and the community as a whole,” he added.
As many as 16 states in India have EV policies at different stages. These include Andhra Pradesh, Karnataka, Kerala, Madhya Pradesh, Maharashtra, New Delhi, Tamil Nadu, Telangana, Uttarakhand, Uttar Pradesh, Goa, Gujarat, Meghalaya, Assam, West Bengal, Odisha, and Rajasthan.
Etrio is present in more than five states and plans to expand to 10 states and over 20 locations by the end of this fiscal. Korimerla said that Etrio is currently sitting on large order volumes and the next year looks promising. "We are gearing up to grow rapidly within the next 12 months. We are currently building and strengthening our distribution network and plan to be in 15 cities in the next 12 months. We are also expanding our in-house R&D capabilities and looking at extending and expanding our product roadmap. We are also raising capital to support our growth plans,” he added.
And state EV policies, he says, aids that adoption rate. “Affordability and accessibility are the cornerstones of driving adoption, and the state policies are aimed at enabling both dimensions,” Korimerla said.
Also read: UP govt's new EV policy to offer incentives to buyers, manufacturers; aims for 10 lakh new jobs
Also read: Indian Army to replace light vehicles, buses and motorcycles with EVs in its fleet