Ola Cabs founder and CEO Bhavish Aggarwal has said he believes India should have confidence in its own ability to build electric vehicles indigenously. His response came after Hyundai MD SS Kim backed Elon Musk-led Tesla's call for lower duties in India on imported EVs.
“Lower duties will help grow the EV market,” Kim told Autocar India.
Aggarwal said India should not focus on "just import". "Strongly disagree with both. Let’s have confidence in our ability to build indigenously and also attract global OEMs to build in India, not just import. We won’t be the first country to do so!" he tweeted.
Aggarwal-led Ola Electric is the latest entrant in the EV market. The company's first product, Ola Electric Scooter's pre-launch booking was thrown open to the public two weeks back at a token amount of Rs 499.
The company surpassed the record 1 lakh registrations within 24 hours. The new battery-powered scooter is expected to come with confirmed segment-leading features such as app-based keyless access, the biggest-in-class boot space, and the segment-leading range.
Ola Electric scooter is expected to be priced between Rs 1.2 lakh to Rs 1.4 lakh (ex-showroom), and will compete with the likes of Bajaj Chetak, Ather 450x, and TVS iQube.
Meanwhile, Elon Musk's Tesla Inc, which aims to begin sales in India this year, has reportedly written to Indian ministries, seeking about 40 per cent reduction in import duties on electric vehicles (EVs), saying the move could boost demand and generate revenue for the government, Reuters had recently reported citing sources.
Similar such moves by other luxury automakers in India in the past had also faced stiff opposition from rival domestic automakers and thus had little success in prompting the government to cut import duties.
The electric vehicle (EV) market in India is likely to be a Rs 50,000-crore opportunity by 2025, with two- and three-wheelers expected to drive higher electrification of the vehicles in the medium term, says a report by Avendus Capital.
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