'What’s the biggest barrier for you to buy an EV?': Ola's Bhavish Aggarwal makes people think hard

The demand for electric vehicles (EVs) has picked up quite a bit of steam over the years. However, a couple of challenges are deterring people from buying EVs and this is a question Ola’s CEO Bhavish Aggarwal asked netizens in a post yesterday. 

“What’s the biggest barrier for you to buy an EV?” he asked in a poll on Twitter and gave four options including ‘Will battery last for 5 years?’ ‘Too costly’, Not ‘Not Enough Charging Points’ and ‘Range Anxiety.’

Most people responded to the poll by saying that lack of enough charging points is the primary reason why people hesitate in buying EVs, followed by cost. They were also quick to share their suggestions. 

A user wrote, “There should be more charging stations and until hyperchargers install, tier 1,2,3 cities consumers will think twice before upgrading and mostly the ola hyperchargers are only inside the gas stations which is little inconvenient, they should try to open outside cafes,resto too.”

Another one wrote, “The 5th barrier is about service.”

Even the industry stakeholders echo these sentiments. In an earlier interview with Business Today, Somesh Kumar, Partner & Leader- Power of EY India had noted: “We have close to 2 million EVs on the road and more than 50 per cent of the vehicles are expected to be electrified by 2030 (varying across segments). One of the biggest components of EVs is the battery and the budget provides for custom duty exemption on capital goods import required for manufacturing Lithium Ion battery cells.” 

While there are gaps in the sector, the government has also been taking steps to promote the EV space in India. In the Union Budget 2023-24, Finance Minister Nirmala Sitharaman had announced the decision to support Battery Energy Storage Systems with a capacity of 4,000 MWH with viability gap funding. She also mentioned an outlay of Rs 35,000 crore for priority capital investments towards energy transition and net-zero goals till 2070.

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