Short : Veejay Nakra, CEO of Mahindra Automotive, explores whether India’s EV market is ready to accelerate or still facing hurdles. He shares insights on the challenges, opportunities, and the future of electric mobility in India. Are we truly ready for an EV revolution.
Detail : As EV sales decline globally, Veejay Nakra explores why India remains an emerging player with untapped potential.
Electric vehicles (EVs) have garnered global attention in recent years, but the momentum seems to be slowing. While several markets are seeing a dip in EV sales, India remains an outlier, still finding its footing in the EV landscape. In a candid conversation with Tech Today, Veejay Nakra, President of Mahindra’s Automotive Division, reflected on India’s EV journey and how Mahindra plans to shape its future.
“The global EV industry is at a certain level of penetration, but in India, we’re just getting started,” Nakra said, noting that India’s EV push began only five years ago, in 2018, when Prime Minister Narendra Modi announced a national focus on EV manufacturing. “We’ve had the Fame policy, the PLI scheme, but India has yet to see the true benefit of born-electric vehicles,” he added.Currently, most of the EVs in India are converted from internal combustion engine (ICE) models. This is where Nakra believes the industry needs to evolve. “The customer today has to pay a 20-25% premium over ICE products, just for an electric powertrain and a few features,” he explained, suggesting that born-electric SUVs, which Mahindra plans to launch soon, will change this dynamic.
When asked about the slow growth in EV sales globally, Nakra acknowledged the challenges but remained optimistic about India’s potential. “We are just about at that cusp for the EV industry to take off in the country,” he said, citing factors like range anxiety, fast charging infrastructure, and policy support as critical to accelerating EV adoption.
On the topic of Battery as a Service (BaaS), a model gaining traction in some markets, Nakra expressed caution. “In India, consumers are very sensitive towards asset ownership. Subscription models and battery services haven’t really taken off here,” he noted. This insight reflects a broader understanding of Indian consumer psychology, where asset ownership remains a priority, especially for high-value purchases like vehicles.
Despite the challenges, Nakra is confident that India’s EV sector will see significant growth in the coming years, especially with Mahindra’s planned launch of electric-origin SUVs. “We’ve only just begun, and with the right products and policy framework, India has the potential to become a global EV hub,” he concluded.
