Why Switch To Electric Vehicles 'Makes Sense'? Charge Zone CEO Explains

Kartikey Hariyani, the founder and CEO of Electric vehicle (EV) charging network Charge Zone, while speaking at NDTV World Summit 2024, explained why switching to EV makes Sense.

"In India, the purpose of an EV or a car is for personal mobility. 80 percent of the mobility requirement of an Indian consumer is less than 51 k a day. So, with this stat, EV becomes a natural choice for adoption but it also (poses) a question whether the cost makes sense. Then as an individual consumer, you will say I don't need an EV or the payback is not really attractive," he said.

Mr Hariyani, however, insisted that "there is good news around".

"Two developments have happened in the industry so far. In the last two quarters, the cost of the battery has come down by half. The second good news is some of the OEMs (original equipment manufacturers) have initiated battery as a service which means battery and charging will effectively becomes your fuelling system. So, what you are going to buy will be a car without the battery cost, it means (it would be) equivalent to the cost of a petrol car," he said.

Mr Hariyani stressed that one has to think through carefully in terms of how the recharging networks will be planned.

"For each of the EV segments, the industry players have started investing into this. Six years ago, standards got built into this. Later on, local ecosystem played a big part. Localisation did happen in terms of semiconductors as well as power electronics. Today we are ready with the chargers, localised both for three wheelers and four wheelers," he said.

He also said that even though fast-charging is a key for adoption of EVs but it's not just about cars but also buses and trucks.

"For a charging company like us, when we started off in 2019, there were green sprouts around electric cars coming into the market, then electric buses started coming. And today we see the launch of electric trucks. As a priority, I will enable inter-city mobility. In other words, charging infra on highways is our priority number one. We have electrified 33,000 kms of highways in India. Fast-charging is a cornerstone. But, if I invest into fast-charging only for cars, I won't be able to make money even in my whole life time. Inter-city buses and inter-city trucks are going to be the biggest enablers," he added.

Earlier in the day, Prime Minister Narendra Modi emphasised the importance of clean energy for a better future, stating that "clean energy is the need of the hour".

At COP26, India committed to reducing projected carbon emissions by 1 billion tonnes by 2030 and achieving net-zero emissions by 2070. These commitments necessitate a rapid transition to renewables.