SIBM Hyderabad Reports - Insights and Key Highlights

Symbinar 2.0 Series - Mr. Devender Reddy

Topic: "Scope and Potential of Electric Vehicle Market"

Date: 30th August 2020, Sunday

Time: 11:00 AM to 12:00 PM

As part of the second edition of the live webinar series “SYMBINAR 2.0”, which focuses on the ideas of Reset, Resilience and Resurgence, we hosted Mr. Devender Reddy, Founder & CEO of Eride who expressed his views on the most pressing topic in the current times, "Scope and Potential of Electric Vehicle Market".

This particular session was very insightful and thought provoking as it discussed a very important topic that we all need to address today. He started the lecture showing his motive and aim to reduce Carbon Emissions so as to protect the environment keeping Global Warming in mind. It was clear how he had the urge to shift to EV instead of using fossil fuels which when burnt, pollute the surrounding environment.

He then briefed all of his planned EV vehicles which he intends to launch in the near future. The major advantage of EV is its ability to not pollute and also the access to charge these said vehicles at home. The government is also looking at implementing and granting rights for the customers to have charging points at home to make it more convenient for them to charge their vehicles overnight.

Further, he focused on how successful the EV 2 & 3 wheelers would be in this country. Almost 46% of the population in Urban and 40% in Rural areas use 3 Wheeler Autos for their daily commute. Despite the fact that these numbers have been reducing over the past few years, there is still a huge potential and opportunities in this market.

Although it is a controlled business, there is still a huge margin for them according to Eride. As State Govts are supporting this as well, Eride aims to launch The Shakti Cargo Loaders and Autos. If and when implemented and granted permissions to launch, they would serve as a key and a very economic means of transportation for the daily public of India. The maintenance costs of EV vehicles are comparatively very economic as well.

Only a few players are focussing on this at the moment, which is very surprising. Certainly, Mr. Devender believes that there is a large scope for EV vehicles in India. As 43% of the Urban population use Buses as a key transport, Eride is looking to launch 7187 EV Bus Units by 2025.

Overall, this was a thoroughly genuine, well thought-out, intriguing lecture from a visionary leader who aims to implement great changes in the transportation and energy sector with his company, Eride.

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