India to become a “major producer” in EV: Mark Mobius

In an interesting course of comments, Mark Mobius, an ace global investor has stated that India is set to become a “major producer” of electric vehicles in the upcoming years. Underlining India’s journey, the investor further compared the nation with China. 

Under the PM E-DRIVE program, EV sales have increased at a record rate, which is indicative of the growing momentum behind EV adoption. With the help of programs like the PM E-DRIVE and the Electric Mobility Promotion Scheme (EMPS), sales of electric two-wheelers (e-2W) increased to 5,71,411 units in 2024.

At the same time, sales of electric three-wheelers (e-3W), such as e-rickshaws and e-carts, totalled 1,164 units, while sales of L5 category electric three-wheelers reached 71,501 units. Moreover, citing Mobius, IANS reported that India will emerge as a significant EV producer sooner than anticipated.

Mobius said, “As you know, India started out with smaller EVs but it will eventually become a major producer of electric vehicles. Since the domestic market is so huge, India doesn't have to export electric vehicles. They can easily produce huge numbers to supply the local market,” IANS reported.

China, which is currently the largest player in the globe thanks to its sizable domestic market, has a similar EV journey to India. He told IANS that India would be in a similar situation and capable of doing many excellent things in the global EV industry. 

The PM E-DRIVE program, which was recently approved by the Union Cabinet and cost Rs 10,900 crore, went into effect on October 1 and will run till March 31, 2026. By providing upfront incentives for EV sales and promoting the construction of charging infrastructure, the main goal is to expedite the shift to electric vehicles.

Furthermore, Mobius went on to say that India's inventive spirit will propel the nation's economy to $5 trillion in the years to come.