New Motion, a company involved in smart charging technologies is planning to invest Rs. 1000 crores for setting up a manufacturing facility in India.
Electric vehicles the world over have been gaining popularity and the automobile industry seems to be moving towards a greener future. This topic has been debated widely in our country though, where the general public somehow turns a blind eye towards implementing environment friendly activities due to lack of incentives. But, many multinational corporations have started investing in India sighting good profit margins and along with them they are bringing newer technologies to make our environment more eco-friendly.
One such organization which is planning to invest in our country is New Motion. The company is one of the world’s largest companies involved in smart charging and are planning to invest close to Rs. 1000 crores. They are planning to set up a manufacturing facility and also make India its manufacturing hub for global markets as well. Founder and CEO of New Motion, Ritsaart Montfrans said that 3 million electric vehicles will be coming to Europe in the next 5 years but the numbers in India is expected to be much larger than that. They will try to bring down the charging costs in the country and make it more affordable by building a manufacturing facility.
Featuring latest technology, New Motion’s smart chargers can charge 80 percent of a vehicle’s battery in 15-30 minutes, whereas, a regular charging socket takes about 6-7 hours to accomplish the same. The company head also mentioned that the Indian government has been very supportive so far in building an electric vehicle ecosystem in the country. What was lacking were the funds, which no longer is a limiting factor with Rs. 1000 crores allotted by the finance ministry for pilot projects.
Experts in the industry feel that the encouragement provided by the government will push people to start using electric transportation systems by making them further cost effective. Principal research analyst at Gartner, Satish RM says that it is yet to be seen whether Rs. 1000 crores will be sufficient for building public infrastructure and which of the cities will be able to benefit from the investment. According to NEMMP, it is estimated that the government will need to provide support of close to Rs. 13,000-14,000 crores over the next five to six years.