Long-term policy support needed for EV growth: Lohia

New Delhi, July 16 (PTI) Long-term policy support is needed to promote electric mobility in the country, according to Lohia CEO Ayush Lohia.

He noted that there needs to be clear and “full” support for government policies to develop this sector.

“We need full support like the FAME 2 policy… there should be a clear vision that the policy support will be there for at least the next five years,” Lohia told reporters here.

He added that the industry expects a clear direction for political action.

“We expect the government to implement the FAME 3 programme with full force,” Lohia said.

Phase II of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) programme in India expired on March 31, 2024.

The government is working on the FAME III program to promote electromobility, which will likely be implemented in the near future.

Lohia also intended to extend priority lending to the electric vehicle segment to make it easier for customers to purchase electric vehicles.

He also stressed the need to introduce a battery replacement policy.

Lohia on Tuesday announced that the group will expand its electric three-wheeler offering in the country to gain a foothold in the fiercely competitive entry-level electric three-wheeler market.

The company plans to unveil five new battery-powered rickshaw models by the end of this month.

“The new products we are introducing will meet the diverse needs of the growing electric mobility market in India, which is in line with the government’s vision of making India an electric vehicle nation by 2030,” Lohia said.

He added that the company plans to invest Rs 200 crore in the current fiscal year to focus on R&D, infrastructure expansion and market penetration.

Lohia said the company aims to double its sales volume to 10,000 units this fiscal year.

Lohia Group also plans to double its sales network to 200 showrooms by the end of the current fiscal year, it said. PTI MSS SGC MSS BAL BAL