Battery swapping policy will help in widespread adoption of batteries as a service. This will reduce the upfront ownership cost of electric vehicles and link that cost to driving the vehicle.
Electric vehicles (EVs) are really becoming an integral part of our lives. In fact, sales in 2021 show that there has been a massive increase in the adoption of electric vehicles in the country. In 2021, 3,29,190 electric vehicles were sold in India, up 168 percent from last year’s sales of 1,22,607 units. With a combined market share of 90 percent, 2-wheelers and low-speed L3 category 3-wheelers are the most popular electric vehicles. It is no surprise that the Indian government is also looking at the growth of this segment. In the Union Budget 2022, Finance Minister Nirmala Sitharaman announced that the government will bring a battery swapping policy for electric vehicles in the country.
While swapping out batteries for cars can be a lengthy process, it certainly makes great sense for two-wheelers and even three-wheelers. The battery swap would help convert the most expensive component in an EV – the battery – into operating costs, significantly reducing the cost of the vehicle and making it on par with fossil fuel siblings.
The estimated cost of battery swapping station is ₹8-9 lakh excluding battery cost and this makes it a viable and low cost venture. Battery swapping policy will help in widespread adoption of batteries as a service. This will reduce the upfront ownership cost of electric vehicles and link that cost to driving the vehicle. Since the cost of running an electric vehicle is cheap, the overall cost of running with battery service will be very economical.
This is the reason why the industry has welcomed this decision.
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Rajiv Singh, Partner and Automotive Leader, Deloitte India, said, “The battery swapping policy including interoperability can be a big booster for all startups already operating in this space. This is especially important for fleet electrification for last mile connectivity. Drive for can help movement. Both people and goods.”
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