Currently the Mahindra & Mahindra and Sequoia Capital backed company currently has around 500 electric cars on its platform.
Zoomcar rents cars for months, weeks, days, or even just a few hours and currently has the Mahindra E2O Plus and Tata E Tigor already on its platform and charges around $200-400 per month for a subscription. The company also plans on adding the Tata Nexon to its fleet as well.
“Electric vehicles will continue to pick up and based on the current trends we will be close to 100 per cent electric in the next 5-6 years,” said Greg Moran, Co-Founder and CEO of Zoomcar.
Electric cars currently make up around 5% of the platform's fleet, but the company claims that 10-15% of its users are asking for electric cars.
In November, Tata Power Delhi Distribution entered into a partnership with Zoomcar for the company to use its cars for daily operations and maintenance services.
Zoomcar isn't the only company shifting toward electric. The ride-hailing platform Ola recently launched Ola Electric with the aim to bring one million electric cars onto the road by 2021.
Ola has given itself three years to introduce its own mass produce electric cars in addition to the infrastructure needed. Uber has also introduced its own electric cars onto its platform in Hyderabad with intent to roll out to more cities soon.
The Indian government also aims to make 30% of vehicles on the road electric by 2030 and has been introducing incentives for companies to create more electric cars and for individuals to buy them. Even with these incentives electric vehicles sales continue to slow.
Experts within the market still believe electric vehicles have a bright future. BIS Research has data that expects a 50% increase during 2019-2030.
“Despite low scale of the market currently, the government is committed to set up suitable infrastructure for EVs in India and some private players are also stepping up to create the supply infrastructure,” said Aryaman Tandon, automotive industry expert at Praxis Global Alliance. “If the industry and government work in sync to create a balance between the demand and infrastructure requirements, EVs have a bright future,” he added.
Over half a dozen electric cars are expected to debut in 2020.
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