The electric vehicle and ancillary industry in India is set to get a new charge with substantial investments of around USD 40 billion in the next five to six years said a report titled ‘EVs in India: Renewed Vigour in Electric Mobility’ by Colliers.

The vast majority of investments, constituting 67 percent (USD 27 billion) of the total investments planned, will be in the manufacturing of lithium-ion batteries, followed by OE and EV manufacturing at USD 9 billion (23 percent) and others accounting for USD 4 billion (10 percent).

The report observes that the despite slower than anticipated EV adoption, the investment commitments have grown 3X in the last three years.

Share of planned investments for EV over the next 5-6 years

The planned investments will also see a spill over effect on multiple real estate opportunities from manufacturing to showrooms to even EV charging infrastructure. The report estimates that almost 45 million square feet of real estate would be required by 2030 for charging infrastructure alone.

On the other hand, while the penetration of electric vehicles in the country is lower single digit, it is estimated to reach around 8 percent by 2024, which translates to sales of almost 2 million green vehicles.

Growth required in EV sales to achieve 2030 targets

Note: Penetration refers to share of EV registrations in overall vehicle registrations | 2024 data is estimated on basis of data till Oct 2024. Source: Ministry of Road Transport & Highways, Niti Aayog, Colliers, Industry

Badal Yagnik, CEO, Colliers India said, “Although the demand for EVs has picked up in recent years, the target of achieving 30 percent penetration by 2030 looks like an uphill task. While demand and supply incentives will continue to play a pivotal role in faster adoption of EVs, a multifold increase in EV sales can be fast-tracked by the reduction in production costs and improving affordability with respect to EV price points. Additionally, high-capacity original equipment manufacturing units and large-scale production of lithium-ion battery variants must be high on the EV priority list.” 

Vimal Nadar, Senior Director and Head of Research, Colliers India, said, “Accelerated growth in the EV industry is bound to positively impact the Indian real estate sector. Supported by supply-side incentives from the government, leading developers are likely to increase their focus on state-of-the-art warehouses. Additionally, over 45 million sqft of real estate will be required for building extensive network of public charging stations over the next 5-6 years. Residential and commercial developers too are likely to increasingly integrate dedicated charging stations and parking spots for EVs within their projects. Such practices will provide a competitive edge, aligning with the requirements of corporate occupiers and homebuyers.”

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Celebrating a significant five-year milestone in the UK, Polestar recently hosted its largest customer event, the Polestar Festival, at Bicester Motion. The festival served as the dynamic backdrop for the UK premiere of the new Polestar 5, a four-door performance Grand Tourer that embodies the brand's forward-looking vision.

The event attracted around 1,000 guests to the company's headquarters for a weekend highlighting Polestar's remarkable growth, which has seen over 45,000 vehicles sold since its 2020 launch. In a striking display of community, 180 owner vehicles were meticulously arranged on the Bicester airfield to form a record-breaking, 170-metre-wide collage of the Polestar logo.

Attendees experienced the first UK showing of the Polestar 5, a model extensively developed by the brand’s British engineers and evolved from the pioneering Precept concept. The festival also featured an interactive partner zone with leading technology firms like Google, Bowers & Wilkins and Brembo showcasing their contributions.

Further highlights included the exclusive Arctic Circle collection of modified Polestar vehicles, available for virtual driving experiences, and the display of a Guinness World Record-holding Polestar 3 that achieved 581 miles (approximately 935 km) on a single charge. The agenda was packed with live driving demonstrations on and off the track, alongside insightful discussions with Polestar executives on critical topics such as sustainable innovation and automotive design.

Matt Galvin, Managing Director, Polestar UK, said, “It was incredible to see so many customers and friends of the brand on Saturday, and the reception to the new Polestar 5 has been astonishing. Polestar UK is growing fast and has a very exciting future ahead of it, and I would like to thank all our customers for being part of this success story.”

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Tata Motors, one of India’s largest commercial vehicle manufacturer, has further strengthened its electric small commercial vehicle offerings.

The company has announced that over 25,000 public charging stations are now installed and accessible to its e-SCV customers across more than 150 cities, including Delhi-NCR, Bengaluru, Mumbai, Chennai and Hyderabad.

The EV chargers are strategically located across key logistics hubs, empowering last-mile delivery operators with enhanced range confidence, operational efficiency and improved earnings.

Furthermore, Tata Motors has also inked MoU with 13 leading Charging Point Operators (CPOs) – A Plus Charge, Ampvolts, chargeMOD, Charge Zone, Electric Fuel, Envo The Sustainer, EV Spot Charge, Kazam, Nikol EV, Sonik Mobility, Thunderplus Solutions, Volttic and Zeon Electric – to install and operate 25,000 additional public chargers over the next 12 months.

Pinaki Haldar, Vice-President & Business Head – SCVPU, Tata Motors Commercial Vehicles, said, “Crossing the 25,000 public charging station mark is a pivotal milestone in our commitment to advancing electric cargo mobility and its enabling ecosystem. With over 10,000 Ace EVs already deployed and having collectively covered more than 6 crore km, we’re seeing growing confidence among customers and transporters in the benefits of using four-wheel electric commercial vehicles. Our recently introduced Ace Pro EV is also gaining traction with its advanced capabilities tailored to evolving customer needs in urban and semi-urban cargo applications.”

“While we continue to innovate and deliver reliable, high-performance e-cargo vehicles, we remain equally focused on expanding infrastructure access through strategic collaborations. This partnership with India’s leading Charging Point Operators underscores our dedication to building a robust support network and enabling profitable, zero-emission logistics for entrepreneurs and transporters across the country,” said Haldar.

At present, Tata Motors’ e-SCV lineup includes the Ace Pro EV, Ace EV and Ace EV 1000.

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In a significant move for sustainable aviation infrastructure, Eicher Trucks and Buses, a division of VE Commercial Vehicles, has supplied its first fleet of all-electric tarmac coaches to IndiGo airlines. The delivery of six Eicher Skyline Pro-E 12-metre buses inaugurates a strategic partnership centred on clean energy and operational efficiency, marking Eicher's inaugural entry into the aviation ground support equipment sector.

Deployed at Bengaluru’s Kempegowda International Airport, these zero-emission buses are engineered for the rigours of airport tarmac operations. With a mission to safely ferry passengers between the terminal and their aircraft in utmost comfort, the buses feature a high-capacity layout with seating for 17 passengers plus a driver, along with ample space for 52 standing occupants.

Its advanced lithium-iron phosphate battery and CCS2 fast-charging system are designed to sustain continuous operation. For a smooth and stable ride, the vehicle is equipped with full air suspension, power-assisted steering, and disc brakes on all axles. This initiative is a key part of IndiGo’s broader strategy to minimise the environmental impact of its operations.

Suresh Chettiar, Executive Vice President – Bus Division, VECV, said, "We are honoured to partner with IndiGo in their journey towards greener and sustainable ground operations at Kempegowda Airport – recognised for its striking aesthetics and sustainable practices. With a broad range of buses optimised for demanding applications and backed by connected 24X7 service, Eicher is already a familiar name for citizens, school children and factory staff in Bengaluru. With these tarmac coaches, Eicher stands committed to sustainably transporting the 42 million passengers that use this gateway to India’s Silicon Valley each year.”

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SnapE Cabs, an electric vehicle mobility company, has secured USD 2.5 million in a bridge round led by Inflection Point Ventures. This infusion of capital will be directed towards leasing new EV cabs, covering operational expenses and enhancing the company's technological product development.

The company has reached a significant financial milestone by achieving EBITDA positivity. This success is underpinned by substantial growth, including a fleet that now exceeds 1,000 electric vehicles. SnapE Cabs has garnered over 1.2 million paying users and facilitated more than 3.2 million rides, culminating in gross revenues of INR 1.20 billion. Its recent strategic expansion into the Delhi market, in partnership with Rapido, has already proven profitable with an initial deployment of 200 cars.

A key to SnapE's competitive edge is its unique operational model, which is based on full ownership of its electric fleet and exclusive partnerships with charge point operators. This ‘EV as a Service’ approach ensures high vehicle availability. The company enjoys operating costs 60-70 percent lower than traditional cabs, allowing for competitive pricing without compromising profitability. Furthermore, SnapE demonstrates remarkable efficiency with a customer acquisition cost of just 0.8 percent of revenue and a 90 percent rider retention rate. Future scalability is anchored in ambitious B2B plans, including a collaboration with Rapido to deploy 5,000 cabs across India within two years.

Founded by Mayank Bindal, an industry veteran with over 15 years of telecom experience and a master’s degree in finance, SnapE Cabs currently operates in Kolkata and is expanding into the Delhi-NCR region. The company supports its operations with its own proprietary charging network.

Mitesh Shah, Co-Founder, Inflection Point Ventures, said, “The demand for clean and sustainable vehicles is growing globally. The ride-hailing platforms are no exception. With an increasing number of people using ride-hailing services, this sector urgently needs a greener alternative. SnapE Cabs is addressing this by not only offering EV cab services but by also building a supportive infrastructure. Its model is both environmentally friendly and financially sustainable, achieving growth without burning cash for customer acquisition, discounts and fleet operations. The recent tie up with Rapido further strengthens the company mission for India’s EV adoption and sustainable goal.”

Mayank Bindal, Founder and CEO, SnapE Cabs, said, “We’re not just expanding; we’re delivering profitability at scale. With IPV backing us in this bridge round, SnapE has already deployed 200 electric cabs in Delhi in the last three months, which have been profitable from day one. Over the next 12 months, we’re adding another 1,000 cars, not to chase growth metrics but to meet a very real supply gap left open in the market. Our focus shifts from a demand aggregation to a supply-led infrastructure model empowers other demand aggregators, enhances utilisation and de-risks margins. In a sector built on burns, recent disruptions have created visible white space and squeezed up margins; SnapE is proving that EV fleet economics work today not just on projections. This round accelerates our mission to build the backbone that enables India’s EV mobility vision for 2030 – clean, scalable and built on fundamentals.”

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