Topics SoftBank | Mahindra & Mahindra | electric cars
759,000
EV sales in FY19; up from 576,000 the previous year — bulk being three-wheelers (630,000) and two-wheelers (126,000). Only 3,600 four-wheelers were sold
90%EVs on Indian roads are low-speed e-scooters (less than 25 km per hour); they don’t need licences or registration
1%
The parent company has also raised $300 million from Hyundai and Kia and has been focusing on India-specific EVs.
SoftBank’s other advantage is that it is one of the key shareholders in Ola and Uber’s transportation services business; it is this business that is expected to be one of the main buyers of bulk EVs — cars, three-wheelers, two-wheelers, and buses.
Experts say this is an advantage which Mahindra can leverage if the tie-up happens.
As it happens, SoftBank Group’s subsidiary, SB Energy Corp, is in the mobility business, which combines renewable energy with EV battery cells to develop services. The subsidiary has substantial interest in India.
Mahindra Electric Mobility started its push into EVs after buying out Reva Electric Car Company. It now sells a range of EVs. The company clocked up revenues of Rs 25,130 lakh in FY19, over double the previous financial year’s, though its losses also went up in the same period. In 2019, the company launched Treo, the first lithium-based three-wheeler from its stable. Its other vehicles include the flagship e-Verito and e20 passenger car, the Supro for cargo transportation, and three-wheelers.