Even just about close to 5 years ago, the thought of mass adoption of electrification seemed like a dream that was decades into the future.
Things had started to pick up (mainly because of industry-leading corporations like Tesla), but had not forced the old school big corporations to divert meaningful attention to the likes of EVs.
But things have changed now. Recent market news begs to differ on the timeline by which we might approach adoption of electrification.
More than ever before, huge amounts of capital is now being poured into newer EV ventures. Be it pre-seed, Series A, or Series B startups or companies.
Startups like Ather Energy have been gaining traction for a while now, causing the larger corporations of the automobile sector to finally pay heed to the competition. The market share available out there is still huge, and there is still a long way to go to see which firms will end up rising to the occasion and grab it.
No doubt that the recent Covid pandemic created havoc on the industry, but what it also did was create a mindset shift. Covid has played the role of making the decision makers think about moving onto more sustainable practices, and not surprisingly, more sustainable products too.
With companies like Bajaj and TVS announcing huge capital investments in EV and newer products respectively, we can only imagine that other firms will also follow suit to keep up.
The question is not if the manufacturing overhaul to accommodate these newer products and processes will happen, the only question is when will it happen?