The surge in hybrid and electric vehicle sales in the full calendar year of 2023 underscores a notable shift towards sustainable mobility, reflecting evolving consumer preferences. Hybrid car sales reached a record-breaking 82,607 units, surging over four times compared to 2022, while battery-operated electric car sales nearly doubled to 81,710 units.

This marked the first instance where hybrid cars outsold electric cars annually, offering valuable insights into changing consumer trends in sustainable mobility.

Driving this transformation are innovative companies investing in advanced auto-tech features to enhance electric vehicle appeal. This includes the development of connected cars and the integration of autonomous driving technologies, leveraging cutting-edge advancements like artificial intelligence, the Internet of Things, and biometric systems. These efforts by companies dedicated to sustainable mobility and electric vehicle adoption are reshaping the automotive landscape, paving the way for a greener, more sustainable future.

We take a glance at start-ups playing a pivotal role in driving sustainable mobility and electric vehicle adoption nationwide.

• Revfin: Revfin stands out in several aspects—offering inclusive financial solutions to traditionally underserved and unbanked customers, and spearheading the sustainable mobility movement. Revfin’s collaboration with SUN Mobility is driving sustainable mobility in India. By offering innovative financing solutions for electric vehicles (EVs), particularly through the Battery-as-a-Service model, they’re making EVs more accessible and affordable. Their focus on inclusive finance, such as the ‘Stree Shakti’ program empowering women, and their use of AI-powered tools for quick loan processing, demonstrates their commitment to advancing EV adoption. With over 50,000 E-rickshaws financed and loans extended to over 10,000 women, Revfin is not only accelerating EV adoption but also promoting gender inclusivity and financial empowerment. Their emphasis on responsible lending, including IoT-equipped vehicles for monitoring, ensures sustainability in the EV ecosystem. Overall, Revfin’s initiatives are propelling India towards a greener and more inclusive future in transportation.
• ARENQ: ARENQ, a prominent player in the sustainable mobility and electric vehicle (EV) sector, is making strides with its innovative approach and commitment to sustainability. Specializing in storage battery manufacturing and distribution, the company demonstrates a proactive stance in accelerating EV adoption nationwide. In a significant development, ARENQ is in strategic discussions to supply electric vehicles to a major eCommerce conglomerate, marking a milestone in their growth trajectory. This move not only underscores ARENQ’s commitment to innovation but also signals a broader shift towards embracing electric mobility. Supported by a seasoned leadership team and a state-of-the-art R&D facility, ARENQ is leading the charge in developing solutions poised to transform not only the domestic market but also the global landscape. Collaborations with industry leaders like Lucas TVS highlight their commitment to advancing the EV segment, offering advanced motors and controllers to OEMs. As sustainability gains traction, ARENQ emerges as an influential player, reshaping the automotive market and contributing to a greener future.
• Delta Electronics: Delta Electronics stands out as a key player in accelerating the cause of sustainable mobility and electric vehicle (EV) adoption in India. One of Delta’s significant contributions lies in its fast charging solutions, enabling full charging within 2-3 hours, thus facilitating convenient and efficient charging experiences for EV users. Delta’s strategic partnerships further underscore its commitment to driving sustainable mobility. Collaborations with government organizations like MSEDL and BPCL establish Delta as a preferred partner for the Indian government and distribution agencies, facilitating the establishment of EV charging infrastructure across the country. Additionally, partnerships with industry giants like TATA Power for fleet operations and BluSmart for setting up charging hubs demonstrate Delta’s efforts to support various facets of the EV ecosystem, from individual users to fleet operators. By providing reliable and efficient charging solutions, Delta empowers consumers to embrace electric vehicles with confidence, contributing to the broader goal of reducing carbon emissions and promoting sustainable transportation.
• Sun Mobility: Electric vehicle (EV) adoption and sustainable mobility are being spearheaded nationally by Sun Mobility. They are providing EV users with a seamless solution by circumventing the limits of the charging infrastructure with their inventive battery-swapping technology. Sun Mobility reduces range anxiety and encourages the wider use of electric vehicles by making battery swapping at automated stations simple and rapid. Additionally, Sun Mobility reduces the environmental effect of electric transportation by incorporating renewable energy sources like solar power with their charging infrastructure. Their efforts to collaborate with government agencies, automakers, and other stakeholders are a testament to their commitment to sustainability. Sun Mobility is leading a major movement in the direction of a cleaner, greener future by promoting laws that are favorable to EV manufacturing, encouraging EV manufacturing, and spreading knowledge of the advantages of electric mobility.
• Ather Energy: Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy has emerged as a front-runner in India’s electric vehicle (EV) 2-wheeler segment, prioritizing sustainable mobility. The company’s flagship product, the Ather 450 electric scooter, quickly garnered attention for its performance and advanced features, setting a new standard in the market. A key development was the establishment of the Ather Grid, a network of fast-charging stations, effectively addressing the critical concern of range anxiety and paving the way for wider EV adoption. Moreover, Ather Energy’s emphasis on indigenous technology development not only strengthened the domestic EV industry but also showcased India’s capabilities on the global stage.

Conclusion

The surge in hybrid and electric vehicle sales underscores a significant shift towards sustainable mobility, driven by innovative companies dedicated to advancing EV adoption nationwide. Start-ups like Revfin, ARENQ, and Ather Energy, alongside established players like Delta and Sun Mobility, are leading the charge by offering inclusive financial solutions, innovative battery technologies, efficient charging infrastructure, and collaborative initiatives with government agencies and industry stakeholders.

Together, they are reshaping the automotive landscape and paving the way for a greener, more sustainable future in transportation.