Amitabh Kant Stresses the Significance of Global Market Entry for Indian Electric Vehicle Industry
Former Niti Aayog CEO Amitabh Kant has emphasized the critical need for India’s electric vehicle (EV) startups to prioritize exports of their products to major global markets. Speaking at the second edition of the Ather Community Day in Bengaluru, Kant underscored that the growth trajectory of India’s auto industry hinges on swift entry into international markets, cautioning that other countries could surge ahead if domestic firms fail to act promptly.
Kant’s remarks come amidst an increasingly competitive global landscape, where nations like China have already established significant dominance in the EV sector. He pointed to Chinese companies like BYD and CATL, as well as consumer durable giants Samsung and LG, urging Indian firms such as Ather Energy to aspire to similar global recognition.
While acknowledging the commendable progress made by Indian EV startups in the realm of light electric vehicles, Kant stressed the urgency of not resting on laurels. He warned against complacency, urging companies to avoid ceding ground to foreign competitors in crucial overseas markets.
In offering strategic advice to startups, Kant emphasized the importance of financial prudence. He cautioned against the unsustainable practice of burning cash to gain market share by selling products at a loss. Instead, Kant advocated for the creation of aspirational brands tailored to India’s burgeoning middle class, asserting that quality products would command premium prices.
Furthermore, Kant addressed the issue of charger interoperability, highlighting its significance for the electric two-wheeler segment. He emphasized the necessity for Original Equipment Manufacturers (OEMs) to collaborate on standardizing charging infrastructure, envisioning a future where two-wheelers from different brands could seamlessly utilize each other’s charging stations.
As India’s EV sector continues to evolve, Kant’s insights serve as a timely reminder of the imperative for strategic foresight and global expansion strategies among domestic startups.
