Abstract:

India’s transition to electric vehicles (EVs) has advanced rapidly in the past few years. A supportive policy environment, improving economics, and emerging business models have poised the EV market for significant growth in the coming decade. Key barriers related to EV adoption—including technology cost, infrastructure availability, and consumer behavior—must be overcome. The report Mobilising Finance for EVs in India: A Toolkit of Solutions to Mitigate Risks and Address Market Barriers highlights financing as another key hurdle to accelerating uptake. EV buyers currently face a range of financing challenges, such as high interest and insurance rates, low loan-to-value ratios, and limited specialized financing options. These challenges will only become more important to address as EV adoption picks up