Uber plans to quadruple its electric vehicles fleet in India by the end of 2020 according to the Economic Times of India (ET). A top country executive says the ride-hailing company would be leveraging strategic partnerships across the ecosystem.
The company already has more than 350 electric vehicles in India. Plans are also underway to increase the number to 1,400 by December 2020.
Pradeep Parameswaran, President, Uber India and South Asia said in an interview with ET that the company looks at India as a growth market for the next ten years. He also said Uber will continue to partner with the auto industry and startups to launch new products.
“We believe that the original equipment manufacturers (OEM) industry in India is very evolved and robust. Our strategy is to actively partner with OEMs, financiers and technology service providers for charging infrastructure that are building these form factors and bring in our rider base, safety, and marketplace technology,” Parameswaran said.
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He also said that although Electric two-wheelers and three-wheelers are already commercially feasible; electric four-wheelers may take at least 3 years or more to monetize.
“Next year, we will accelerate that push with a focus on two- and three-wheelers…EVs will become a meaningful part of the overall portfolio in 24 months,” Parameswaran said.
Uber reports faster adoption of electric vehicles
Uber is witnessing a faster growth and adoption of three-wheeler and two-wheeler vehicles in its business. This indicates customers’ preference for affordable rides over comfort.
“Roughly, two out of the three Uber trips are in cars, and one in an auto and bike. By the end of the year, we expect that in the big cities, the mix of auto and moto rides will touch 50%… and in small towns, auto and moto will be well north of 50%,” Parameswaran said.
India is providing subsidies and incentives for the adoption of electric vehicles. Under the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme, the country also gives incentives to businesses that manufacture or adopt these businesses.
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