EV industry to get big push from battery swapping policy

The electric vehicle (EV) industry will get a boost, certainly in public transport due to the formulation of a Battery Swapping Policy announced by Finance Minister Nirmala Sitharaman in the budget speech. It presents an affordable option to the big issue of range anxiety. The battery swapping enables consumers with a replacement for depleted batteries with fully-charged batteries at specific stations. This leads to a reduction in the charging time for EVs to only a few minutes, which makes it comparable to conventional vehicles. The provision for interoperability standards in the budget will enable the EV industry’s collaborations and increase the pace of developing battery swapping networks in India. The reduction in charging time due to battery swapping increases the use of EVs purchased for commercial purposes. Therefore, assisting buyers in achieving a break-even soon. Additionally, it will motivate delivery and car aggregation businesses to incorporate EVs into their fleet. The finance minister mentioned that the private sector organisations are encouraged to provide battery or energy as a service. This will help in creating new avenues for organisations to form business ventures with businesses of battery swapping. The Battery swapping policy includes interoperability that could boost all the startups currently working in this industry. Sun Mobility, Charge up, Battery Smart, and Bounce are a few startups in the field. Image Source