2022 Was A Pivotal Year For The EV Sector: Sudhindra Reddy, Turno
In 2023, we can expect the EV industry in India to continue its growth trajectory with increasing demand for EVs: Sudhindra Reddy, Co-founder, Turno
Photo Credit : Turno,
BW Auto World spoke to Sudhindra Reddy, Co-founder, Turno about the company's future plans in India, how they will be going to invest in the business and what trends can be seen in the year 2023. Here's what he said-
How has your journey been with your EV services? How much market share has your company earned?
At Turno, we imagine a future of Indian transportation with zero gasoline miles. Commercial vehicles constitute about 80-85 per cent of the country’s entire fuel consumption and our mission is to replace all fossil fuel-based commercial vehicles on the roads with electric vehicles turning all gasoline miles into electric miles.
However, the challenge is the adoption rate. Since the EV ecosystem is in its nascent stage, at Turno we are addressing foundational adoption problems. To do this, we offer a complete solution to commercial EV buyers starting from a multi-brand selection of vehicles to the lowest-cost financing. In addition, we offer a guaranteed buy-back value on used batteries which is 25-30 per cent higher than the market rates. Since our launch in January 2022, we have been able to capture approximately 20 per cent market share in the commercial electric vehicles segment in India.
Are you collaborating with any OEMs?
We have forged strong relationships with leading electric vehicle OEMs (Original Equipment Manufacturers) such as Mahindra & Mahindra, Piaggio, Omega Seiki Mobility, and Etrio, as well as Financial institutions to significantly increase our topline contributions. We are building for the long term with the increased pace of investments into battery analytics and repurposing.
What are your future plans?
We have largely been present in the states of Tamil Nadu, Karnataka, Telangana, Maharashtra, and Delhi NCR. We have the largest hub in Bengaluru in this segment. We aim to expand our footprint in multiple cities across India. In terms of selling, our focus till now has been on our unique EV digital sales platform. Soon, we will be an omnichannel with physical stores across the country, starting with Bengaluru.
Tell us something about your new battery repurposing technology?
Batteries are almost 40-50 per cent the cost of the electric vehicle and with a life cycle between three and six years in its first life (depending on the application), they will need to be retired from their primary application (in this case, EV). Today, more than five per cent of used battery packs are recycled; the rest of them inevitably end up in landfills. The purpose behind transitioning to EVs for concerns of climate change and sustainability falls flat if more than 95 per cent of the batteries reach landfills generating more e-waste. In reality, a used battery from an EV can be used for secondary applications (mostly, as storage of energy).
The company has identified this need and is therefore creating a proprietary battery technology platform to repurpose EV batteries into large-scale second-life energy storage systems. This will not only help to prevent environmental hazards but will significantly lower EV ownership costs. We envision conscious solutions and sustainable innovations.
What kind of future do you see for EVs in India?
The renewed push from the Indian government on sustainable growth has spurred investments into renewable energy including local panel manufacturing, turning EVs truly Green with respect to total emissions. With investments into cell manufacturing in India projected to go live by 2025-27, full localisation of EV manufacturing is imminent, making the goal of 50% vehicles on road electric by 2030 a distinct possibility.
How you are planning to invest your recently received funds of USD 13.8 million?
The funds will primarily be utilised to build the new battery technology which is expected to be a game-changer for the EV industry. We also aim to create an unparalleled owner and brand relationship that will help commercial EV owners to simplify the process of owning an electric vehicle.
What kind of trends have you observed in 2022 in the EV sector and what you are aiming for and expecting in 2023?
2022 was a pivotal year for the EV sector in India. One of the most notable trends we have seen is the increasing adoption of commercial EVs, especially in last-mile delivery and electric two-wheelers, as businesses look to reduce their carbon footprint and operational costs. There has also been an emergence of new players in the EV space, including startups and established companies, thereby increasing focus on electrifying the automotive sector.
In 2023, we can expect the EV industry in India to continue its growth trajectory with increasing demand for EVs. Our endeavor in this is to make the whole shift from gasoline to electric vehicles a seamless and affordable one.
As battery technology continues to improve, we are also seeing EVs being purpose built for specific use cases with customized load, range and charging performance, which could further boost their adoption.
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