BW Auto World spoke to V G Anil, CEO, Arenq about the company's growth and with the yearly trends observed by him. Here’s what he said:
How has your journey been so far in EV and battery space?
Since our inception in 2021, we have been successful in establishing ourselves as the most trusted battery supplier in India. Up to this point, we are doing remarkably well in the three-wheeler EV category, working exclusively with OEM. We have also discovered some promising partners in India's E-auto market, and we hope to begin delivering automobiles by the last week of April.
Is your company making sustainable and indigenous products, and are you making a profit as you expected?
While we have been manufacturing indigenous products, we are not seeing the returns that we had hoped for because there is unhealthy competition from other businesses that do not have sufficient quality testing equipment.
Are you collaborating with any company that is in charging infrastructure to help you?
With regard to charging station technology, we are in discussions with a multinational corporation. We will potentially collaborate with them soon.
What kind of future do you see for EVs in India, and also, how is the future going to be for your company?
We are optimistic about the future of EVs in the country. India has set ambitious targets to transition to electric mobility, where around 15-20 per cent of four-wheelers will be electric vehicles by 2030. This presents a huge opportunity for our company to grow and establish itself as a leading player in the Indian EV market.
Moreover, the Indian government's push for EVs is supported by various policies and incentives, such as the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) scheme, which offers subsidies and incentives to EV manufacturers and buyers. This provides a conducive environment for the growth of the EV industry in India.
What kind of trends have you observed in 2022, and what are you aiming for and expecting in 2023?
There has been a rise in battery manufacturers even if they don’t have the necessary infrastructure. With the latest revision to AIS 156, which is the standard for the manufacturing of batteries, small companies that do not have the requisite infrastructure to make batteries will be eliminated from the business. It will help ensure the standard for battery manufacturing.