To meet EV target, OEMs need to rev up entry segment: Bain & Company

Indian OEMs need to accelerate the launch of new electric vehicle (EV) models in the entry-level, mass, and economy segments with affordable pricing if they want to achieve $100 billion in revenue potential for the EV industry, says a report released by Bain & Company in collaboration with Blume Ventures.

Achieving the target requires EVs to grow more than tenfold in volumes in the next six-seven years with penetration going up from the current 5 per cent to 40 per cent by 2030.

At present, EV sales have been limited to the premium end of the market such as scooters priced