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The Daily Brief
People are swiping right on electric vehicles
Aug 23, 2024
Piyush Goyal, a prominent Indian politician, dives into the surge of electric vehicles in India and what it will take for them to become mainstream. He compares India’s approach to successful global models. The discussion also covers Zomato's strategic moves, like its acquisition of Paytm's ticketing business. Goyal further unpacks his concerns over Amazon's practices and the implications for India's e-commerce landscape, showcasing the tension between tech giants and regulatory frameworks.
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Quick takeaways
- The significant increase in electric vehicle sales in India, rising from 0.5% in 2018 to over 6% in 2023, reflects a growing commitment to combat climate change and improve affordability through government incentives.
- Zomato's strategic acquisition of Paytm's ticketing business aims to diversify its services and enhance customer experiences by integrating dining and entertainment on a single platform.
Deep dives
The Rise of Electric Vehicles
Electric vehicles (EVs) are becoming increasingly popular as a necessary solution to combat climate change, given that transportation is responsible for over 30% of global CO2 emissions. In recent years, sales of EVs have surged globally, with projections indicating that up to 17 million EVs may be sold this year alone. India's adoption of EVs has grown as well, rising from just 0.5% of vehicle sales in 2018 to over 6% in 2023, supported by government subsidy schemes to improve affordability. Despite some operational challenges and misuse of funds from previous programs, the introduction of new incentives like the Electric Mobility Promotion Scheme suggests a continued commitment to accelerating the uptake of EVs in the country.
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Discover
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