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Budget 2022: Battery Swapping Policy to boost electric vehicle space

01 February 2022, 02:39 PM Suvil Susvirkar
Budget 2022: Battery Swapping Policy to boost electric vehicle space

- Government to introduce Battery Swapping Policy

- This policy will give a boost to electric vehicle manufacturers

- Finer details about the policy unavailable yet

The 2022 Budget announcement had very little for the auto industry. However, Finance Minister Nirmala Sitharaman did announce a Battery Swapping Policy for India. This policy, if introduced, could provide a boost to electric vehicle manufacturers.

Speaking about the policy, Sohinder Gill, Director General, Society of Manufacturers of Electric Vehicles (SMEV), said that Budget 2022–23 gives a huge impetus to the electric vehicle industry. He further added that introducing the Battery Swapping Policy and recognising battery or energy as a service will help develop electric vehicle infrastructure and increase the use of electric vehicles in public transportation.

Hero Electric  Left Rear Three Quarter

Vivekananda Hallekere, CEO & Co-Founder, Bounce, said that that Government and policymakers have recognised battery swapping as the most effective solution to accelerate EV adoption in India by addressing range anxiety and hesitancy in adoption as well as considering the pragmatic aspects of setting up charging infrastructure – for instance, space constraints in urban areas for dedicated charging stations. Hallekere further added that Bounce is nearing a million battery swaps already and the Finance Minister’s announcement ties in with the company's vision that clean, affordable mobility is a fundamental right.

Naveen Munjal, MD, Hero Electric, said that this move will open up avenues for further growth and development of the electric vehicles and energy sector in the country. Munjal also said that Hero Electric has always been a strong advocate of standardisation of battery packs to accelerate electric vehicle adoption. Interoperability standards will help address range anxiety issues and battery swapping stations will be an asset to the evolving electric vehicle ecosystem across the country.

Hero Electric  Left Front Three Quarter

The details about the policy and its implementation are limited at the moment. We expect to hear more details in the coming months.

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