EV is an Economic and Development Disruption like the Internet. The industry is facing a disruption that was never seen before. In the EV industry, innovation is needed. Innovation not only in products, it’s going to be in services, financing. It’s the time to solve the world’s biggest challenges in energy and sustainability and make an impact.
And as Mr. Mahesh Babu, CEO of Switch Mobility, Former MD and CEO Mahindra Electric says that,
"This is the field that everybody should aspire to be in.” |
So, do you want to enter into the EV space? Are you wondering what are some of the potential problem statements that you can work upon in the EV industry?
There is room for disruption in the EV market. Mahesh Babu, on The Climapreneur Show shares some of the existing problem statements in the EV sector that can serve as opportunities for startups-
Opportunity 1– Charging Infrastructure- “There is a huge opportunity in charging infrastructure and monetizing around that service.”
Opportunity 2– Mobility as a service “EV’s total cost of ownership, so many people are not there as mobility as a service and there is a huge opportunity. We have in fact started a company named OHM GLOBAL MOBILITY as a part of Switch Mobility and we are giving mobility as a service through the company. We want to give it on a revenue model instead of CAPEX model.”
“The new age is about not owning anything but paying for the services you want to take. If that is a new trend across everything. From buying cars, where it is now about Ola and Uber to some people who don’t even want to buy jewelry. They want to use it for an event and give it back. If that is the trend, then we have to do that in mobility as well.”
Opportunity 3– Financing EV’s and leasing them- “There are a lot of customers today who are looking at financing and leasing with a new innovative model.”
He shares one of the examples from his own experience from his time at Mahindra when they were creating Treo. Treo is Mahindra’s first low maintenance lithium ion battery powered three wheeler. He shares that they gave bank loans to the auto drivers which they could repay on a monthly basis. Auto drivers used to earn daily, spend daily and it was only during the last 5 days of the month when they realized they had to pay the monthly EMI and that is when they then would somehow manage to pay the monthly EMI.
To this Mr. Mahesh Babu expresses that, “Why can’t this be paid on a daily basis, paying as you earn?”
And this brings him to the point that- “Innovation is coming and Innovation is needed not only in products, it’s going to be in services, financing. All this is going through a substantial transformation which has a huge opportunity for startups and experts to come, learn, innovate and give unique solutions to the customers.”