Delhi govt. panel hosts consultation meeting with stakeholders on EV financing

The Dialogue and Development Commission (DDC) of the Delhi government has announced that it has conducted a consultation meeting on 25th January with leading financing institutions, vehicle manufacturers, delivery service providers, and fleet aggregators to deliberate on the various financing challenges in the adoption of electric vehicles in Delhi.

The meeting was held under the umbrella of the Delhi EV Forum, which held its initial meeting previously on December 18, 2020. “We are committed to accomplishing chief minister Arvind Kejriwal’s vision to make Delhi the EV capital of India. Considering that lack of financing options for electric vehicles is a critical barrier for mass adoption, the discussion provided the necessary platform for leading financing institutions for a much-needed conversation among all stakeholders,” DDC’s vice-chairperson Jasmine Shah said.

The meeting pursued to ascertain various interventions that can be taken by the Delhi government to encourage financing institutions to support the proliferation of electric vehicles in Delhi, a declaration from the government expressed.

The state government notified its ambitious electric vehicle (EV) policy on August 7, 2020, and aimed at having an EV market share of 25 percent across all new vehicle sales in Delhi by 2024.

“Since the launch of Delhi’s EV policy, we have been committed to addressing various challenges that delayed the adoption of electric vehicles in Delhi. Important feedback that was received during our interaction with various stakeholders at the Delhi EV Forum was the higher interest rates on loans for electric vehicles due to persistent skepticism regarding EV technology coupled with issues of vehicle residual value and second-life of battery,” Shah said.