20 Most Promising EV Startups - 2020

20 Most Promising EV Startups - 2020

Growing awareness among the global populace regarding the need to reduce air pollution is propelling the demand for Electric Vehicles (EVs) more than ever before. EVs have taken center stage as the world is looking for environment friendly alternatives. In addition to that, EVs are also gaining a lot of traction in the Automobile industry due to the associated cost benefits it brings with it.

According to a Delloite report, the sales of battery-electric and plug-in hybrid electric cars tipped over the two-million-vehicle mark for the first time in 2019. As we move into the new decade, the global EV market demand is expected to reach $1 212 billion by 2027, expanding at a CAGR rate of 38 percent. A Bloomberg report named Bloomberg New Energy Finance (BNEF) further states that the annual sales of EVs will grow up to 30,000 units in 2022 from merely 2,000 units in 2017.

Recently, the government of India reduced the GST on Electric Vehicles and tax deductions on the interests paid on loans. For instance, the Finance Minister of India recently announced the tax deduction of Rs 1.5 lakhs on the interest paid on loans availed for purchasing EVs. Similar to such initiatives, the government of India is making numerous other efforts to scale up the EV industry in India.

In the wake of the initiatives put forward by the government, players in the Indian auto industry have a worthwhile opportunity ahead of them to invest time and money in creating the next best Electric Car.

In this edition of CIOReviewIndia Magazine, we present the “20 Most Promising EV Startups - 2020” to the readers. The enlisted companies have been curated by a distinguished panel of CEOs, CIOs, industry analysts, and the CIOReviewIndia editorial team. We believe the enlisted companies are best placed to take India forward towards energy efficiency through their innovations in the EV sector.

We present to you CIOTechOutlook 20 Most Promising EV Startups - 2020.

Top EV Startups

Company Name Company Description
Adapt Motors Provides design, fabrication, assembly and sales of battery operated rickshaws.
Ather Energy Manufacturer of two wheeler, electric vehicle, battery management, smart technology, manufacturing, intelligence in 2w , and software development.
ChargeMyGaddi Offers customized charging solution provider adhering to the MAKE IN INDIA initiative while developing its chargers.
Devot Motors Fresh in the space, this firm will be bringing innovation via Indian and British design in automotive industry.
Earth Energy EV Offers electric motorcycles and commercial vehicles that are not only cost-effective but also energy-efficient.
Elecnovo Designs electric controller and motor for electric vehicle.
Emflux Motors Focuses in developing an ecosystem of electric two-wheelers utilizing the latest electric technology.
E-Trio Provides EV for all segments with the widest range of EVs to drive affordable electric mobility.
EV Techno Electra Motors Offers a fleet if electric two-wheelers to enable a new age mobility.
EVQPoint Aims at creating cleaner future with smart and connected vehicle charging platform.
Kia Motors India Envisions of creating motor vehicles like hybrid plug-in vehicles, electric vehicles, eco-friendly monitor, hydrogen fuel cell cars which will be safer, convenient and sustainable technology-driven...
Mahindra Electric Working with the vision to become a lead provider of electric mobility using cutting edge technology.
Nex Lvl Design Provides best electric vehicle technology to an automotive industry starting from India.
Okinawa For a sustainable future, it's focused in manufacturing electric two wheeler.
Revolt Intellicorp Leveraging technology for creating future mobility products like electric motorcycle, electric mobility, and smart mobility that are clean and offers no toxic.
Tork Motors Delivers products like electric vehicle, electric motorcycle, sustainable transportation, ev, ev charger, electric technology, electric motors, battery management, smart vehicles, connected...
Twenty Two Motors specializes in developing advanced, connected electric vehicles through its AI and IoT enabled platform.
Verge Motors It is producing pure electric technology and the present products include eco-max kit, perfo-max kit and electro-max kit. eco-max kit and perfo-max kit.
Virya Mobility Offers complete range of mobility solutions encompassing electric power trains, vehicle integration and charging solutions.
Zeuva Automotive Designs and develops two wheeler transportation vehicles to business and consumers across India.