India's EV Journey: From Lovebird to Leading Edge

India's first foray into electric vehicles began in the early 1990s with the "Lovebird," a two-seater car developed in Kerala with a range of approximately 60 km. This was followed by other notable attempts, including "Vikram Safa" in 1996 and the Mahindra & Mahindra Bijlee in 1999, aiming for last-mile connectivity and commercial viability.

The Reva, launched in 2001, became India's first mass-produced electric car, seven years before Tesla's Roadster. By mid-March 2010, around 3,000 units were sold globally. Mahindra & Mahindra acquired a majority stake in Reva in May 2010, later launching the e2o and e2o Plus models, though production ceased by 2019 due to low demand and evolving safety norms.

The EV sector, particularly two-wheelers, saw a resurgence with companies like Hero Exports and Ather Energy. This renewed interest is now reflected in financial markets, with NSE Indices launching India's first Nifty EV and New Age Automotive Index in June 2024. Despite a slow start for passenger EVs, the market is gaining momentum with new offerings from Tata Motors and JSW-MG Motors.