Panasonic aims to garner ₹700-crore revenue by 2021 from EV charging infra

New Delhi: Panasonic India is betting big on the Indian electric vehicle (EV) infrastructure market, with the aim of garnering revenue worth ₹700 crore by 2021 from the segment.

“In the next 3 years, the addressable market for us (stationary storage such as batteries and mobility) will be about ₹5,000 crore. Three years from now, we should be targeting revenue of ₹700 crore revenue out of this (the whole market)," Manish Sharma, President & CEO Panasonic India told Mint.

Consumer durables company Panasonic India on Wednesday announced its foray into EV charging services in India, with its offering Nymbus. The charging service combines physical components such as charging stations, swap stations, on board charges, telematics systems and the virtual components like cloud service, analytics, intuitive dashboard, and artificial intelligence to deliver one-stop solution, Panasonic said.

In the last four-five years, the company has invested ₹50 crore towards development and testing of the EV charging infrastructure, Atul Arya, Panasonic’s Head of Energy Systems Division said.

In the first phase, Panasonic has partnered with electric mobility service providers--SmartE and qQuick, wherein the consumer durables company will deploy EV charging service on 150 SmartE electric three-wheelers and on 25 qQuick two-wheelers in the Delhi and national capital region.

“The solution is poised to help individual EV users, EV fleet owners, e-commerce & logistics companies to manage their fleet more efficiently and also the utility providers, vehicle, equipment and battery manufacturers to understand the user patterns and calibrate the products and services accordingly," the company said in a statement.

“We have currently deployed our solutions in Delhi NCR and aim to expand the offerings to Bangalore, Pune, Hyderabad, Chennai and Amaravati in the next three years and 25 more cities in the next five years (catering to) targeting approximately 1 million vehicles," Arya said.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.