The surge in hybrid and electric vehicle sales in the full calendar year of 2023 underscores a notable shift towards sustainable mobility, reflecting evolving consumer preferences. Hybrid car sales reached a record-breaking 82,607 units, surging over four times compared to 2022, while battery-operated electric car sales nearly doubled to 81,710 units. This marked the first instance where hybrid cars outsold electric cars annually, offering valuable insights into changing consumer trends in sustainable mobility.
Driving this transformation are innovative companies investing in advanced auto-tech features to enhance electric vehicle appeal. This includes the development of connected cars and integration of autonomous driving technologies, leveraging cutting-edge advancements like artificial intelligence, Internet of Things, and biometric systems. These efforts by companies dedicated to sustainable mobility and electric vehicle adoption are reshaping the automotive landscape, paving the way for a greener, more sustainable future.
We take a glance at start-ups playing a pivotal role in driving sustainable mobility and electric vehicle adoption nationwide
Revfin, stands out in several aspects—offering inclusive financial solutions to traditionally underserved and un-banked customers, spearheading the sustainable mobility movement.
Revfin’s collaboration with SUN Mobility is driving sustainable mobility in India. By offering innovative financing solutions for electric vehicles (EVs), particularly through the Battery-as-a-Service model, they’re making EVs more accessible and affordable. Their focus on inclusive finance, such as the ‘Stree Shakti’ program empowering women, and their use of AI-powered tools for quick loan processing, demonstrates their commitment to advancing EV adoption. With over 50,000 E-rickshaws financed and loans extended to over 10,000 women, Revfin is not only accelerating EV adoption but also promoting gender inclusivity and financial empowerment. Their emphasis on responsible lending, including IoT-equipped vehicles for monitoring, ensures sustainability in the EV ecosystem. Overall, Revfin’s initiatives are propelling India towards a greener and more inclusive future in transportation.