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David Versus Goliath In Hybrid Vehicles And Electric Propulsion

Many companies who have got into the electrical vehicle (EV) manufacturing space are looking forward to the music of their cash registers ringing since the government announced its renewed push for such engines. Adding to the euphoria has been the report released in end-January by HSBC Global Research that hybrid vehicles are a practical midterm solution on the decarbonisation road. The smaller players like the Bengaluru-headquartered Altigreen Propulsion Labs, which was a pioneer in hybrids and has announced plans to move towards 100% EVs, is however being cautious in view of the biggies that are already in the field, like Mahindra, Bajaj, Piaggio and TVS. This David is trying to establish its footing in the last-mile transportation space, for electrically-operated cargo as well as passenger delivery vans. Along the way, the company raised Series A funding, which it says is the largest fund-raise from Indian venture and corporate investors by an electric 3W startup. The first investment into the Indian EV sector for all five funders – Sixth Sense, Xponentia, Reliance New Energy, Accurant USA and Momentum Singapore — is a reflection that EVs and last-mile transport have come into their own and are being studied, and investors are willing to take sizeable and long-term bets on them. Of these, Accurant — the investment venture of Bahman of Open Systems International, Inc. — is making its first India investment and promises to be a big player in EV charging infrastructure. As the government moves towards achieving its target of ‘only electric vehicles’ by 2030, will David beat Goliath again as in the original story?