India, which began its electric vehicle (EV) journey with two-wheelers, is set to become a “major producer" of electric vehicles like China in years to come, ace global investor Mark Mobius has said.

The EV sales have seen a record surge under the PM E-DRIVE scheme, reflecting the growing momentum of EV adoption. Through initiatives like the Electric Mobility Promotion Scheme (EMPS) and the PM E-DRIVE schemes, electric two-wheelers (e-2W) sales surged to 5,71,411 units in 2024-25.

During the same period, sales of electric three-wheelers (e-3W), including e-rickshaws and e-carts, reached 1,164 units, while electric three-wheelers in the L5 category hit 71, 501 units.

Mobius told IANS that India is going to become a major producer of EVs sooner than expected.

“As you know, India started out with smaller EVs but it will eventually become a major producer of electric vehicles. Since the domestic market is so huge, India doesn't have to export electric vehicles. They can easily produce huge numbers to supply the local market,” Mobius explained.

India’s EV journey is similar to China which is now the major player around the world, and that was made possible because of their huge domestic market.

“India will be in the same position and will be able to do a lot of very good things in the global EV market,” he told IANS.

Approved recently by the Union Cabinet with a financial outlay of Rs 10,900 crore, the PM E-DRIVE scheme came into effect on October 1 and will remain in force until March 31, 2026.

The key objective is to speed up the transition to electric vehicles by offering upfront incentives for EV purchases and encouraging the development of charging infrastructure.

Mobius further stated that the creative impulse in India is going to make the country a $5 trillion economy in years to come.

“One of the strengths that India has is the preservation of different cultures. You have different states with different languages with different traditions, and that is a big source of creativity which will empower many people to build new industries, new ideas and new inventions,” he told IANS.