Small businesses in India are considered to be the most important source of power for the country’s economy. The SME sector reached the centre stage of policymaking a few years ago. But this sector faced a major roadblock due to the COVID Pandemic. In India, there were reports which illustrated tough survival conditions of MSMEs/Small Business due to the COVID-19 led lockdown.
In terms of data, India is the house of nearly 6.4 Crores(63.4 million) MSMEs across India. These MSMEs contribute around 6.11% of the manufacturing GDP and 24.63% of the GDP from service activities as well as 33.4% of India’s manufacturing output. They have been able to provide employment to around 120 million persons and contribute around 45% of the overall exports from India.
New and emerging opportunities have always been the centre of attraction for every entrepreneur. And in today’s context, EV is one such opportunity.
In order to understand the scale of this opportunity for MSMEs, we analysed some major developments and news in the market.
In last few weeks, Triton Electric Vehicles Entered into India with its strong plans for the Indian market. These strong plans include setting up a complete end-to-end EV manufacturing facility in India. This new entry itself is a huge opportunity for Indian MSMEs.
In another development, some leading EV brands have announced their entry into the Indian market. But the difference that Triton EV’s announcement is the fact that is going to set-up an end to end EV Manufacturing facility here in India. Their end product for the Indian market will be completely built-in India and that’s how it is going to have a robust manufacturing base. However, other major EV Manufacturers procure EV components from China and some other parts of the world as well. And if we consider this, we can realise that Triton EV’s entry into the Indian market can be considered as a bigger opportunity for MSMEs who wish to foray into the bandwagon of EV manufacturing.
Himanshu B Patel, Managing Director and Founder of Triton EV mentioned, “Well, our entry into the Indian market is an evidence of our commitment towards developing an ecosystem for clean energy. Our priority will remain in a few activities. One of them would be to produce best in class product in the form of Electric Vehicles and develop a vibrant ecosystem for MSMEs who wish to capitalise the EV opportunity. Around our manufacturing base in India, we expect a robust network of Small Businesses who will be working with us in developing this best in class product.”
SMEStreet Podcast with Himanshu B Patel of Triton Electric
Triton-EV, the revolutionary new subsidiary of Triton Solar, a leader in solar panel and battery engineering. In the last two to three months, Triton has produced a 100% electric-powered, full-service 18-wheeler semi-truck. The truck, which is a hybrid of hydrogen fuels that generate electricity stored in on-board batteries, has a 220,000-pound towing capacity—the same as any comparable diesel truck on the road. Triton-EV was able to produce the prototype in just over one month, a remarkable achievement considering the typical years-long development cycle for computing vehicles in the industry.
And last week, the company made an announcement of bringing the Triton EV N4 Model of Sedan to India.
“We work closely with our vendor companies which could be responsible for making any important component for our cars. We work as a team and that’s why we produce faster and better results. The year 2021 is going to be action-packed for us as we aim to give India an EV car for its roads which is designed and produced within India,” added Himanshu.
On Triton’s achievement of developing the Semi Truck within just 35 days, he said, “We decided to go for it,” Himanshu Patel added, “Everyone was saying, ‘No, it can’t be done. It will take five years and a hundred million dollars.’ We thought, no, we can do it right now. We have the people and the components. The whole effort took 35 days. That’s the kind of team we have.” The entire effort was self-funded.
Headquartered In Cherry Hill, New Jersey-USA is excited to announce the launch of the Triton Model N4 sedan. Triton Electric Vehicle LLC is an electric automotive manufacturer aimed at bringing technological advancements to the world of electric vehicles and clean energy solutions.
Giving a glimpse about Triton EV’s Model N4 sedan, Cherry-Hill, New Jersey headquartered company is going to make these Sedan models available in 4 different variants; the N4, N4-S, N4-R and the high-performance limited edition N4-GT of which only 100 units will be produced. The Model N4 is powered by a 75 KWh / battery giving it a range of up to 325 miles / 523km & 100 kWh battery 430 Miles/ kw696 Km; with upgrades available for higher variants.
The interior and exterior design of the Model N4 will be the perfect amalgamation of state-of-the-art technology and comfort providing premium driving experience to its customers. The base model will be priced at Rs 35 lakhs thus, showing the amount of market research that has been put by the company to cater to the requirements of the Indian market.
For Triton Electric Vehicle, India is one of the top three markets and right now the company is seeking proactive partners who are willing to join the journey of EV Opportunities. Apart from local dealerships for retail, auto aftermarket service and support companies to handle the service for these networks for Triton EV cars and most importantly the auto components manufacturers and fabricators who all are from the MSME category can come forward and explore their potential partnerships in developing this EV car.
India’s flagship Maruti Udyog holds over a network of 10 thousand MSME vendors around Manesar, Gurugram and Faridabad area. This is the organized category of MSMEs and if we consider the unorganized category of MSMEs the number could go as high as 75000 small businesses getting work from Maruti Udyog itself in these locations. Going by this standard, we may expect that EV Car manufacturing will certainly give a great boost to the MSME ecosystem.
In addition to this, the entire manufacturing base of Triton EV will also bring a great opportunity for small businesses and MSMEs. The company has robust plans for the Indian market. From setting up a state-of-the-art manufacturing infrastructure to creating a strong EV auto manufacturing business ecosystem that will benefit the SMEs who are in the business of automotive components.