Anurag Singh, Managing Director, Primus Partners, highlights that electric vehicles (EVs) are becoming cost-competitive in high-usage urban settings, but their adoption will vary due to high upfront costs and range concerns. He adds that upcoming CAFE III regulations will push automakers to expand electrification as both a growth strategy and compliance necessity, balancing EVs, hybrids, and efficient internal combustion vehicles. The policy also incentivizes EV production by offering manufacturers significant benefits, including a higher multiplier for electric vehicles.