Shell plc Chief Executive Officer Wael Sawan on Wednesday (February 21) said he is not worried about the slowdown in electric vehicle (EV) adoption across various geographies, viewing it as a long-term investment that will take time to reach full penetration.
In an interview with CNBC-TV18, Sawan said, "I'm not worried. We look at this as a long-term bet. So what we see is EV costs are coming down, it's going to take time for the penetration to happen. It has taken decades to be able to get the current carpool that we have. And it'll just take time to be able to get the EV penetration."
For India specifically, Sawan said Shell sees an opportunity to leverage its existing network of around 350 retail sites, which have developed strong operational excellence and brand recognition.
"What we see in India is an opportunity to leverage our existing footprint here, which is around 350 retail sites, that have now developed a very strong customer base, where we've developed real operational excellence in the way we market," the CEO said.
Despite some setbacks related to deregulation and macroeconomic conditions, the company remains focused on expanding its retail base in India and improving its offerings to become a leading fuel retailer and EV charging provider in the country.
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