EV Landscape in India To Be Transformed With Key Government Initiatives, Will Lower Manufacturing Costs and Boost EV Sales in Country: Industry Experts
New Delhi, April 6: The rise in EV battery manufacturing, alongside the ‘Make in India’ initiative, will lower manufacturing costs and boost EV sales in the country, according to industry experts. According to Liz Lee, Associate Director at Counterpoint Research, India’s EV landscape is on the cusp of significant growth.
“Government initiatives such as the PLI scheme for Advanced Chemistry Cells (ACC) and the recent reduction in import duties on EVs under $35,000 to 15 per cent are game changers,” said Lee. All this not only opens doors for Tesla but also signals India’s readiness to welcome significant investments and foster a new ecosystem for EVs and their component suppliers. Ather Rizta Launch Today: Know Expected Details of New Electric Scooter From Ather Energy.
“It is a clear sign that India’s journey to become a major player in the global EV market is accelerating,” Lee noted. The EV ecosystem is in a fairly nascent stage. “While the conventional automobile manufacturing ecosystem is mature, the building blocks for a robust smart car manufacturing ecosystem, from the battery to infotainment to sensors to full ADAS/ADS, beckon,” said Research Vice President Neil Shah. Mercedes-Benz, Honda Motor, Stellantis and Jaguar To Recall Over 50,000 Vehicles for Faulty Parts in Korea.
“This would span from the likes of Qualcomm and MediaTek designing and offering advanced auto components to BlackBerry providing safety and security software, to Foxconn reducing barriers for new entrants to India with its innovative MIH consortium-based ‘localised’ design and manufacturing model,” Shah explained.
(The above story first appeared on LatestLY on Apr 06, 2024 11:24 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website todaynews24.top).
