India Revs Up EV Manufacturing
The Indian government has taken a big step towards becoming a global hub for electric vehicles (EVs) with the approval of a new policy. This initiative aims to attract leading EV manufacturers by offering attractive benefits and fostering a robust domestic EV ecosystem.
India’s electric vehicle (EV) market witnessed a remarkable 48% growth in year-on-year sales in 2023, with 15,26,319 electric vehicles hitting the roads, up from 10,25,116 in 2022. This surge underscores a growing consumer shift towards cleaner and more sustainable modes of transportation.
The electric four-wheeler segment experienced a significant uptick, with registrations climbing to 72,321 in 2023 from 32,260 the previous year. This increase reflects the expanding product portfolio and enhanced consumer confidence in electric cars.
The Indian government has set ambitious goals for EV penetration by 2030: 30% for private cars, 7% for commercial vehicles, and a staggering 80% for two and three-wheelers. These targets reflect India’s commitment to reducing carbon emissions and promoting sustainable mobility.
Despite a cutback in FAME II subsidies, the electric two-wheeler segment saw a 36% increase in registrations in 2023, with 8,54,96 units compared to 6,27,353 in 2022. This trend highlights the segment’s resilience and its pivotal role in India’s EV revolution.
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The objective is to make India a global hub for EV manufacturing by attracting leading manufacturers through incentives and fostering a robust domestic EV ecosystem.
The highlights include an investment threshold, timelines for setting up manufacturing plants, import duty concessions, import quotas, and safeguards to prevent misuse.
Benefits include access to cutting-edge technology, boosting the "Make in India" initiative, strengthening the EV ecosystem, achieving economies of scale, reducing reliance on oil imports, and environmental advantages.
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