![]() Catering to a vast domestic market, reliance on the conventional modes of fuel intensive mobility will not be sustainable. The Indian automotive market is slated to be the third largest by 2030 in terms of volume. Electric vehicle industry in India: Growth targets ![]() The burden of oil imports, rising pollution, Russia-Ukraine war escalating price inflation, as well as international commitments to combat global climate change are key factors motivating India’s policies to speed up the transition to e-mobility on one hand and growing consumer appetite on the other. India, too, is investing in this electric mobility shift. The global automotive industry is undergoing a paradigm shift at present in trying to switch to alternative/less energy intensive options. Federal subsidies and policy favoring deeper discounts for Indian-made electric two-wheelers as well as a boost for localized ACC battery storage production are other growth drivers for the Indian EV industry.ĮV sales have surged more than 2,218 percent over the past three years, with over 4,42,901 electric cars sold in FY 2023 (till December 9), as compared to 19,100 sold in FY 2020. The electric vehicle industry in India is picking pace with 100% FDI possible, new manufacturing hubs, and increased push to improving charging infrastructure.
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