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ELECTRIC VEHICLE ECOSYSTEM’S TAKING SOLID SHAPE IN INDIA

  • The number of electric cars grew by about 300% in the last decade
  • The absolute number is only around 4,000 electric cars on Indian roads, which is just about 0.1% of close to 3.5 million cars sold in the last year
  • India is a market that provides a tremendous opportunity in the EV space
  • Government has a set a target of 30% electric vehicles on Indian roads
  • The government is doing laudable work in creating an enabling environment for EVs. Recently, the GST Council reduced the taxes on EVs from 12% to 5%.
  • Similarly, to promote ‘Made In India’ EVs, the finance minister increased the customs duty on completely built units and SKD to 40% and 30%, respectively.
  • This will definitely boost Indian manufacturing of EVs—as we did for the Kona EV.
  • Achieving the target of 30% electric mobility by 2030 looks challenging, and investment, innovation, research and development (R&D) across the right technologies will be key.
  • From charging infrastructure to investment in R&D for EV products suitable for the Indian roads, the industry is up for the task.
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October 2022
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