Where Does India’s Electric Vehicle Journey Lead Next

Amidst the rising concern around the deteriorating environmental conditions, electric vehicles have emerged as a suitable alternative for promoting sustainable transportation.

India enthusiastically embracing clean tech solutions to become a net-zero country by 2070, it is working towards achieving the target of 30% vehicle electrification by 2030. 

Considering that the FAME scheme was introduced to encourage the adoption of EVs across the country, the uncertainty of subsidy extension is anticipated to dampen the demand for EVs in the market.

Despite skepticism, the market has seen positive trends with nearly 1.44 million battery-powered vehicle registrations at the beginning of the year.

The PLI scheme incentivizes manufacturers to increase production through financial benefits, aiming to make India a manufacturing hub and reduce dependence on imported components.

The PLI scheme can bode well for fortifying the manufacturing ecosystem of EVs, giving impetus to the growth of the industry even in the absence of FAME subsidy.

R&D is crucial for advancing Li-ion battery manufacturing, which is integral to the exceptional performance of electric vehicles and the overall EV ecosystem.

Investing in intensive R&D-based manufacturing can help achieve a two-fold purpose of reducing the cost of the EVs and at the same time, instill faith among the customers by mitigating the safety issues in the vehicle. 

Electric vehicles