Advantage India
Robust
Demand
* Over 50% of 3-wheelers, about 5% of 2-wheelers, and 2% of cars bought in 2024 are EVs.
* The Indian EV battery market is projected to surge from US$ 16.77 billion in 2023 to a remarkable US$ 27.70 billion by 2028.
* India is on track to become the largest EV market by 2030, with rise in investment over the next 8-10 years.
Opportunities
* A cost-effective manufacturing base keeps costs lower by 10-25% relative to operations in Europe and Latin America.
* The imperative highlighted by a recent Confederation of Indian Industry (CII) report to set up 1.32 million charging stations by 2030 presents a significant growth opportunity for the electric vehicle sector.
* Presence of a large pool of skilled & semi-skilled workforce amidst a strong educational system.
Policy
support
* In Phase-II of the FAME India scheme, the Ministry of Heavy Industries (MHI) approved a capital subsidy of Rs. 800 Crore (US$ 96.13 million) to set up 7,432 Electric Vehicle Public Charging Stations (EVPCS).
* A dedicated policy FAME II with a budgetary outlay of Rs. 10,000 crore (US$ 1.43 billion), to incentivize electric vehicle consumption and support manufacturing.
* Electric Mobility Promotion Scheme with a Rs. 500 crore (US$ 60.18 million) budget to enhance green mobility and stimulate electric vehicle manufacturing in the country.
Investments
* India is emerging as a global hub for auto component sourcing and the industry exports over 25% of its production annually.
* Hyundai Motor intends to invest US$ 2.45 billion in Tamil Nadu over the next decade to enhance its electric vehicle initiatives in India. Also, the company is planning to assemble EV battery packs and install 100 charging stations for EVs.
OLA Electric
OLA Electric is an Electric Vehicle (EV) company dedicated to fostering a brighter, safer, and greener future. It is actively working to position India as the global hub for EVs by establishing an ecosystem comprising innovative products, services, and technology that will shape the next frontier of innovation.
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Hero MotoCorp Limited
Hero MotoCorp Limited (formally Hero Honda Motors Limited) is the world’s largest manufacturer of two-wheelers. It is present in South Asia, Africa, the Middle East, and Latin America. Hero MotoCorp was the first Indian two-wheeler company to establish a manufacturing plant in Latin America. Its key products include two-wheelers up to 350cc and spare parts.
Read MoreTata Motors
Tata Motors was established in 1945 under the Tata Group. It is among the world’s leading manufacturers of automobiles with an employee strength of around 81,090. It is present in multiple segments like cars and utility vehicles, trucks and buses, defence vehicles, and electric vehicles.
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