Funding for electric vehicle sector up 117% in 2022, at $1.6 billion
- IBEF
- February 6, 2023
India’s electric vehicle (EV) market is the third largest in terms of the number of companies after the US and China and is the fourth highest in funding in the global space. A spike of 117% has been witnessed from US$ 766 million in 2021 to US$ 1.66 billion in 2022. Government initiatives like FAME II (speeding of electrification of public transport), and others have contributed highly to the sector’s expansion.
Moreover, for manufacturing EV batteries, the budget exemption for customs duty of 21% to 13% on capital goods and machinery will lower prices and boost investment.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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