In the gold rush for global domination of the electric mobility market, India has thrown its hat into the ring. The Modi-led government announced last month that it would offer US$1.4 billion in subsidies for both buyers and manufacturers of electric vehicles and impose higher import tariffs to spur domestic companies to build vehicles.
The government aims for 30 per cent of its public transport to be electric by 2030. With prime minister Narendra Modi emphasizing that he wants India to lead across the value chain from battery production to smart charging to electric vehicle manufacturing.
“Policies will be designed as a win-win for all who want opportunities in the automobile sector,” said Modi. Although he emphasized that public transport would remain the focus of the electric mobility push.
At present, India has only two electric car manufacturing companies, Tata motors and Mahindra. International car giants Hyundai and Kia Motors are developing electric fleets designed specifically for the Indian Market, with Kia signing a memorandum of understanding with Andhra Pradesh to aid in the growth of electric mobility in the state. Meanwhile, many cities planned trials of electric buses including Hyderabad, Chennai and Guwahati.
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