India’s electric vehicle market glides into gear

Wednesday 01st February 2023 05:13 EST

India’s electric vehicle sector is gearing up from a standing start. The EV industry is one of China's developing technologies, supported by government subsidies, some early sales of delivery vehicles and buses, and political and economic fear regarding the country's technological hegemony.

Along with semiconductors and renewable energy, Narendra Modi's administration is providing incentives to EV manufacturers in an effort to boost manufacturing, lessen reliance on Chinese imports, and draw in foreign investors.

“As companies across the world look increasingly at a ‘China Plus One’ strategy, India is in a great position to become a global manufacturing powerhouse, and that journey has begun,” said Anjali Singh, executive chair of Anand, an Indian auto components and systems group pushing into EVs and other emerging automotive technologies. “It may take some time, but the aim is to match China soon.”

Tata Motors was one of the automakers exhibiting EVs at Auto Expo 2023, India's premier biennial auto show. The company anticipates selling 45,000 to 50,000 of them this year, making it the country's biggest seller of battery-powered vehicles.

India is being targeted by international companies as well, such as China's own EV market leader BYD, which stated its intention to sell 15,000 vehicles this year and overtake Tesla as the country's top-ranked EV brand.

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