Mumbai
Electric Vehicle (EV) stake in total sales can increase from 30 to 35 percent by FY 2030 to 7.4 percent in 2024 and less than one percent in 2019. This information was given in a report. EV is being adopted rapidly in India. The two -wheeler and three -wheeler segments lead to this.
The report of SBI Capital Market reported that the share of vehicles powered by fossil fuels will be higher in the total sales of total vehicles in the coming years, but EV’s share will increase.
The report further stated that India has a unique opportunity to grow rapid growth due to the low number of vehicles. EV can be the first car of many people. This will be something like this, as 3G was left for 4G in India. Due to this, EV’s stake in total sales can be 30 to 35 percent by FY 2030.
Battery and electronic drive units are the mainstay of any EV and their share is about 50 percent of the total cost.
The report stated that a PLI scheme has been introduced by the government for the Advanced Chemistry Cell (ACC) to increase EV manufacturing and reduce the cost. OEMs outsource 75 percent of their battery needs, but due to backward integration, this component will be 50 percent by FY 30.
By the year 2030, a capital expenditure of about 500-600 billion is estimated to be a capital expenditure of about 500-600 billion to get 100 GW battery capacity. During this time an investment of Rs 200 billion will be required to increase charging infrastructure.
The report said that India’s EV incentive is quite good. The PM promotes e-drive specific vehicle sections and also supports the expansion of charging infrastructure.
EV is being adopted rapidly in India. The two -wheeler and three -wheeler segment leads to the lead.
According to the report, private cars are a unique EV segment, where performance, design, comfort and safety are often more important than cost.
