With rapidly evolving technologies and business models, there is need to adopt new and fundamentally different pathways to provide clean, cost-effective, and efficient mobility services” said Arvind Panagariya the former Vice Chairman of NITI Aayog in a 2017 report titled India Leaps Ahead: Transformative mobility solutions for all.
Increasing pollution levels, enhanced governmental push, increasing awareness and technological advancement has put the focus back on electric cars. In fact, a report by ASSOCHAM and EY predicts that the Indian electric vehicle market will register a double-digit growth in sales volume by 2020
Shares of Tesla were rallying overnight, up more than 2 per cent, after a report said the electric-car maker was planning to build a factory in China that could produce 500,000 vehicles a year. That would double Tesla’s production and likley bring new opportunities for ASX-listed battery metals producers.
Swiss engineering major ABB is bullish on the growth opportunity in India’s electric vehicle charging market. The company is also keen to harness its strong foothold in solar energy generation in India to provide not just EV chargers but a clean charging ecosystem altogether.
The overall power demand from electric vehicles (EVs) in India is projected to be about 79.9 gigawatt hours (GWh) by 2020 and is expected to soar to 69.6 terawatt hours (TWh) by 2030, according to a joint study conducted by Assocham and Ernst & Young LLP (EY).
The government is set to tighten fuel efficiency norms for vehicles to push automobile manufacturers to expedite the conversion of conventional internal combustion engines (IECs) to electric vehicles (EVs).