Since practically all automakers have pledged billions of dollars or ambitious aspirations to go "all EV" by 20-whatever, you can't compare investment in EVs to investing in the auto industry in general. Before going fully electric, most people should wait for full EV to smooth out some of the issues.
Almost all of the world's major corporations are investing heavily in electric vehicles. The Bajaj and the Heros are both outstanding designers. They have competed with the finest in the world and emerged as global scale players in the pre-EV era. It will also happen in the case of electric vehicles. As a result, this is a wonderful moment to invest in automobiles.
India's automobile sector is the world's fifth-largest and plans to become the third-largest by 2030. Dependence on traditional modes of fuel-intensive mobility to cater to a large domestic market would not be sustainable. To solve this, federal authorities are designing a "Shared, Connected, and Electric" mobility alternative, with an ambitious goal of achieving 100 percent electrification by 2030.
At the COP26 Summit in Glasgow, India launched the e-AMRIT portal. The portal would serve as a one-stop-shop for all information on electric cars. It tackles significant concerns about EV adoption and purchasing, such as charging station locations and EV finance alternatives, as well as investment prospects, government rules, and potential incentives for drivers and manufacturers. You cant visit the portal at - e-amrit.niti.gov.in/
PLI scheme for EV Sector
In May, the government authorized the PLI scheme, which will cost Rs 18,100 crore and will be used to manufacture ACC (Advanced Chemistry Cell) batteries. This will provide the necessary infrastructure for the EV industry, lowering the cost of EVs dramatically.
ACCs are next-generation advanced energy storage technology that can store electric energy as electrochemical or chemical energy and then convert it back to electricity when needed.
Furthermore, the same year on September 15, the government approved another PLI Scheme to boost the EV sector for the automobile and drone industries. The reason hbhind the scheme was to incentivize high-value advanced automotive technology vehicles and products.
Existing auto manufacturers as well as potential new EV investors who are willing to enter the sector or auto component manufacturing business are eligible to participate in the PLI Scheme for the auto sector.
The Emerging Players in the Indian EV Sector
Leading businesses such as OLA Electric Mobility Pvt, Ather Energy, and Mahindra Electrics are rapidly expanding their market presence in response to the opportunity that India's EV industry affords. Furthermore, state governments such as Karnataka, Maharashtra, Gujrat, and Tamil Nadu are enacting creative and timely investor-friendly laws in addition to constructing the required infrastructure.
The facility of Ather Energy is said to have a production capacity of 0.11 million two-wheelers per year. In addition, Ola Electric, a subsidiary of the unicorn Indian ride-hailing start-up, intends to expand its footprint in the Indian EV market. Simple Energy, Tata Motors (EV), and a slew of other Indian startups and established firms are forging ahead in the electric vehicle market.
Not only domestic players are participating and making their presence. Internatinational big and small players also making their entry into the Indian EV sector. Tesla Inc., an American electric vehicle and renewable energy corporation, recently established its presence in India by forming Tesla India Motors and Energy Pvt Ltd in Bengaluru.
Positive achievements have also been made in the growth of charging infrastructure across the country, with states such as Maharashtra, Gujrat, Tamil Nadu, Delhi, Uttar Pradesh, Andhra Pradesh, Chandigarh, and Telangana establishing ambitious targets for the deployment of public charging infrastructure to boost electric car adoption.