India invests in battery production

India invests in battery production

September 25, 2020 0 By autotimesnews

The Indian government plans to invest $ 4.6 billion to create a favorable climate for battery manufacturers for electric vehicles.

These funds are to be used by 2030 to attract “advanced battery” manufacturers for electric vehicles to India. The money should be spent not only on direct subsidies, but also on the creation of a suitable work environment and appropriate infrastructure. The main goal is reportedly not even to create jobs, although it certainly plays a role, the main concern of Indian Prime Minister Narendra Modi is to reduce the country’s dependence on the oil industry.

A large-scale switch to electricity could also mean India will save billions in oil costs, Modi said, so the investment can be easily recouped in the long term. In addition, India ultimately plans to raise import duties on batteries to further stimulate domestic production.

Undoubtedly, there is still a lot to change before India becomes a superpower in the field of electric vehicles. Of the 1.7 million passenger cars sold last year, only 3,400 were electric. The charging infrastructure also matches this small number.