India, famous for its affordable entry-level cars, remains the only major market without a genuine electric vehicle. The market share of electric vehicles in the country stands at a mere 0.06%, compared with over 30% in a number of developed nations, government figures show.
But that could soon change — the country’s plans to go big on electric vehicles may now have finally been put on the fast lane.
According to latest reports, Modi government is finalising plans to invest $4 billion for setting up four big battery-manufacturing factories. The contours of the big-ticket plan are being given the final touches and a Cabinet note on the matter has already been floated, the Mint newspaper quoted a senior official as saying.
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For the ambitious project helmed by Niti Aayog, India is seeking to take a leaf out of Tesla’s books. The plan involves setting up at least four factories — of 10 gigawatt hours each — on the lines of what Tesla has accomplished with its Nevada (US) Gigafactory.
Tesla boss Elon Musk laid the foundation of a Shanghai Gigafactory — the first-ever outside US — in January this year. According to Niti Aayog, India will require six such giga facilities by 2025, which will go up to 12 by 2030.
One gigawatt hour of battery capacity can power 10 lakh homes for an hour and around 30,000 electric cars.
Source: Economic Times
