New Delhi
Amitabh Kant, CEO, Niti Aayog said that, the transition of automobiles towards electric mobility is inevitable and the auto industry should make the change to make India a global EV leader.
Speaking at the annual convention of auto industry body Society of Indian Automobile Manufacturers (SIAM), he said that in the next two years the cost of batteries will fall even further thereby bringing down the upfront cost of acquisition for consumers.
He added that at Niti Aayog, they are taking all measures to boost innovation, efficiency and investments in the automobile sector, especially to bring down the initial upfront cost of EVs to the consumers.
Global battery costs have been declining, much faster than anticipated and therefore, EV economics have become favourable as battery costs decline, he added and in the next two years the cost of batteries will fall even further.
Kant asked automobile manufacturers to expand investments in research and development to support electric mobility, which includes vehicle systems integration, motors and controls, power electronics and charging infrastructure.
Stating that India is a highly price sensitive market and Indian consumers are cost conscious, Kant said that innovative business options such as battery swapping and leasing will reduce the upfront cost of batteries. Also, he said India has immense potential to be a battery manufacturing leader of the world.
Leading two-wheeler manufacturers have reported a four-fold increase in sales, and in the past three years in India around 5.17 lakh EVs have been registered in the market, Kant said.
Source: Business Standard
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