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
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.
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.
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