domestic And foreign companies have announced a massive investment of Rs 3.4 lakh crore in India’s electric vehicle (EV) and supporting industries over the next six years. This information was given in a report on Wednesday. Real estate consultant Colliers India said in its report that the pace of EV adoption has not picked up and progress towards achieving the target of increasing EV penetration to 30 per cent by 2030 has been slow. The report titled ‘EVs in India: New impetus in electric mobility’ says that the proportion of EVs in total vehicles in India is currently eight percent. It has also estimated sales of around 20 lakh EVs in the year 2024.
Target of 8 crore EVs by 2030
Colliers India said India has set an ambitious target of 30 per cent electric vehicle presence with 8 crore EVs on roads by 2030. But despite steady growth in sales volumes and concentrated government efforts, progress has so far been slow. According to the report, different companies in the EV segment have announced a potential investment of $ 40 billion (about Rs 3,40,000 crore) in a phased manner by 2030. Of this, there is a plan to invest $27 billion in lithium-ion battery manufacturing and $9 billion in original equipment and EV manufacturing.
EV more popular among three wheelers
The consulting firm said the adoption rate of electric vehicles is highest among three-wheelers (especially e-rickshaws) as they significantly reduce operating costs. The report also calls for greater emphasis on domestic manufacturing to increase the adoption rate of EVs in personal vehicles, including two-wheelers and four-wheelers. “Given the slow progress and projected annual EV sales of 2 million in 2024, it appears unlikely that we will see an overall sixfold increase in average annual sales by 2025-2030,” Colliers said.
(With inputs from PTI/Language)
