EV SALES IN INDIA
The Indian Government’s EV incentives are administered under a program launched in April 2015 called Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME). Fame provides incentives for two-wheelers, mild-hybrid vehicles (not plug-in) and electric vehicles. An incentive of between Rs 1,800 to Rs 1.3 lakh is granted by FAME depending on the category vehicle.
- Two Wheelers – Rs 1,800 to Rs 22,000
- Cars – Rs 11,000 to Rs 1.38 lakh to cars
- Mild Hybrids Rs 11,000
The Indian Government is working on a new plan to promote EVs and achieve its goal of 100% EV by 2030.
EV Sales in India for the year-end 31 March 2016 was up 37.5% at 22,000 but of that only 2,000 units were cars.
INDIA EV SALES IN THE NEWS
2017 Week 33 - India dirty power giant to venture into EV manufacturing
The Indian power producer, JSW Energy, a thermal power producer with nearly 5,000 MW of capacity is set to shift its business to align itself with more sustainable energy offering. Although this strategy is adopted by most power producers JSW Energy’s shift is more radical, as it includes investing around $550 million in new businesses including the manufacturing of an electric vehicle by 2020. In an interview with the Hindu BusinessLine, JSW Energy’s CEO admitted that the company is venturing into a new competitive space but that it bets on the growth in the vehicle sector in India due to the expected disruption by EVs. The company is set to work with technical partners and have a 60% local content goal.
2017 Week 22 - INDIA targets 6 million plug-in vehicles by 2020
The Indian Government’s Department of Energy posted a blog in which it reiterates its ambition to only sell EVs by 2030 through its National Electric Mobility Mission Plan on which we reported on in Week 17. The Government’s plan set a target of between 6 and 7 million units by 2020 already, which seems overly ambitious as EV sales have yet to pick-up in the country. One if its largest automakers Mahindra and Mahindra last week announced that it only now plans to increase its battery production capacity from 500 units to 5,000 a month, a far cry from what should be needed if it wants to produce its fair share of 6 million units. The blog sees that EVs will reach parity with ICE vehicles by 2022. Bloomberg New Energy Finance in a report last week saw this only happening in 2025. Automakers such as Mahindra is reluctant to overly invest in EV manufacturing infrastructure while the prices of ICE cars remain cheaper than EVs in a country where the consumer is very price sensitive. The Indian Government is yet to definitively announce what financial contribution it will make towards achieving the goals, other than saying it acknowledges that it will need to carry the industry for the first three years.
2017 Week 21 - Mahindra gears for EV race
Indian based Mahindra and Mahindra this week shed some more clarity on how it aims to compete in the electric vehicle sector. The company announced that it would construct a battery plant in Chakan, Pune City in Maharashtra State which will increase the company’s battery output ten fold. Currently, the company produces only around 500 battery packs a month for its e2O, and eVerito models from imported cells at its Bengaluru plant, the Chakan plant has a target of 5,000 units a month. The Indian company is also developing a high powered electric vehicle platform available by 2019 that is capable of speeds up to 200km/h / 125mph and a range of 350 – 400km (250 miles). The Indian government has set a lofty goal of 100% electrification of the countries vehicle fleet by 2030, but to date, the technology has failed to get any traction that can compare with its peer, China.
2017 Week 12 - Mahindra committed to electric vehicles
Mahindra and Mahindra Ltd is eyeing both luxury electric vehicles comparable to Tesla under the Pininfarina brand and mass market vehicles. Mahindra’s MD, Mr. Pawan Goenka made the comments in an interview with the Indian publication Live Mint. According to Mr. Goenka, he does not think that India will go the subsidy route. Therefore EV prices should come down between Rs40,000-50,000 (around $750) for it to make financial sense. He admitted that the company is currently losing money on EV’s but that Mahindra is in it for the long haul and will remain committed to the sector. Mahindra is targeting the Asean (Association of Southeast Asian Nations) markets for its EV business.
2017 Week 3 - Indian Tycoon to invest in India's Electric Vehicle sector
Bloomberg reported that the JSW Group’s owner and Chairman, Sajjan Jindal, announced in Davos, Switzerland his intention to enter the Indian Electric Vehicle market by 2020. The metals tycoon expects the Indian government, like many other governments, will promote EVs once it’s more affordable. Although India has some large automakers such as Tata and Mahindra, which is a contender in the Formula E Series, the country is significantly lagging its neighbor China, the world’s largest EV market. India had only around 6,000 electric vehicles registered at the end of 2015.
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