Abstract:

India committed to an aspirational goal of having at least 30% of private vehicles as EVs by 2030. This is an uphill task for the Indian Automotive industry, which is the fifth largest in the world, considering that the EV sales accounted for a mere 1.3% of the total sales in 2021. The EV business is currently at an inflection point and poised to grow exponentially. Government of India has been rolling out several initiatives to promote growth of electric mobility. The sector is witnessing a huge surge in investments – Along with the established players, the start ups have also attracted significant investments and are experimenting with innovative business models.