Electric Mobility

The Automobile sector contributes 49% to India’s manufacturing GDP and 7.1% to India’s GDP. The 2nd AMP (Automotive Mission Plan) released by the government outlines the plan to elevate the Automotive Industry to world class levels.  As part of Paris agreement in 2015, India committed to reduce the emission intensity of its gross domestic product (GHG emissions per unit GDP) by 33% - 35% over 2005 levels by 2030.  In order to meet its global commitment and mitigate adverse impact of the automobiles (ballooning oil import expenses and increasing air pollution), the Government is keen to shift the narrative towards electric vehicles. The electic vehicle market in India is expected to be valued at $2bn by 2023.

With battery costs declining faster than anticipated, EV economics become favorable as battery costs decline; the five year TCO becomes favorable over any alternative in most markets. Additionally, consumers benefit from financial (e.g., subsidies) & non-financial incentives (e.g., road access, registration privileges).