Part 2/12 India’s EV growth story can be characterized by dramatic uptake in 2-wheeler and 3-wheeler segment contributing upto 95.5% in total sales followed by 4-wheeler roughly at 4%. A recent study by McKinsey Center for Future Mobility states that 70%...
Part 3/12 ..of tier 1 Indian consumers said they were willing to consider electric car for their next vehicle against the global average of 52%. Rising positive consumer sentiments supported by rapid adoption signifies inflection point in India’s efforts to electrify transport.
Part 4/12 New policy unveiled by the government attempts to incentivize local production of EV passenger, developing a strong ecosystem and bringing down cost of EVs leading to its greater adoption rate. Under the new policy automakers can import up to 8,000 e-4W priced...
Part 5/12 ...$35,000 or higher for 5 years at a reduced import duty of 15% against 70%-100% earlier, provided that the company commits to invest at least $500 million in India for local manufacturing to be operational by 3 years from date of issuance of approval letter by MHI.
Part 6/12 In order to develop local supply chain and benefit domestic auto components, manufacturer policy mandates approved applicants to achieve 25% DVA by 3rd year and 50% by 5th year.
Part 7/12 New EV policy will ensure competition in the passenger vehicle segment and pave the way for global players like Tesla, Vinfast etc set up manufacturing units in India.
Part 8/12 Cap on maximum number of vehicles that can be imported at a reduced duty in a year along with minimum CIF value of imported car set at Rs 29 lakhs (or 35,000 USD) for getting concession in import duty intends to provide a...
Part 9/12 ...certain degree of protection to Indian EV manufacturers operating below that price point.
Part 10/12 Loss in revenue in collection of import duty will be offset by benefits like employment generation, localization of supply chain, technology transfer etc.
Part 11/12 Thus, the latest EV policy is a landmark marking a pivotal moment in the journey towards sustainable transportation.