Govt approves $4.1 bln electric, hybrid vehicle drive
INDIA-AUTOS-ELECTRIC:Govt approves $4.1 bln electric, hybrid vehicle drive
The government has approved a 230 billion rupee eight-year plan to spur electric and hybrid vehicle production, heavy industries secretary S. Sundareshan said on Wednesday, with a target of 6 million vehicles by 2020.
New Delhi will provide around 130 to 140 billion rupees of that total, with corporates providing the remainder, S. Sundareshan told reporters.
Headed by Mahindra & Mahindra's Reva brand, India has a nascent electric vehicles industry, but other local players such as Tata Motors and Hero MotoCorp have embarked on hybrid and electric products.