Foreign direct investment in India’s electric vehicle industry is expected to touch $20 billion by 2030, the report predicted.
Close to a third of all vehicles sold in India are expected to be electric by 2030, but they will mostly be two- and three-wheelers, as expensive battery-powered cars would be outside the reach of many consumers in the world’s fourth-largest automobile market.
By that time, nearly one in every 10 electric vehicles sold worldwide will be in India, and EV sales will cross 10 million units from just 400,000 last year, according to a report by Arthur D. Little released this week. Passenger cars will still make up only 5% of the battery-powered transport, authors including Barnik Chitran Maitra and Andreas Schlosser wrote in the report.
India’s adoption of electric vehicles have lagged other major markets, even though the world’s third-biggest
First Published: Jun 17 2022 | 11:08 PM IST