 "Electric vehicles")
Auto ancillary companies are ramping up investments in research and development (R&D) and manufacturing facilities to cater to the growing electric vehicle (EV) market in India, in response to growing market penetration.
In FY23, e-two-wheeler (E2W) penetration jumped to 4.5 per cent from 1.9 per cent in FY22, data released by the Federation of Automobile Dealers Associations shows. In e-passenger vehicles, sales jumped by 153.47 per cent year-on-year in FY23, and e-three-wheelers saw a 118.25 per cent increase in the same period.
Among the major investors is Gurugram-headquartered Uno Minda, which is building two new plants to develop components for
