Home / Metal News / Cobalt & Lithium / India may provide $4.6 billion in subsidies to the field of new energy vehicles
India may provide $4.6 billion in subsidies to the field of new energy vehicles
Sep 27,2020 08:26CST
The content below was translated by Tencent automatically for reference.

SMM: it has been learned that India plans to provide 4.6 billion dollars in incentives to companies that set up advanced battery manufacturing plants to promote the popularity of electric vehicles and reduce their dependence on oil.

The $4.6 billion incentive comes from a government bill drafted by NITI Aayog, a federal think-tank chaired by Indian Prime Minister Narendra Modi (Narendra Modi). If electric cars are widely used, India could cut oil import spending by as much as $40 billion by 2030.

While India is keen to reduce its dependence on oil and reduce pollution, its efforts to promote electric vehicles have been hampered by a lack of investment in infrastructure such as manufacturing and charging stations. In the last fiscal year, only 3400 electric cars were sold in India, compared with 1.7 million traditional passenger cars.

Looking back at China, in the new energy vehicle market, sales reached 109000 in August, an increase of 25.8% over the same period last year, setting the highest sales of new energy vehicles in August. Of these, 80,000 pure electric passenger cars were sold, an increase of 22.7 percent over the same period last year, and 20,000 plug-in hybrid vehicles were sold, an increase of 24.5 percent over the same period last year.

Editor's comments:

Throughout the global market, in the early stage of the development of new energy vehicles, the increase in sales is due to the promotion of new energy to the countryside and the policy support of local governments. But in the current Chinese market, as subsidies gradually decline, companies that really survive have their own strengths, even in the face of models such as Tesla Model 3, such as BYD Han, Xiaopeng P7 and other models are not completely at a disadvantage by comparison. At present, India is still in its infancy, and heavy subsidy is one of the best programs at present. only in this way can we further stimulate the further development of new energy vehicles.

New energy vehicles

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news