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REVISED: India Prepares $2.3 Billion in Aid to EV Industry
India plans in 3-5 months to begin infusing the country's struggling electric vehicle industry with $2.3 billion over the next six years.
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India plans in 3-5 months to begin infusing the country's struggling electric vehicle industry with $2.3 billion over the next six years.
Sohinder Gill, director of the Society of Manufacturers of Electric Vehicles, tells AutoBeat Asia the subsidies are funded and will be part of India's National Electric Mobility Mission Plan.
The NEMMP targets cumulative sales of as many as 7 million electric and hybrid vehicles by 2020. The plan also would revive the country's EV industry, which has languished after the government dropped subsidies for EV purchasers.
The subsidies created a temporary market of more than 100,000 electric cars and scooters, Gill says. But sales in the fiscal year ended March 31 slumped to only 21,000 units. He says more than half of EV producers have idled their operations.
Gill's group says new support for the EV industry would save an investment of about $165 million in electrification technology and create as many as 300,000 jobs in India.
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