₹700 crore on our battery assembly plant in Chennai, Tamil Nadu, which will have a capacity of 75,000 battery packs annually in the first phase by 2025," Gopala Krishnan, chief manufacturing officer, HMIL, added. Unsoo Kim, the carmaker’s chief executive in India told Mint that while the world is currently depriortizing an EV transition, it is a temporary phenomenon.
“Currently the EV market is down. The Ukraine-Russia war is a big factor because European countries want to reduce carbon dioxide emission but they can’t do so right now due to conflict.
They cannot focus and put resources while conflicts go on. I think this is a temporary situation for EV," he said.
In India, triggers for EV adoption will be led both by government initiatives and by original equipment manufacturers (OEMs). The first PLI (production-linked incentive) scheme for automobiles, the ₹18,000 crore advanced chemistry cell (ACC) battery PLI scheme and growth in charging infrastructure are expected to scale up EV adoption as companies such as Hyundai, Maruti Suzuki, Tata Motors and Mahindra & Mahindra look to charge up their EV offerings in 2024-25.Read more on livemint.com