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MEIL in talks to assemble BYD’s EVs in India as JV plan sputters
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₹25,938 crore production linked incentive (PLI) scheme for the auto sector, including EVs, and a ₹18,100 crore PLI scheme for advanced chemistry cell, as well as reducing the goods and services tax rate on EVs from 12% to 5% and on charging stations from 18% to 5%. Also, the ministry of road transport and highways has advised states to waive road tax on EVs.
India’s EV market is expected to expand at a compounded annual growth rate of 49% between 2021 and 2030, with the segment’s volumes set to cross annual sales of 17 million units by 2030, according to Invest India. “Moreover, the gradual improvement in charging infrastructure and investments in developing a local vendor ecosystem has further contributed to the rapid adoption of EVs.
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