Mint Explainer: Navigating India's electric vehicle surge

livemint.com:

Mint explains the current developments in the EV industry in the country: Even though the Indian EV industry is in its early stages, the growth plan under the ‘Make in India’ initiative aims to make the country a manufacturing hub for various sectors including the EV industry. The government aims to achieve 100% local production of EVs under this initiative.

The Indian government has therefore announced several initiatives like Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India (FAME India), the PLI scheme for the auto and the auto component, and the PLI scheme for manufacturing of advanced chemistry cell (ACC) to drive local production and achieve its goal for green mobility. Phase II of FAME has earmarked ₹10k crore as incentives to customers, PLI has reserved around ₹26k crore for encouraging the automotive industry to start sourcing and producing vehicles locally in the country including EVs.

Several automotive brands, including Tata Motors, Mahindra, Hyundai, Ola Electric, Ather Energy, Okinawa, TVS, MG, Hero Electric, and others have already come up with the electric vehicles in the country. Mahindra & Mahindra plans to invest ₹10,000 crore in a new EV factory in Pune with an aim of launching five electric SUVs by 2026.

While competitor, Tata Motors wants EVs to make up 50% of its total portfolio sales by 2030 as they bolster its EV-sale and after-sale service infrastructures. The two-wheeler EV manufacturer, TVS Motor Co.

plans to ramp up monthly IQube production to 25,000 units from this month while doubling the number of EV-selling outlets during this fiscal. Ola Electric looks to continue building the world's largest electric hub in Dharmapuri, Tamil Nadu with a ₹7,600 crore investment