India may be slow in embracing electric vehicles, but once it takes off, the adaptation will be fast. The nation is estimated to see 30.81 million electric vehicles sales by 2040. That number comes from Amitabh Kant, CEO of NITI Aayog.
Addressing the annual convention of SIAM, India’s auto industry lobby, Kant on Thursday said electric vehicles trend is set to grow in the country and India aims to reach zero emission by 2040.
He projected 7.30 million electric vehicles sales in the country by 2030, and 30.81 million by 2040.
“Low per capita car ownership gives India an opportunity to expand. At present we have 20 cars per 1,000 people while US has 800,” he said.
India sold only 25,000 units of electric vehicles in FY17, a good jump from 16,000 electric vehicles sold two years ago. Currently, India has only 206 community charging stations across the country.
All top carmakers have frontloaded electric vehicle plans, with Maruti Suzuki, Hyundai and Tata Motors readying to roll out products in the market
M&M, the pioneer in the electric car segment in the country, had firmed up plans to invest Rs 600 crore in its electric vehicles arm to strengthen the portfolio with more launches.
Tata Motors and Hyundai Motor are learnt to have fixed timelines for EVs. Tata, which revolutionised the auto mart with the world's cheapest car Nano a decade back, is learnt to readying an electric version of the Tiago for January lunch. Hyundai is considering assembly of electric vehicles in India by 2019.
Most auto stocks were trading higher on Thursday on higher August sales.
At 11.15 am, shares of Mahindra & Mahindra were trading 0.87 per cent higher at Rs 1327.95. Shares of Maruti Suzuki were trading 0.66 per cent higher at Rs 7,903. On the flip side, shares of Tata Motors were trading 1.62 per cent lower at Rs 377.20.
Maruti Suzuki India has reported 23.8 per cent increase in total sales at 1,63,701 units in August as against 1,32,211 units in the year-ago month. Mahindra & Mahindra reported a 3.75 per cent increase in total sales at 42,116 units in August.Tata Motors' sales in August stood at 48,988 vehicles, up 14 per cent YoY.
Source: The Economic Times