India’s push for electric vehicles is creating opportunities for businesses in connected spaces such as battery production, according to an analyst at diversified financial services company Motilal Oswal.
The move to electric vehicles is “inevitable” globally as well as in India, where higher fuel prices could make owning cars that run on electricity relatively cheaper, retailer Siddhartha Khemka said on Monday on CNBC’s “Street signs Asia. “
“Acceptability will increase once you have the infrastructure,” he said.
There are two basic types of electric vehicles: those that rely on batteries, and hybrid cars that use both batteries as well as connection to an external power source, such as a charging station.
The bulk of the tension in India’s electric vehicle sector lies in subordinate spaces where companies work with global players, many of whom want to enter the lucrative market, according to Khemka.
“On the one hand you have the battery manufacturers who want to develop the battery for electric cars, and on the other hand you have companies like Motherson Sumi who are in the electrical part of the vehicles,” he said, adding: “They are getting growing shares of business globally from (electric vehicle) space. “
Motherson Sumi works with automakers around the globe in areas such as wiring harnesses, rearview mirrors, cockpits, bumpers and more. Exide sells lead batteries for the automotive and industrial industries.
High traffic and a crowd observed outside Alipore Zoo the first weekend of 2021 in Kolkata, West Bengal.
Jit Chattopadhyay | SOPA images | LightRocket | Getty Images
The EV sector in South Asia’s largest economy is likely to receive a boost from Tesla.
The US company last month set up Tesla Motors India and Energy Private Limited with a registered office in the technology hub of Bengaluru in Karnataka, Reuters reported. The news thread reported On Sunday, a state government document claimed that Tesla was opening a production unit for electric cars in Karnataka.
CEO Elon Musk said earlier on Twitter that Tesla cars would be available in the country starting this year.
India, for its part, is trying to reduce its dependence on oil and also reduce air pollution. It can spur pushed into electric vehicles. In the latest annual budget, the Minister of Finance announced a voluntary scrapping policy to phase out old vehicles that contribute to the country’s poor air quality.
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