Nitin Gadkari said in 2023-24 there was a 45 per cent increase in sales of EVs, and 400 startups in electric two-wheelers have already started manufacturing. The cost of lithium-ion batteries is expected to come down further thereby helping in affordability and thus fuelling mass adoption.
The 15-year PPA, effective from 2025 to 2040, is established with the Matrix Renewables-led Stillhouse Solar Project. This solar initiative will provide sustainable energy to power Hyundai Motor Group Metaplant America, the corporation's inaugural EV production hub in North America.
According to insider information, government ministries responsible for overseeing electric vehicle subsidy policies, such as the finance and environment ministries, are currently in discussions regarding various strategies to decrease EV subsidies for the upcoming year.
It was recently reported in the Bernstein analysis that the new EV manufacturing policy for India was announced by the Central government which aims at attracting global players to India but also stresses domestic value addition.
The industry players hailed the government's move to enhance the scheme which could outlay for Faster Adoption and Manufacturing of Electric Vehicles (FAME) India Phase II, saying it will enhance infrastructure, foster widespread adoption and longevity of electric vehicles across the country.
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