The Society of Electric Vehicles Manufacturers (SMEV) of India has urged the Centre to make policies that will help manufacturers in the short-term — starting with a period of three months to three years at the maximum. The move is aimed at providing clarity to companies that have invested in the manufacturing of EVs in India.
The EV representative group has asked the Centre to make short-term policies to enable the industry to achieve a target of 3 Mn EV sales in the next three years, starting from 2019. In the second week of September, the SMEV was said to have given its segment-wise suggestions regarding EV promotion to the different ministers of the central government and to government think-tank NITI Aayog.
NITI Aayog, on the other hand, is yet to give its approval to the power ministry’s recommendation that European electric vehicle charging infrastructure standards (which German and American automakers adhere to) be implemented in India, said officials aware of the development.
Meanwhile, a recent research report found that there were twice the number of electric vehicle chargers in 2017 than that in 2015, and the number is growing quickly. Also, a new market research report found that global electric vehicle sales are projected to grow at a CAGR of 32.57% from 1.5 Mn units in 2018 to 10.79 Mn units by 2025.
Given that so much is happening in the Indian as well as global EV ecosystem, we bring all these developments to you in the 29th edition of Electric Vehicles This Week.
Important Developments In The Indian Electric Vehicle Ecosystem
CK Birla Group’s Avtec To Invest $88Mn In Electric Vehicles
Avtec, the engine and transmission manufacturing arm of the CK Birla Group, has plans to infuse $88 Mn (INR 600 Cr) in producing electric vehicles and its components in the next three years. With the investment, the company expects a two-and-half fold increase in its revenue.