New Delhi, March 24: China is currently the leader in the production of EV battery manufacturing than any other country in the world. According to a report, the country has more than half of global Li-ion manufacturing capacity. Despite its stronghold in the electric vehicle market, the country will reportedly face competition and lose its market share as other countries also enter into manufacturing EV batteries like India.
The Indian government announced scheme to promote hybrid and electric vehicles and the India has been pushing for EV adoption for the past few years. According to a report by Hindustan Times Auto, the Global Trade Research Initiative (GTRI) reported that India’s push to increase the domestic production of EVs will likely result in large-scale entry of China-based electric automakers into the Indian market. India Electric Vehicle Sales: Country Aiming for 30 Percent of All Vehicle Sales To Be Electric by 2030, Says Care Edge Ratings.
The report highlighted that the global automobile industry had been seeing massive rise in the Chinese auto companies. It further said that these companies had been aggressively trying to capture the electric vehicle markets in different continents with their affordable offerings. It also said that these EV automakers also were supported by the Chinese government.
The GTRI report emphasised that the Chinese automotive industry with support grew faster in the EV technology, became major exporter of electric vehicle and related components. The report mentioned that the renewed policy of India to make the country a hub for EV manufacturing will result in an increase in auto-component imports from China.
The report highlighted that in 2022-23, India imported auto components worth USD 20.3 billion, out of which 30% came from China. The report mentioned that China holds 75% of the world’s electric battery production capacity and accounts for 50% of the global electric vehicle production and exports to market worldwide. Tata Power Announces Its Collaboration With ‘Ayodhya Development Authority’ To Deploy Charging Points on Crucial Routes Around City To Accelerate Adoption of EVs.
The report hinted that in the coming years, every third electric vehicle could be from Chinese automobile companies. Hindustan Times Auto further said that country could see Chinese OEMs or joint ventures with Indian companies. As per the report, the exports of China-based automobile companies declined the EU and the US due to trade restrictions, anti-subsidy probe, and other reasons. The report said that India could be a country where these Chinese companies might find relief.
(The above story first appeared on LatestLY on Mar 24, 2024 07:02 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
