EVs, ancillary sector may see ₹3.4 lakh cr investment by 2030

Domestic and foreign firms have announced a whopping ₹3.4 lakh crore investment in India's electrical vehicles (EVs) and ancillary industries over the next six years, Colliers India on Wednesday said while expressing concern over "tardy progress" towards achieving the goal of 30% electric mobility by 2030.

- Press Trust of India

NEW DELHI:

Real estate consultant Colliers India on Wednesday released a report 'EVs in India: Renewed Vigour in Electric Mobility', highlighting that overall EV penetration rate in India stood at 8%. It estimated sales of around 2 million (20 lakh) EVs in 2024.

"Although the pace of EV adoption in the country has been commendable, it has not been as brisk as anticipated," the consultant pointed out.

The report mentioned that individual companies across the EV landscape have announced plans to invest $40 billion (₹3,40,000 crore) in a phased manner till 2030. Out of this, $27 billion is planned for lithium-ion battery manufacturing and $9 billion for OE (Original Equipment) and EV manufacturing.