Auto-Component Firms are gearing up for the EV race
For many auto parts manufacturers, the race to electrify vehicles is already underway. In fact, some are already planning their next steps as they gear up to meet the demands of a new market: electric vehicles (EVs). In this Adesh Chaurasia latest news, we’re going to discuss the current standpoint of EV racing in our country, and what it means for the future of automobiles.
Current Standpoint on EV
If you’ve been following the news, you know that EV technology is rapidly changing the way we travel. As more and more automakers begin to invest in electric vehicles (EVs), auto-component firms are gearing up for their own inevitable entry into this new market.
Auto-component companies have seen steady growth over the past few years, with sales rising by 11% last year alone—and they expect those numbers to continue growing throughout 2020. In fact, Ashok Leyland has already announced plans to invest in EV technologies and set up new joint ventures with Indian manufacturers like Hero MotoCorp and Exide Industries Limited
Big Giants are taking the Game
Ashok Leyland, Hero MotoCorp, and Exide have already announced plans to invest in EV technologies and set up new joint ventures.
For instance, the automobile giant Ashok Leyland is looking to invest Rs.4,000 crore in the next four years to manufacture electric scooters, motorcycles, and cars for exports.
Whereas, companies like Hero MotoCorp will make all-electric bikes under its brand name ‘Hero Cycles’. It has also partnered with e-bike maker Lime Bike for the electrification of bicycles in India by 2020. Exide has announced plans to manufacture battery cells that can be used in electric vehicles as well as solar power devices within five years from now (it currently makes batteries).
The Commencements of Pilot Projects
Pilot projects are underway in Delhi, Nagpur, and other cities. The government has set up a joint venture between the Ministry of Power and the Bureau of Energy Efficiency (BEE). EESL was created to help promote electric vehicles in India by providing assistance with component manufacturing and battery manufacturing. It will be operating as a public sector company with an initial capital investment of Rs 50 crore ($7.2 million).
The government’s most recent boldest of all moves was this year’s budget announcement of a single GST rate on EVs at a mere 12 percent. According to many experts, this might be a major push towards bringing in the future of automobiles.
This is likely to make it easier for buyers to afford EVs, which are still seen by many as being out of reach for average Joe consumers due to the high price tag attached to them.
Apart from that, to make the transition easier, the government has also announced plans for affordable loans and low-cost insurance schemes for those who want to buy an EV but don’t have the financial resources or time off work required.
What’s more? Around fifty-three big Indian companies — including Tata Motors, Maruti Suzuki, and Mahindra & Mahindra — are engaged in various stages of the development of electric vehicles.
We are Looking at the Future of Automobile
India’s auto industry is looking to the future with EVs. EVs are becoming more affordable, and they’re better for your health as well. When you’re driving an EV, you don’t have to put up with smog or pollution from fossil fuels. And since they run on electricity instead of gas or diesel, they’re also great for the environment since there are no carbon emissions created during manufacturing and transportation processes—EVs even produce zero waste!
Finally: if you’ve been wondering how much money you’d have to spend on one of these vehicles before it would make sense for you financially (and environmentally), think about this: in 2027 there will be more electric cars than internal combustion engines worldwide!
In this Adesh Chaurasia latest news, we have gone over the recent advancements that are taking place in the sector of EV, and how many big guns are looking forward to getting a piece of the game. We hope you enjoyed reading about all of these auto-component companies and their plans to do business in the EV industry. Stay tuned for more, as this is just the tip of the iceberg!
EVs are here to stay. They’re clean, they’re efficient and they’re fun to drive! If you’re looking forward to making the switch, start planning about it today!
Author- Adesh Chaurasia
A superior and highly experienced entrepreneur in the field of business for quite a long time now. Also, a philanthropist, author, and public speaker who believes in working towards the overall well-being and betterment of society as a whole.