One of the biggest challenges EV manufacturers and owners face is charging time applicable to zero-emission vehicles. For reducing this concern, Union Minister of Heavy Industries, Mahendra Nath Pandey said that the Automotive Research Association of India (ARAI) should work on new technology.
The minister said, “To overcome one of these problems related to charging, I am going to urge Automotive Research Association of India (ARAI) to develop the technology that reduces the charging time.”
“The auto field contributes to about 14-15 percent of GDP, which can go up to 25-30 percent and can support the PM’s vision for making India a USD 5 trillion economy. The sale of electric vehicles has increased drastically in the last few months due to the various schemes and subsidies provided by the Government,” Pandey said.
The central government has selected 9 expressways to set up 6000 electric vehicle charging stations in the country, 50% of which will be set up soon.
In the total cost of EVs, batteries cost the highest which is 30 percent of the cost incurred. Importing the Advanced Chemical Cell (ACC) for Electric vehicle batteries is another cost factor. The ACC can be produced locally which can keep battery prices low.
“About 70% of the material used in the manufacturing of lithium-ion batteries is already available in India. With these newly introduced PLI schemes, the government is providing support up to `362 crore per gigawatt in this sector of EVs,” he said.
An investment of Rs.42500 crores is expected in battery and component manufacturing, with the PLI scheme.
“The government is providing financial support up to 8-13 percent for auto component manufacturers and up to 13-18 percent for EV manufacturers through the scheme. This will also facilitate the creation of about 7.5 lakh new advanced-level employment opportunities,” he added.