Andhra Pradesh Plans To Attract An Investment Of USD 4 Billion In The Electric Vehicle Market Segment

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Andhra Pradesh seeks to be a ‘lighthouse state’ to attract investment of USD 4 billion in the electric vehicles market segment in the coming years.

The state government conducted Friday’s CEO-Ministerial Dialog, which lasted for a full day. It sought to gather views and ideas from all stakeholders as the first step towards this goal.

According to Gudivada Amarnath, AP Industries and Investment Minister, this is the first initiative of a state on ‘Shaping the Future of Mobility’ in the World Economic Forum-Moving India network.

“The global automobile industry today is at an inflection point. The world, especially India, is eagerly waiting for the industry to deliver world-class, affordable and efficient electric vehicles. I would be eager to see e-vehicles roll out from Indian (manufacturing) plants to serve the global markets,” the minister said.

He noted that the automobile industry was ready to take another technological leap when alternative fuels were introduced. He also highlighted the “best in class innovation and technology” that is used at Kia Motors to launch models for India.

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He stated that Andhra Pradesh would expand the EV landscape at a rapid pace, while also accelerating EV adoption.

“We are seeking to position AP as the lighthouse state and attract investments to the tune of USD 4 billion. Our transition to e-mobility could be a key component in India’s drive to become carbon-neutral,” the minister said.

“Our aim is to make AP the prime destination for development and manufacture of batteries, generation and storage of hydrogen, manufacture of EV components, battery EVs and also fuel-cell EVs, besides charging equipment. This should also pave the way for sustainable transportation in the state,” Amarnath added.

The dialogue was attended by Sudhendu Sinha (NITI Aayog advisor), WEF Moving India team members and senior bureaucrats from the state government.

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