March 21, 2024
1 min read

India’s EV Two-Wheeler Startups Top 150

The new policy sets the stage for a vibrant future-mobility global manufacturing hub in the country…reports Asian Lite News

Driven by conducive government policies and incentives towards a green future, India now has more than 150 two-wheeler electric vehicle (EV) startups, a new report said on Wednesday.

According to an analysis by global investment advisory firm Bernstein, the Indian EV segment is expected to grow 15-20 times to reach annual sales of 15-20 million units over the next decade.

“Around 85 per cent of the 65 models launched last year were such products — high-speed as against speed and range-constrained products, which used to be a feature of the startups,” according to the Bernstein report.

“The average battery capacity for new launches increased from 2.3 kWh (kilowatt-hour) in 2022 to 3 kWh,” the analysis noted.

TechCrunch was first to report on the Bernstein analysis. The new EV manufacturing policy, announced by the Central government last week, aims to not only attract global players to India but also stress on domestic value addition.

The new policy sets the stage for a vibrant future-mobility global manufacturing hub in the country.

The policy fixes a minimum investment of Rs 4,150 crore for foreign companies who want to set up EV manufacturing facilities in the country.

The Indian EV market is experiencing notable expansion, with a particular focus on meeting the surging demand for cleaner transportation, which is also necessitating a parallel expansion of charging infrastructure to cater to escalating demand.

The country may see 1 crore EV sales annually by 2030, generating nearly 5 crore jobs, according to Nitin Gadkari, Union Minister of Road Transport and Highways.

ALSO READ-Unilever Spins Off Ice Cream Unit, 7.5K Jobs Cut

Previous Story

Indian Destination Weddings Flock to RAK

Next Story

Entrepreneurs Praise PM Modi, Startup India

Latest from Business

India’s Millionaire Wealth Surges

Strong equity markets and investor optimism around artificial intelligence (AI) played key roles in bosting returns and overall wealth creation India recorded a robust 8.8 per cent rise in high-net-worth individual (HNWI)

IMEC Touted as Game-Changer for India’s Growth

The event brought together experts from the governments, academia, industry and private businesses across the globe…reports Asian Lite News The India-Middle East-Europe Economic Corridor (IMEC) has the potential to be a “game-changer”

Accel Puts India’s AI Power in the Spotlight

Under the theme “Engineering India’s AI Advantage,” the exclusive, invite-only event will bring together leading AI founders, researchers, tech CXOs, policymakers, and global investors….reports Asian Lite News Global venture capital firm Accel

Nvidia slams US chip export curbs as ‘failure’

Jensen Huang said the US move has backfired by accelerating China’s self-sufficiency in semiconductors and diminishing American dominance in the global chip market…reports Asian Lite News Nvidia CEO Jensen Huang has sharply

SEBI Warns on Strata Exit

Strata was one of the first platforms to register under SEBI’s newly introduced SM REIT framework, which was designed to regulate fractional ownership in real estate and allow investors to pool capital
Go toTop

Don't Miss

Jaishankar meets Qatari FM, discusses Afghanistan

Along with fruitful discussions, both leaders unveiled the foundation stone

Protesters brave cold, seek Ladakh statehood

Thousands of men and women marched in the main city