With India’s dedication to the [email protected] project, which aims to achieve a 30 percent market share for EVs by 2030, there is a potential for cumulative investment of up to INR 19.7 lakh crore ($266 billion). To accomplish this, there has been a recent rise in corporate and public budgetary investments in electric vehicles. Fiscal incentives for EVs, charging infrastructure, and manufacturing that has been granted by the federal and state governments are assisting in achieving parity in the total cost of ownership with internal combustion engine (ICE) vehicles for several market segments and use cases. OEMs (original equipment manufacturers) and component producers invest in domestic manufacturing and supply networks. Due to their innovative products and business models, EV companies are drawing considerable venture capital funding, capturing, and creating the market opportunity for EVs.
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