India to be world’s 4th largest electric car maker by 2030; must cut costs to compete with China: Rhodium

News Snapshot:

India’s planned electric four-wheeler manufacturing capacity is set to rise over tenfold to 2.5 million (1 million = 10 lakh) units by 2030 — up from just 0.2 million today — making it the fourth-largest globally after China, Europe, and the US, according to new research by Rhodium Group. The New York-headquartered think tank estimates that India’s electric car manufacturing capacity will outstrip domestic demand by 1.1–2.1 million units over the next five years. However, tapping export markets will require “driving down costs” to compete with China, it said. By 2030, Rhodium projects India’s electric car demand to reach between...