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

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…