Srivastava noted, “The government has implemented various measures to incentivize Original Equipment Manufacturers (OEMs) to localize battery production and its components, aiming to reduce acquisition costs. Suzuki has already invested over Rs 10,000 crore towards this initiative. Additionally, the recent Budget announcement promising substantial support for charging infrastructure is crucial. Addressing charging concerns is pivotal as it significantly influences consumer perception and adoption of EV technology.”
Regarding hybrid vehicles, Srivastava mentioned, “Hybrids offer advantages such as no requirement for charging, relatively lower costs compared to EVs, and alleviation of range anxiety for consumers. Moreover, shared powertrain components aid in localization efforts, which can also benefit EV production.”
Highlighting the importance of meeting emission standards, Srivastava stated, “Various technologies exist to meet stringent emission norms, with EVs being one option. However, alternative technologies are equally viable as the ultimate goal is emissions reduction.”
Srivastava emphasized India’s potential in the EV sector, saying, “The EV space presents a significant opportunity for India to establish its presence in the global automotive market. It is imperative that we leverage this technological shift to enhance our position globally, given our current modest standing in the international market.”
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