Gadkari said the current lifecycle cost of lithium-ion battery is USD 115, but will come down to less than USD 100 in the next six months. Union Minister Nitin Gadkari on Thursday said that the Indian electric vehicle industry has the potential to develop 10 times more than what it is currently producing, adding that there India needs to capture the global EV market.
Speaking at the 8th Catalyst Conference on Sustainability of e-Vehicle Industry - Evexpo 2024, Gadkari said that the demand for EVs will only grow and it is the appropriate time for the industry to expand.
Gadkari said that India, currently the third largest automobile industry, has rise to number 1 in the next five years through EVs.
He further asked EV companies to expand factories without compromising on the quality to compete against China.
"All countries trying to get green power. The industry currently has favourable conditions and potential. Research should develop technology to capture world market," said the minister.
"The future of the industry is good. We have to compete against China in this sector. For that, we need good technology and quality," added the Transport and Road Safety.
Additionally, Gadkari said that the e-vehicle industry would not only help the automobile sector, but will also play a key role in the Viksit Bharat 2047 mission.
Gadkari said the current lifecycle cost of lithium-ion battery is USD 115, but will come down to less than USD 100 in the next six months.
"Manufacturing batteries in India is important. Companies Tata, Adani and Maruti are already in the process of developing batteries. India also has 6% of world lithium reserves," said Gadkari.
Apart from lithium-ion batteries, He encouraged companies to also research and develop sodium-ion and zinc-ion batteries
Talking about the developments in the EV sector, Gadkari said India has 16,000 EV charging centres and 2,800 are in the pipeline.
