• 4 days 3 Restaurant Stocks In Full Recovery Mode
  • 4 days Bitcoin Is Driven By Testosterone
  • 9 days Quantum Computing Is The Newest Megatrend In Silicon Valley
  • 10 days How To Invest In The Cybersecurity Boom
  • 12 days Investors Are Patient With Unprofitable Giants
  • 14 days Wells Fargo Back In The Scandal Spotlight Once Again
  • 16 days 5 Stocks To Keep A Close Eye On This Year
  • 17 days As Auto Giants Flail, Look To Chip Stocks For Gains
  • 18 days Central America Is Ready For The Bitcoin Hustle
  • 20 days China’s Video Game Restrictions Unlikely To Slow Down Booming Industry
  • 21 days Top Performing Stocks As Inflation Fears Grow
  • 22 days US Airline Stocks Take A Beating On New EU Restrictions
  • 23 days This IPO Could Open Sustainable Fashion Floodgates
  • 24 days Crypto Crime Nets Another $2B Fraudster
  • 26 days This Week’s Hottest Meme Stocks
  • 27 days Why World Markets Should Be Watching Germany Closely
  • 29 days Could ‘Cultured’ Meat Rival The Plant-Based Megatrend?
  • 32 days ‘Easy Money’: Crypto Is Still Attracting Newbie Investors
  • 33 days Foreign Syndicates May Have Stolen Up To $400B In COVID Benefits
  • 34 days Gold Jumps Above $1800 Ahead Of Jackson Hole Summit
Oilprice.com

Oilprice.com

Writer, OilPrice.com

Information/Articles and Prices on a wide range of commodities: We have assembled a team of experienced writers to provide you with information on Crude Oil,…

Contact Author

  1. Home
  2. News
  3. Breaking News

India Moves To Create Its Own Gigafactory

India

India may be planning its own EV battery gigafactory, LiveMint reports, citing an unnamed government official. According to the report, the facility would cost US$4 billion to build.

“We are moving ahead with the plan and a cabinet note for the same has been floated,” the official reportedly said. “Why should India import battery storage units when we have the largest market here?"

This is not the first time media have reported on plans by New Delhi to start building its own battery manufacturing capacity. In January this year, for example, Electrek reported that a company called Magnis Energy Technologies had announced an agreement with the Indian government to build India’s first lithium-ion battery gigafactory in partnership with Bharat Heavy Electricals Limited and an affiliate of Magnis, LIBCOIN.

Later, in June, media carried a report from The Economic Times that quoted a government official as saying that the gigafactory would have a capacity of as much as 50 GW—up from an earlier plan for 40 GW—and that both local and international bidders would be invited to submit their proposals for the project.

“Financial incentives could include reducing minimum alternate tax [duty] by half and import and export duty waivers or cuts for eight years for successful bidders,” the official said at the time.

When it comes to EVs, India is a nascent market but a potentially huge one. Yet the government is trying to set things in motion by proposing tougher pollution regulation and an eventual phase-out of ICE vehicles along with developing the infrastructure needed for electric cars to become part of the landscape.

For the time being, these are simply too expensive for the vast majority of the population and their ranges are not long enough to be attractive. Still, sooner or later EVs will undoubtedly enter the India market. Even aside from EVs, energy storage is a budding industry on the subcontinent, which would justify the construction of a gigafactory with a view to long-term energy storage demand trends.

By Irina Slav for Oilprice.com

More Top Reads From Safehaven.com

Back to homepage

Leave a comment

Leave a comment