• 17 hours Even Banks Can't Answer Aramco's Trillion Dollar Question
  • 1 day Will Bezos Buy The Seattle Seahawks?
  • 2 days 6 Tech Trends Transforming The Travel Industry
  • 2 days Ousted Uber CEO Cashes Out $500 Million In Stock
  • 3 days Trump Prepares For Another Key Tariff Decision
  • 3 days The Free Money Bubble Is About To Burst
  • 3 days The Crushing Reality Of Poverty In America
  • 4 days Should You Buy Into The World’s Largest IPO?
  • 4 days The Infinite Possibilities Of Cosmic Energy
  • 4 days Analysts Link Walking To Economic Growth
  • 6 days Will Japan Turn Its Back On The Aramco IPO?
  • 6 days Global Debt Soars To $188 Trillion
  • 7 days The World's Largest Gold Miners Are Getting Creative
  • 7 days Twitter: The Saudi Spy Tool To Bring Down Dissidents
  • 8 days Broad Commodity Funds Don’t Give Enough Exposure To Gold
  • 8 days Here We Go Again: Another Giant Telecoms Mega-Merger
  • 9 days World's Largest Gold Miner Sees Profits Triple
  • 9 days Microsoft Japan Trials 4 Day Work Weeks, Productivity Soars By 40%
  • 10 days Hedge Funds Lose $4 Billion In Four Days As California Wildfires Rage On
  • 10 days New Viral App May Be A National Security Threat In Disguise
Will Bezos Buy The Seattle Seahawks?

Will Bezos Buy The Seattle Seahawks?

While it appears that giant…

Trump Prepares For Another Key Tariff Decision

Trump Prepares For Another Key Tariff Decision

President Trump’s deadline to impose…

Global Debt Soars To $188 Trillion

Global Debt Soars To $188 Trillion

The world is now 188…

  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