Gadkari: OEMs Didn’t Believe EV Revolution Will Ever Work in India

Nitin Gadkari, the Minister of Road Transport & Highwhays told the press that despite a few speed bumps, the electrification program has seen a spectacular success in India. He further talked about how homegrown startups created a unique niche for itself on the global EV front belonging to the Rs 70,000 price category. However, before this, the well-estabilished 2W OEMs did not expect this much EV success in India. 

"I had the founder of India's largest two-wheeler company admitting that they didn't take my prophecy seriously three years ago and made the mistake to assume that EVs won't work in India, due to multiple challenges," Nitin said.

According to him, EV transition will further accelerate thanks to the investment by domestic EV players in the market that have targetted lithion-ion battery manufacturing in India. He further talked about how India’s recent discovery of Lithion in Jammu & Kashmir will further encourage brands to shift towards EV manufacturing in India. 

Gadkari also drew attention to the lithion prices that are beginning to come to down globally, which will help the business get EV products at a cheaper price. In November, the global benchmark prices for lithium were at $90,000 a metric ton, which now have taked a huge drop of 33%. And now, the price for lithium is set only at $60,000 a metric ton. He also brought to light how the spot price are likely to fall further down to $53,304/ton in future.

India is undoubtedly taking the EV transition faster than any other auto capitals globally. Gadkari said, “India is all set to become the EV and auto capital of the world”.

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