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With the government objective to support hybrid & electric vehicles under FAME India Scheme, Automobile segment is gearing up for a competition at a full throttle. The Government aims to reduce nearly 1 gigatonne of carbon dioxide emissions and help India save up to $300 Bn (INR 20 Lakh Cr) in oil imports by 2030.
While the heat is picking up pace, one of the global recognized Automobile manufacturer Renault has decided to comeup with their cash cow Kwid in India and China. With manufacturers like Maruti Tata and Mahindra who have already worked harder to take a leap in India, this could force them to revitalize their strategy.
Tata, Maruti and Mahindra are leading the Electric Vehicle’s segment
Tata has already signed a deal with Ola to come up with Nano electric and has already launched Tata Tigor in its EV (Electric Vehicle) segment. While Maruti has decided to manufacture its EV in Gujarat and had already allocated $600 Million. On the other hand Mahindra has even gone ahead a step further and looking to launch Taxi aggregator business in India.
Commenting on the development Suzuki Chairman Osamu Suzuki stated at a meeting in Gujarat, “For the last 35 years, we have been working towards ‘Make in India’ with you all. “This comes right after the meeting with PM of India Shri Narendra Modi along with Japanese PM Shinzo Abe and other dignitaries. Suzuki is looking to infuse $600 Mn (INR 3,900 Cr) for the construction of a plant at Hansalpur in Gujarat. The proposed factory will have a capacity of manufacturing capacity of over 250K units, which seems to be a good start for the upcoming demand of electric cars in India.”