Electric vehicles in focus! Centre aims to increase EV sales by 30% till 2030; plans to pump in Rs 94,000 crore in 5 years

(Reported by Mansi Dave)

Why is the electric vehicle (EV) in focus? What is the government's plan regarding EVs? Which sectors will benefit from investing in EVs? Which stocks to focus on? Zee Business News Anchor & Senior Producer Mansi Dave dives deep to find out all details related to this.

Dave said that EV is in focus globally. She said that trucks, cars and other vehicles have been one of the biggest contributors to carbon dioxide production, and EVs can be seen as an alternative. And that is why everyone is focused on EVs.

She added that as the EV hub is being created, it will benefit all sectors related to this, along with the realty sector. Because when EV hubs and centres are opened, land acquisition will follow.

Citing a report, Dave said that in the next 5 years, it is expected that EVs will get Rs 94,000 crore as an investment. In terms of planned investment in EVs, Tamil Nadu is leading with 34 per cent of the share. While Andhra Pradesh and Haryana are in the second and third place, with 12 per cent and 9 per cent of market share, respectively.

Dave said that till now, around 15 states have approved EVs. Apart from this, there are other 6 states, which are still under the process of approval, and the number may soon reach 21.

The focus is going to be on the manufacturing of EVs. The government aims to increase the sales of EVs by 30 per cent till 2030, Dave added.

Dave said, “A few years back, only a few companies were the ones making EVs. But now, the EV sector has attracted many prestigious companies like Mahindra & Mahindra, Tata Motors, Greaves Cotton.”

Along with this, she added that installation of charging stations by BHEL, Tata Powers, Tata Chemicals, Himadri Speciality, Exide will also grow.

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