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#NewIndia's auto component industry witnessed robust growth, with OEM sales up by ~39% and EVs accounting for ~3% of total component consumption, pivotal in heightened industry turnover. Explore the auto sector here: https://lnkd.in/frC-hdJ #InvestInIndia #InvestIndia NITI Aayog Department for Promotion of Industry and Internal Trade Ministry Of Commerce & Industry, Government Of India

The Electric Vehicle (EV) market in India performed well last year with robust growth and nearly 1.5million units sold across vehicle segments. The segment however represents a small percentage of India's total vehicle sales volume and will require a concerted effort to meet the government's ambitious 2030 target. India will continue to remain a multi-fuel market in the short term and the Government will continue its philosophy of balancing needs across various fuel-types with a focus on supporting the reduction of manufacturing costs while enhancing consumer adoption of select fuel-types. #Budget2024 #ElectricVehicles #Sustainability https://lnkd.in/ggh6J_DA  

🚘 Where are we with the Auto Sector📈? ✔️The recent increase in foreign Institutional Investor (FII) and domestic institutional investor (DII) allocations to the Indian automobile sector looks affirmative. The growing interest from institutional investors indicates that they are optimistic about the sector's long-term prospects. Local investors are also showing a positive interest in the automobile sector. ✔️The automobile sector contributes 3.86% to the Nifty 50. The automotive industry is predicted to rise in the future as the Indian economy grows and demand for autos increases, and it is expected to grow by 7% in FY24. The earrings by this sector may be double in next financial year as compared to FY23. ✔️This tendency could be affected by a variety of reasons. First and foremost, the Indian automobile market is one of the world's fastest expanding. Second, the government is taking initiatives to strengthen the sector, such as offering subsidies for electric vehicles (EVs). Third, the auto business is getting more technologically advanced, which is attracting the attention of investors. ✔️Increased FII or DII allocations in the auto sector can have several specific impacts: ✅Increased investment in the automobile industry can enhance R&D efforts, boosting the development of new technologies such as electric vehicles (EVs) and improving the efficiency of automotive products. Fuel efficiency, safety features, connectivity, and self-driving technology might all be the focus of future innovations. ✅Additional investment can increase automobile sector manufacturing capacity, allowing it to meet rising domestic and worldwide demand. Increased capacity leads to increased export prospects, which benefits the country's economy. ✅Investments can improve the financial performance of the automobile industry by improving infrastructure, modernizing manufacturing facilities, and strengthening the supply chain. These enhancements, when combined with innovative product development, have the potential to increase sales, profitability, and return on investment, hence attracting more investors. #Autostocks #auto #nifty50 #stockmarket #niftyalltimehigh #india #21ginvestments

#NewIndia's auto component industry witnessed robust growth, with OEM sales up by ~39% and EVs accounting for ~3% of total component consumption, pivotal in heightened industry turnover. Know more: https://lnkd.in/frC-hdJ #InvestInIndia #AutomobileIndustry #InvestIndia NITI Aayog Department for Promotion of Industry and Internal Trade Ministry of Commerce and Industry, Government of India

Standing as one of the main pillars of support to #growing India’s #economy, the #automotiveindustry in India is a key driver of #growth. By Jitendra K Sagar  #electronicsnews #technologynews

#MakeinIndia #EVs #PolicyAlert Government of India approves E- Vehicle policy to promote India as a manufacturing destination for EVs The Union Government of India has approved a scheme to promote India as a manufacturing destination so that e-vehicles (EV) with the latest technology can be manufactured in the country. The policy is designed to attract investments in the e-vehicle space by reputed global EV manufacturers. This will provide Indian consumers with access to latest technology, boost the Make in India initiative, strengthen the EV ecosystem by promoting healthy competition among EV players leading to high volume of production, economies of scale, lower cost of production, reduce imports of crude Oil, lower trade deficit, reduce air pollution, particularly in cities, and will have a positive impact on health and environment. The policy entails the following: - * Minimum Investment required: Rs 4150 Cr (∼USD 500 Mn) * No limit on maximum Investment * Timeline for manufacturing: 3 years for setting up manufacturing facilities in India, and to start commercial production of e- vehicles, and reach 50% domestic value addition (DVA) within 5 years at the maximum. * Domestic value addition (DVA) during manufacturing: A localization level of 25% by the 3rd year and 50% by the 5th year will have to be achieved. * The customs duty of 15% (as applicable to CKD units) would be applicable on vehicle of minimum CIF value of USD 35,000 and above for a total period of 5 years subject to the manufacturer setting up manufacturing facilities in India within a 3-year period. * The duty foregone on the total number of EV allowed for import would be limited to the investment made or ₹6484 Cr (equal to incentive under PLI scheme) whichever is lower. A maximum of 40,000 EVs at the rate of not more than 8,000 per year would be permissible if the investment is of USD 800 Mn or more. The carryover of unutilized annual import limits would be permitted. * The Investment commitment made by the company will have to be backed up by a bank guarantee in lieu of the custom duty forgone. * The Bank guarantee will be invoked in case of non-achievement of DVA and minimum investment criteria defined under the scheme guidelines. Link to press release- https://lnkd.in/gsZ_q7vk

“In 2023, for the first time, India surpassed Japan in auto sales and became the 3rd largest auto market in the world. " As India approaches a significant juncture in the automotive sector, I am looking forward to what the Union Budget 2024 has in store. Read to find out what the other industry experts have to say. #unionbudget #autoindustry #industryinsights #VSTGroup https://lnkd.in/gbWuzPTJ

Amid Drought, Financial Crisis, Congress Netas To Get 33 Brand New High-End Cars In Karnataka: … an order for brand new cars for its ministers. Chief Minister … be allotted a brand new Hybrid Hycross. This order dated 17 … new ministers new Innova Hycross-Hybrid vehicles, each worth Rs 30 … #car #cars #awesome

The Union Government has given the green light to an E-Vehicle policy to position India as a leading manufacturing hub for electric vehicles (EVs). The policy seeks to attract investments from global EV giants and develop a strong ecosystem for electric mobility within the country. Key highlights of the policy include: Minimum investment requirement of Rs 4150 Cr (∼USD 500 Mn). No maximum limit on investment. Timeline of 3 years to set up manufacturing facilities and begin commercial production. Target to add 25% domestic value within three years and 50% within 5 years. 15% customs duty applicable to imported vehicles with a CIF value of at least USD 35,000 for five years, provided the manufacturer establishes manufacturing facilities in India within three years. Duty exemption for imported EVs will be capped at either the investment made or ₹6484 Cr (equivalent to the PLI scheme incentive), whichever is lower. Up to 40,000 EVs can be imported at a maximum rate of 8,000 per year with investments of USD 800 Mn or more. Unused import limits can be carried over. Companies must provide a bank guarantee for the customs duty forgone based on their investment commitment. The bank guarantee will be used if the company fails to meet the Domestic Value Addition (DVA) and minimum investment criteria outlined in the scheme guidelines. https://lnkd.in/d9naaPFW

India's EV Opportunity: A Strategic Move for Investors and the Nation Pankaj Doval highlights, the recent slowdown in the global EV market, coupled with policy uncertainties in India, has some companies hesitant to invest in the country's EV push. This comes amidst China's aggressive dominance in the sector, holding a staggering 44% market share – nearly equal to the US and Europe combined . However, India has a unique opportunity to not only counter China's dominance but also attract crucial investments. Here's why: Strategic Advantage: While Tesla's immediate investment may be on hold, the government's revised policy can target companies ready to invest and collaborate on R&D. India's strengths in engineering and technology can be a win-win for both the nation and investors, and rethink on part of Tesla. Countering China: India's robust EV sector can be a powerful counterweight to China's dominance. This not only benefits India's economy and security but also offers investors diversification and a chance to tap into a massive, growing market. Learning from the Competition: Tesla's success in China as highlighted in TOI earlier story https://lnkd.in/gZHKmeE4 , initially fueled by favorable policies and low-interest loans, has resulted in fierce competition. This highlights the need for a stable, long-term EV policy in India to take up China. Additionally, Tesla CEO Elon Musk's focus on China raises concerns about US companies' dependence on Chinese markets. India's Call to Action: India can leverage its strengths and learn from global trends to create a sustainable EV ecosystem. Here are some key steps: Policy Clarity: Clear and consistent policy with long-term incentives will build investor confidence. R&D Collaboration: Partnerships with global EV players can accelerate technological advancements. Market Diversification: Focusing on attracting a diverse range of EV companies, not just major players, will foster a robust ecosystem. The time to act is now. By taking a strategic approach, India can reclaim its position as a global EV leader, ensuring its economic and security interests while offering a lucrative market for investors. India cannot afford to miss out on the high-impact Environment and Sustainability market of the future. Please share your views on this in the comments below! #India #Policy #Investment #TimesofIndia #MercedesBenz #ESG #Economy #EV #electric #tesla #elonmusk #ReserchandDevelopment