Tata, JSW Group to Invest Over $30 Billion in the EV Sector amid Gov’t Push: Report

06 Nov 2024

A recently released report states that the Indian government is actively promoting increased electric vehicle (EV) production in the country and greater localization of supply chains to help achieve the target of 30% EV penetration by 2030.

The report states, "We predict that Tata and JSW Group will collectively invest more than $30 billion in electric vehicles and related components over the next decade, with approximately $10 billion of that being directed toward South and Southeast Asia (SSEA)."

As the most populous country in the world, India presents a tremendous market opportunity, drawing significant investment in the EV sector. The adoption of EVs in India is expected to accelerate as more models are introduced that align with the price points of internal combustion engine (ICE) vehicles, alongside improvements in charging infrastructure.

The report also stated that hybrids and vehicles fueled by compressed natural gas are expected to capture a significant market share alongside electric vehicles in both the light-vehicle and passenger commercial vehicle segments.