EV Industry Seeks Independence as Subsidies Phase Out

Commerce and Industry Minister Piyush Goyal stated that electric vehicle (EV) companies have expressed they will not require further subsidies post the current regime. During a stakeholders meeting, participants highlighted the growth of battery swapping, pushing for a level field with fixed-battery EVs regarding incentives.

Electric vehicle companies are aligning with the idea of operating without subsidies as the current regime phases out, according to Commerce and Industry Minister Piyush Goyal following a significant stakeholder consultation.

The meeting addressed the expanding battery swapping sector, projected to reach USD 20 billion by 2030, and called for equal incentives alongside fixed-battery EV manufacturers. Goyal emphasized industry autonomy in choosing business models, reflecting unanimous support for a self-sustaining sector.

Efforts focus on developing charging infrastructure, as government initiatives like the FAME-II scheme roll out more charging stations. The introduction of BIS standards for multi-wheel vehicles further supports innovation within the industry, with companies deciding their path in battery swapping or ownership models.

(With inputs from agencies.)