India targets 30% electric vehicle sales by 2030, fueling potential Chinese automotive market involvement.
India aims to have 30% of all vehicle sales be electric by 2030, according to Care Edge Ratings. The demand for vehicles powered by traditional fuels is shifting towards alternative fuels, and the sales volume of alternative fuel-driven vehicles has grown by over 400% in CY 2023 compared to CY 2020. The Indian government's push for electric vehicles may lead to significant involvement of Chinese automotive companies in the local market due to China's rapid growth in electric vehicle technology and their dominance in the global EV components supply chain.
March 23, 2024
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