Indian EVs to become more affordable

Following the booming EV adoption in India, EV makers are channelling their efforts on making electric vehicles more affordable in order to sustain this positive trend, the Economic Times reported.

India has long been reliant on imports for lithium-ion batteries, which account for 50%-60% of an EV's cost, however, the falling lithium prices and the recent discovery of substantial lithium reserves in Jammu, Kashmir, and Rajasthan, may help make the EV market more accessible to a larger number of consumers.

The Geological Survey of India said that these lithium deposits can cover around 80% of India's total demand and will reduce the country’s reliance on Chinese lithium imports.

All this comes at a time when India has made big strides in manufacturing lithium-ion batteries for electric vehicles. The country currently produces 81% of these batteries and with the growing adoption of EVs, the battery market is set for significant tailwinds. India's lithium-ion battery market is expected to reach USD 5.03bn in the next five years, growing at a CAGR of over 15% in that period.

The original news article and data contributions have been taken from the EMIS Professional database, which you can learn more about here.

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