Yeah, plenty of research and information out there on India's rise in the EV space:
- "India’s electric vehicle (EV) market is at an inflection point. EVs accounted for about 5% of total vehicle sales between October 2022 and September 2023 and could reach more than 40% penetration by 2030 (see Figure 1), driven by strong adoption (45%+) in both two-wheeler (2W) and three-wheeler (3W) categories. Figure 1" (India Electric Vehicle Report 2023 | Bain & Company)
-"The rapid take-up of electric vehicles in India's fledgling market has prompted a major rethink about the country's long-term fuel needs as refiners in Asia's third-largest economy hasten their shift away from oil production." (India's rapid take-up of electric vehicles prompts rethink about long-term fuel needs | Reuters)
-"While India is still a nascent market for EVs, global EV companies including Tesla and VinFast are also looking to enter the Indian market in the coming months to leverage the size of the world’s most populous nation. The Indian government is developing a new EV policy to attract foreign carmakers to foray into the market alongside supporting domestic players to expand the country’s electric car base. Incumbents including India’s top carmaker Maruti Suzuki are also closely observing the ongoing moves by international players to look for the right time to enter the market." (How India will navigate EVs in 2024 | TechCrunch)
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