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Union minister Nitin Gadkari on Thursday said the Indian electric vehicle market potential is likely to touch Rs 20 lakh crore and will create around 5 crore jobs across the entire EV ecosystem by 2030.

India's EV market to hit Rs 20 lakh crore by 2030: Gadkari

According to Gadkari, the government is concentrating on green energy as 44 per cent of India's power basket is solar power.

Union minister Nitin Gadkari on Thursday said the Indian electric vehicle market potential is likely to touch Rs 20 lakh crore and will create around 5 crore jobs across the entire EV ecosystem by 2030.
Addressing the '8th Catalyst Conference on Sustainability of E-Vehicle Industry - Evexpo 2024', Gadkari said estimated electric vehicles finance market size will be around Rs 4 lakh crore by 2030.
"The Indian electric vehicles market potential is of Rs 20 lakh crore by 2030, creating five crore jobs across the entire EV ecosystem," he said.
The road transport and highways minister said 40 per cent of air pollution in India is because of the transport sector.
"We import fossil fuels worth Rs 22 lakh crore, that is a big economic challenge. And this import of fossil fuels is creating a lot of problems in our country," Gadkari said.
According to Gadkari, the government is concentrating on green energy as 44 per cent of India's power basket is solar power.
"We are giving highest priority for development of our hydro power, then solar power, green power, particularly from biomass. And now solar power is one of the important sources for all of us," he said.
The minister pointed out that India is facing shortages of electric buses.
"Our country requires one lakh electric buses but our capacity is 50,000 buses. I request all of you that this is the appropriate time that you can expand your factory," he said.
Gadkari asked electric vehicle manufacturers not to compromise with the quality.
He said the size of India's automobile industry was Rs 7 lakh crore when he took charge as transport minister in 2014. "Today it (the size of the automobile sector) is Rs 22 lakh crore. Our number is third in the world. We just surpassed Japan," he said.
The size of the USA's automobile industry is Rs 78 lakh crore, followed by China (Rs 47 lakh crore) and India (Rs 22 lakh crore).

China's dominance in the electric vehicle market is clear, setting a powerful example as the world shifts towards a more sustainable future

China’s Electric Vehicle Boom: July Sales Break Records at 51%

China's dominance in the electric vehicle market is clear, setting a powerful example as the world shifts towards a more sustainable future

China has just shattered the electric vehicle ceiling! For the first time in automotive history, a major country has seen EVs dominate its car market. Buckle up as we dive into this electrifying milestone and its global impact.
China's electric vehicle and plug-in hybrid sales soared to almost nine lakh units in July, making up almost 51 percent of all new car sales.
Just three years ago, new energy vehicles, or NEVs, accounted for only 7% of total vehicle sales in China. Fast forward to this July, and that number has skyrocketed.
In contrast, in the United States, EV and hybrid vehicle sales made up only 18% of total vehicle sales in the first quarter of 2024.
This remarkable growth highlights China's rapid ascent in the EV sector, even as demand slows in other parts of the world. A combination of intensified production and marketing by Chinese automakers, along with strong government policies promoting EV adoption, has fueled this increase.
China continues to lead the global EV market in production, sales, and exports. According to the International Energy Agency, Beijing is the world's largest producer of electric vehicles and a leading exporter, responsible for over 35% of global electric car shipments in 2022.
In 2022, China dominated global EV sales, accounting for around 60% of all electric car purchases worldwide. With more than half of the world's electric cars now on Chinese roads, the country has already surpassed its 2025 target for new energy vehicle sales.
And the momentum continues&mdash;in March 2024, global EV sales climbed to 1.23 million units, with China leading the charge with a 27% increase, followed by the U.S. at 15%, according to research firm Rho Motion.
The competitive landscape has also seen intense rivalry, particularly between Tesla and China's BYD. According to TrendForce's February 2024 report, Chinese manufacturers are making significant strides.
While Tesla maintains the pole position with almost 20 percent market share, China&rsquo;s BYD is also not far behind with a 17% global market share. Other Chinese companies such as GAC Aion and SAIC-GM-Wuling have also captured around five percent each of EV sales globally.
China's dominance in the electric vehicle market is clear, setting a powerful example as the world shifts towards a more sustainable future.
Turning to India -- while automakers such as Tata Motors, MG Motor India, Mahindra, and Hyundai have introduced a range of electric vehicle models, the sales are still in the slow lane. In July India&rsquo;s personal vehicle EV sales stood at 7,500 units.
How do you look at India&rsquo;s EV adoption compared to China&rsquo;s? Tell us in the comments. Don't forget to like, comment, and subscribe for more updates on the evolving world of electric vehicles.&nbsp;

As electric vehicles are the new transportation revolution in India, two-wheeler rental startup, Bounce launched its first electric scooter, the Infinity E1, at a planned price point of ₹45,099
About Bounce Infinity E1
The version of the scooter that comes with a battery and charger will be sold at ₹68,999.
The ride-sharing firm's Bounce Infinity E1 will be offered with a unique ‘Battery as a service’ option – the first of its kind in the Indian market.
This option allows customers to buy the scooter without purchasing the battery pack. Instead of purchasing the battery, customers can rent the battery from the company and choose a subscription pack to use the swapping network.
Ola delivery delays struggle 
SoftBank-backed Ola recently launched its electric vehicle that is priced at 99,999 Indian rupees, or $1,350. Ola has delayed the shipping of its scooter several times. It’s hoping to make its electric vehicles a big success and counting on it becoming a headline as it eyes the public markets

Bounce launches electric scooter with batter on lease! Ola gears for competition 

Half of Ola's EV scooter price and a swappable battery, Here is why Ola is gearing for big competition from Bounce's Infinity E1

Ola's new competitor? Bounce launches its Infinity electric scooter 

Pre-bookings start from December 2 and customers can pre-book the scooter by paying an amount of Rs 499 which is refundable.

Ola&nbsp;has to gear up for competition as Bounce&nbsp;launched its first electric scooter, the Infinity E1&nbsp;that features a swappable battery and is priced aggressively at Rs 45,099 vs Ola's&nbsp;EV offering just shy of a lakh.&nbsp; Bounce - The swappable battery plan
Bounce&nbsp;Infinity E1 will be offered with a unique &lsquo;Battery as a service&rsquo; option &ndash; the first of its kind in the Indian market.
Also watch |&nbsp;<a title="This IPO has a 100% grey market premium, last day to subscribe today" href="https://www.editorji.com/business-news/markets/this-ipo-has-a-100-grey-market-premium-last-day-to-subscribe-today-1638512330621">This IPO has a 100% grey market premium, last day to subscribe today</a>
This&nbsp;option allows customers to buy the scooter without purchasing the battery pack.&nbsp;Instead of purchasing the battery, customers can rent the battery from the company and choose a subscription pack to&nbsp;use the swapping network.
Customers will be able to swap the battery once it discharges from a nearby swapping station. The startup is building a network of swapping stations, for which it is tapping thousands of gas stations as well as mom and pop stores, in several Indian cities, Bounce said.
Bounce has starts booking, Ola&nbsp;delays deliveries
Bounce pre-bookings start from December 2 and customers can pre-book the scooter by paying an amount of just Rs 499 . This comes at a time when&nbsp;SoftBank-backed Ola&nbsp;has delayed the shipping of its scooter several times.&nbsp; India is the world&rsquo;s largest two-wheeler market. Two-wheelers &mdash; scooters and bikes &mdash; command over 80% of all vehicles sold in the country though electric vehicles are yet to make inroads&nbsp;

Tesla Supercharger flaw lets non-Tesla EVs be charged for free

A flaw with Tesla's Supercharger electric vehicle charging stations reportedly let non-Tesla EVs charge their cars, free of cost.

A flaw with Tesla's Supercharger electric vehicle charging stations reportedly let non-Tesla EVs charge their cars, free of cost. Reports say Supercharger V3 stations in Europe let people charge their electric vehicles due to a flaw with a software "handshake", that's supposed to let only Tesla cars be charged via the outlet. Since the connection also links to a Tesla owner's account and charges them directly, non-Tesla EVs were able to be charged at no cost. Tesla is yet to clarify how widespread the error is, and if it's been fixed.

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