India ripe target for EV companies but domestic take up slow: S&P Global Ratings

India is a ripe target for electric vehicle firms as the third-largest auto market in the world but due to slow domestic takeup, no Indian company is likely to have a meaningful global share of electric vehicles in the foreseeable future, according to a report by S&P Global Ratings.

Asia is set to keep its place as the world’s biggest producer of, and market for electric vehicles (EVs), EV batteries, and EV battery materials and the continent will be at the centre of the EV era, it said.

“As the world’s third-largest auto market, India is a ripe target for EV firms. Sales of EVs more than doubled last year in the country. This was, however, off a low base. EV sales represented less than 2% of the total light-vehicle sales in the last 12 months,” the report said.