PMO for incentives to lithium-ion batteries over electric vehicles
September 11, 2018
The prime minister’s office (PMO) has sought reworking of a proposal to offer incentives of as much as Rs 5,500 crore ($759 million) for electric cars as it wants to use most of the funds to encourage local manufacturing of lithium-ion batteries, which form the core of such vehicles. The PMO wants the focus to be on subsidies for lithium-ion batteries. Companies such as Maruti Suzuki India Ltd and Hyundai Motor Co. have already unveiled their electric vehicle plans for India.