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The opportunity includes potential revenue of about ₹1.5 lakh crore across vehicle segments for original equipment manufacturers (OEMs) as well as component manufacturers, and ₹90,000 crore in the form of disbursements for vehicle financiers, with shared mobility and insurance accounting for the balance.
This comes as part of the automaker's strategy for expanding its battery electric vehicle portfolio in the country. The loniq 5 could be Hyundai's second electric car in India, after the Kona EV, which is already in business.
As part of the government's push towards green energy, India is likely to get the world's longest electric vehicle (EV) highway by the end of 2022. The Atal Harit Vidyut Rashtriya Mahamarg (AHVRM) is named after former Prime Minister Atal Bihari Vajpayee. However, the highway will be renamed once the construction is finished. The total length of AHVRM will be nearly 500 kilometres.
India’s national policy thinktank NITI Aayog has proposed a battery swapping policy to drive large scale electric vehicle (EV) adoption. Battery swapping or ‘battery as a service’ offers advantages over recharging with the units smaller and thus easier to swap compared to larger vehicles.
Due to rising fuel costs and environmental concerns, India's electric car industry is growing at a rapid pace every day. Both Toyota and Maruti Suzuki are hard at work on a worldwide midsize electric SUV, and this will be their first big foray into the EV market as a result.
The unit will come to be known as 'Fisker Vigyan India', and will be responsible for software development and embedded electronics, machine learning, virtual vehicle development support functions, and data analytics.