German Automaker Invests 983 Cr In Indian EV Market
As electric vehicles are well known for their quiet, eco-friendly, speed features, attracting the commuters to opt for an electric vehicle. Government is taking the necessary steps to promote eco-friendly mobility in the country. The local electric vehicles engineering unit is planned to set in India by the German-based automotive components manufacturer Schaeffler Group. German Invests 983 Cr in India.
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German Invests 983 Cr in India
With the government’s e-mobility aim, the Schaeffler Group will provide e-mobility solutions to India. The company CEO and president of Schaeffler India, Dharmesh Arora said that the company is looking to build the capability for mechatronics and software in the country.
Company Presently Functions As Hub For Cost-Effective Solutions
At present, the company functions in India as a hub for cost-effective solutions for two-wheelers and tractors. The company had committed to invest about 120 Mn (INR 983 Cr) in the Indian market to develop the Electric vehicles. As government taking many initiatives to make India pollution free with the same efforts some of the international companies are also entering into the Indian market to invest.
Government is encouraging the international companies also by reducing the customs duty on EV components which are imported into the country to 10%-15% from the existing 15% to 30%.
There are also many carmakers looking to launch their products in India. As Kona electric SUV by South Korea-based carmaker, Hyundai will be manufactured in its factory at China in 2019. Whereas Japan-based Nissan and China-based Kia will introduce their electric cars in India.
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