Reliance, Hyundai, Mahindra bid for incentives under India’s $2.4 billion battery scheme

Investing.com | Jan 14, 2022 at 3:38 PM
  • Indian conglomerate Reliance Industries, South Korea’s Hyundai Motor Co and automaker Mahindra & Mahindra are among companies that have submitted bids under the country’s $2.4 billion battery scheme, two sources told Reuters.
  • India wants to establish a total of 50 gigawatt hours (Gwh) of battery storage capacity over five years.
  • The South Asian country wants electric cars to make up 30% of private car sales by 2030 and for electric motorcycles and scooters to make up 40% of such sales, driving demand for batteries which currently contribute about 35% to 40% of the total vehicle cost.