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decade","indias-battery-demand-from-electric-cars-set-to-overtake-two-wheelers-by-end-of-decade","article/indias-battery-demand-from-electric-cars-set-to-overtake-two-wheelers-by-end-of-decade",{"_uid":547,"date":548,"tags":549,"editor":558,"content":568,"excerpt":791,"featured":51,"reporter":792,"_editable":796,"component":797,"seo_title":543,"categories":798,"visibility":808,"author_company":49,"featured_image":809,"seo_description":791,"author_full_name":49,"author_job_title":49,"formattedDate":814,"formattedArticleDate":815},"2aae30d0-8cf4-4602-823a-68c439b9815f","2024-02-02 00:00",[550,553,555],{"slug":551,"name":552},"electric-vehicles","electric vehicles",{"slug":554,"name":554},"gigafactory",{"slug":556,"name":557},"india","India",[559],{"slug":560,"name":561,"content":562},"matthew-bird","Matthew Bird",{"job_title":563,"image":564,"bio":566,"linkedin":567},"Senior Editor - Supply Chains & Data Visualisation",{"filename":565},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":569,"content":570},"doc",[571,588,593,598,603,612,617,622,629,636,641,646,651,656,661,666,678,685,690,695,700,705,710,715,720,741,752,765,778],{"type":572,"attrs":573,"content":574},"paragraph",{"textAlign":49},[575,578,586],{"text":576,"type":577},"India’s battery demand from electric cars is set to overtake the demand for batteries from the ","text",{"text":579,"type":577,"marks":580},"electric two and three wheelers ",[581],{"type":582,"attrs":583},"link",{"href":584,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://source.benchmarkminerals.com/article/electric-scooters-to-dominate-indias-roads-by-2025-ola-says","url",{"text":587,"type":577},"segment (2 & 3-wheeler) by the end of the decade, even as the country faces a steep challenge to secure and build a stable supply of critical battery materials locally. ",{"type":572,"attrs":589,"content":590},{"textAlign":49},[591],{"text":592,"type":577},"In 2029, India’s battery demand for electric cars is forecast to reach 33 gigawatt hours (GWh), while demand for electric 2 & 3-wheelers is expected to hit 27 GWh that year, according to Rho Motion. Just last year, battery demand for the electric 2 & 3-wheeler category reached 4 GWh while demand from electric cars was less than 3 GWh.",{"type":572,"attrs":594,"content":595},{"textAlign":49},[596],{"text":597,"type":577},"India’s electric 2-wheeler adoption has been increasing, with sales jumping 35% in 2023 on a year-on-year basis to 856,906 units, according to data from the Society of Manufacturers of Electric Vehicles (SMEV). In contrast, sales of electric cars more than doubled in 2023 to 84,854 units, albeit at a smaller base. ",{"type":572,"attrs":599,"content":600},{"textAlign":49},[601],{"text":602,"type":577},"“Indian customers are very price sensitive and the government too has to keep in check its budget and how much it allocates for the growth of the electric vehicle market as a whole,” said Manish Dua, an analyst with Benchmark, emphasising how policy linked subsidies have helped boost India’s sales of electric two wheelers.",{"type":572,"attrs":604,"content":605},{"textAlign":49},[606],{"type":607,"attrs":608},"image",{"id":49,"alt":609,"src":610,"title":49,"source":49,"copyright":49,"meta_data":611},"","https://a.storyblok.com/f/287943243085208/6408303393/bm-india-e-234-battery-demand-edited.png",{},{"type":572,"attrs":613,"content":614},{"textAlign":49},[615],{"text":616,"type":577},"Currently in its second phase, India’s Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles (FAME) policy offers upfront incentives for buying electric vehicles. In its current form, the policy offers a subsidy of Rs 10,000 ($121) per kilowatt hour (kWh) of battery with a cap of up to 15% of the cost of an electric two wheeler’s ex-factory price. ",{"type":572,"attrs":618,"content":619},{"textAlign":49},[620],{"text":621,"type":577},"However, ending of the subsidies after the policy expires on March 31 this year could hurt electric vehicle sales in the country.  ",{"type":623,"attrs":624,"content":626},"heading",{"level":625,"textAlign":49},4,[627],{"text":628,"type":577},"Not enough local capacity",{"type":572,"attrs":630,"content":631},{"textAlign":49},[632,634],{"text":633,"type":577},"India’s total battery demand from electric vehicles is forecast to reach 84 GWh by 2030, from",{"text":635,"type":577},"4 GWh last year, according to Rho Motion. That’s more than the government’s target of setting up 50 GWh of lithium ion battery production capacity in the country by 2030, which it has pledged to back with $2.5 billion in subsidies.",{"type":572,"attrs":637,"content":638},{"textAlign":49},[639],{"text":640,"type":577},"Prime Minister Narendra Modi’s government also wants 30% of passenger vehicle sales to be electric by 2030, with that number increasing to 70% for its commercial vehicles and 80% for the 2 & 3-wheelers. India is the world’s fourth-largest automotive market by production. ",{"type":572,"attrs":642,"content":643},{"textAlign":49},[644],{"text":645,"type":577},"The country’s federal think-tank Niti Aayog has even more ambitious estimates. It projects India’s electric 2-wheeler battery demand alone to reach between 40 GWh and 60 GWh by fiscal year 2028, or about 11 million to 15 million electric 2-wheeler sales. Niti Aayog estimates India’s annual battery demand to rise between 104 GWh to 260 GWh by 2030. But not everyone is equally optimistic.",{"type":572,"attrs":647,"content":648},{"textAlign":49},[649],{"text":650,"type":577},"“The total electric two wheeler market in 2023 for India was 856,000 units, for that to go to 11 million to 15 million in four years is very optimistic. Getting to five million by then would be an achievement,” said Luke Gear, analyst with Benchmark.",{"type":572,"attrs":652,"content":653},{"textAlign":49},[654],{"text":655,"type":577},"“Even at 50% CAGR to 2028 sales are around 6.5 million. But most markets are lower than 50% CAGR over an extended period,” said Gear.",{"type":623,"attrs":657,"content":658},{"level":625,"textAlign":49},[659],{"text":660,"type":577},"The key players",{"type":572,"attrs":662,"content":663},{"textAlign":49},[664],{"text":665,"type":577},"India is currently largely importing batteries from China, as well as South Korea and mainland China and the country requires a big upstream push to accelerate domestic battery manufacturing.",{"type":572,"attrs":667,"content":668},{"textAlign":49},[669,671,676],{"text":670,"type":577},"In 2021, India’s $2.5 billion Production Linked Incentive (PLI) scheme for battery manufacturing capacity was awarded to three companies, namely Rajesh Exports, ",{"text":672,"type":577,"marks":673},"Ola Electric",[674],{"type":582,"attrs":675},{"href":584,"uuid":49,"anchor":49,"target":49,"linktype":585},{"text":677,"type":577}," and Reliance New Solar.",{"type":572,"attrs":679,"content":680},{"textAlign":49},[681],{"type":607,"attrs":682},{"id":49,"alt":609,"src":683,"title":49,"source":49,"copyright":49,"meta_data":684},"https://a.storyblok.com/f/287943243085208/bd05d4f452/bm-indiaelectric2wheeler-240202-ht-01-2-edited.jpg",{},{"type":572,"attrs":686,"content":687},{"textAlign":49},[688],{"text":689,"type":577},"The selected firms were expected to set up the manufacturing facility within two years. Subsidies will be spent over a period of five years and the companies have to commit to a minimum capacity of 5 GWh.",{"type":572,"attrs":691,"content":692},{"textAlign":49},[693],{"text":694,"type":577},"Though, of these, gold miner Rajesh Exports’ downstream plans are still not clear. Softbank-backed Ola has revealed plans to set up a gigafactory and is raising $662 million in India’s first initial public offering (IPO) by an electric vehicle maker. Reliance too has said it plans to set up a battery gigafactory by 2026 to produce lithium iron phosphate (LFP) battery cells and scale it to 50 GWh a year by 2027.",{"type":572,"attrs":696,"content":697},{"textAlign":49},[698],{"text":699,"type":577},"Ola is also India’s top electric scooter maker with a 21% market share for the fiscal year 2023, according to SMEV. Beginning March this year, the company plans to commence making 4680 cells at its upcoming gigafactory in Krishnagiri, Tamil Nadu, a state dotting the southern coast of India. Ola aims to ramp up the cumulative capacity at this gigafactory to 20 GWh by April 2026.",{"type":572,"attrs":701,"content":702},{"textAlign":49},[703],{"text":704,"type":577},"“As we start, we will be importing our battery components from around the world: China, Korea, US, and Europe, given that the battery component industry is currently non-existent in India,” a spokesperson with Ola Electric told Benchmark, adding that the company is working on long-term off-takes for key materials that will be fed into its supply chain to ensure raw material security.",{"type":572,"attrs":706,"content":707},{"textAlign":49},[708],{"text":709,"type":577},"Ola said it is also actively exploring opportunities to localise cathode and other key components.",{"type":572,"attrs":711,"content":712},{"textAlign":49},[713],{"text":714,"type":577},"“India’s supply chain is still developing and it relies largely on China. Further, excess Chinese capacities would get sold here. China consumes at home and exports a lot as well. India is currently a net importer,” Dua said. ",{"type":623,"attrs":716,"content":717},{"level":625,"textAlign":49},[718],{"text":719,"type":577},"Non-PLI push",{"type":572,"attrs":721,"content":722},{"textAlign":49},[723,725,731,733,739],{"text":724,"type":577},"The bulk of India’s battery cell production expansion will also be led by the country’s current leading electric car maker ",{"text":726,"type":577,"marks":727},"Tata Motors",[728],{"type":582,"attrs":729},{"href":730,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://source.benchmarkminerals.com/article/tatas-10000-ev-set-to-boost-india-ev-market-but-domestic-battery-supply-lags",{"text":732,"type":577},", a subsidiary of Tata Sons. According to the ",{"text":734,"type":577,"marks":735},"Benchmark Gigafactory Assessment",[736],{"type":582,"attrs":737},{"href":738,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://www.benchmarkminerals.com/market-assessments/gigafactory-assessment/reports/",{"text":740,"type":577},", Tata Group subsidiary Agratas will add 20 GWh of battery capacity by 2030. ",{"type":572,"attrs":742,"content":743},{"textAlign":49},[744,746,750],{"text":745,"type":577},"Another 12 GWh capacity will come from India’s largest automotive battery maker Exide Industries, according to the ",{"text":734,"type":577,"marks":747},[748],{"type":582,"attrs":749},{"href":738,"uuid":49,"anchor":49,"target":49,"linktype":585},{"text":751,"type":577},". The battery maker’s $770 million lithium ion cell manufacturing plant in the southern state of Karnataka in collaboration with China’s SVOLT will have an initial production capacity of six gigawatt-hours.",{"type":572,"attrs":753,"content":754},{"textAlign":49},[755,757,763],{"text":756,"type":577},"Exide",{"text":758,"type":577,"marks":759}," plans to manufacture cells",[760],{"type":582,"attrs":761},{"href":762,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://source.benchmarkminerals.com/article/indias-exide-moves-ahead-with-svolt-backed-gigafactory-plan",{"text":764,"type":577}," across two popular chemistries to meet the needs of a diverse set of automakers. These include nickel manganese cobalt (NCM) and LFP (lithium iron phosphate) chemistries for the cylindrical, pouch and prismatic cell formats.",{"type":572,"attrs":766,"content":767},{"textAlign":49},[768,770,776],{"text":769,"type":577},"Key rival ",{"text":771,"type":577,"marks":772},"Amara Raja",[773],{"type":582,"attrs":774},{"href":775,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://source.benchmarkminerals.com/article/indias-amara-raja-batteries-seeks-partner-for-1-16-billion-gigafactory-plant",{"text":777,"type":577}," is looking for potential partners to help build a battery gigafactory in the country by 2025. The lead-acid battery maker said in 2022 it will spend $1.16 billion in ten years to build a gigafactory with a capacity of up to 16 GWh and a battery pack assembly unit of up to 5 GWh.",{"type":572,"attrs":779,"content":780},{"textAlign":49},[781,783,789],{"text":782,"type":577},"Indian anode producer ",{"text":784,"type":577,"marks":785},"Epsilon Advanced Materials",[786],{"type":582,"attrs":787},{"href":788,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://source.benchmarkminerals.com/article/the-good-thing-about-us-customers-is-that-they-have-scale-qa-with-epsilons-vikram-handa",{"text":790,"type":577}," is building a plant in India with capacity to produce 50,000 tonnes of synthetic graphite and is working on plans to set up a cathode making factory later this year.","India’s battery demand from electric cars is set to overtake the demand for batteries from the electric two and three wheelers segment (2 & 3-wheeler) by the end of the decade, even as the country faces a steep challenge to secure and build a stable supply of critical battery materials locally. In 2029, India’s battery […]",[793],{"slug":560,"name":561,"content":794},{"job_title":563,"image":795,"bio":566,"linkedin":567},{"filename":565},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2aae30d0-8cf4-4602-823a-68c439b9815f\", \"id\": \"\"}-->","article",[799,802,805],{"slug":800,"name":801},"batteries","Batteries",{"slug":803,"name":804},"ev","EV",{"slug":806,"name":807},"gigafactories","Battery & Gigafactory","private",{"id":49,"alt":810,"name":609,"focus":609,"title":810,"source":609,"filename":811,"copyright":609,"fieldtype":812,"meta_data":813,"is_external_url":51},"An electric vehicle charging and swapping station in India's capital New Delhi.","https://a.storyblok.com/f/287943243085208/0d0d6dd79d/bm-india-electric-scooter-charging.jpg","asset",{"alt":810,"title":810,"source":609,"copyright":609},"Feb 02, 2024","2nd February 2024",[],[],1783093126558]