Reliance Industries has been awarded a bid under the Indian government’s incentives scheme to boost the development of electric vehicle (EV) batteries. The business is one of seven that earlier this year submitted plans to set up local production facilities for advanced chemistry cells (ACCs), a vital part of electric vehicles.
Up to 10 GWs of ACCs can now be produced by Reliance Industries under the government’s production-linked incentive (PLI) program. With this accomplishment, the oil-to-telecom company now stands ahead of six other rivals vying for the same incentives, including Amara Raja Energy and Mobility and JSW Energy.
The development of electric vehicles, which are becoming more and more significant in India, the third-largest automobile market in the world, depends on ACCs. The PLI program, which has a $434.4 million maximum expenditure, intends to increase domestic EV battery manufacture. The government’s aggressive targets for the nation’s EV adoption are in line with this program.
Currently, 2% of all automobile sales in India are electric automobiles. Nonetheless, the government is urging a large rise, hoping to achieve 30% EV usage by 2030. By lowering reliance on imported components and promoting the expansion of the EV industry in India, local ACC manufacture is anticipated to be crucial to achieving this goal.