India Records Rs 25,000 Crore Investments Into Electric Vehicle Space During First Seven Months Of 2021

India Records Rs 25,000 Crore Investments Into Electric Vehicle Space During First Seven Months Of 2021

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The first seven months of 2021 has seen investments into the electric vehicle (EV) and electric mobility space witness a massive boost, Economic Times.

The collective investments with EV makers, component manufacturers and last-mile delivery companies et cetera during the January-July period stood at Rs 25,045.31 crore. Of these investments, electric commercial vehicles led the investments with a 32 per cent share.

Of the total sum, New Delhi-based e-mobility startup Oye! Rickshaw invested Rs 3,700 crore and accounted for 15 per cent of the total investments. Omega Seiki accounted for another nine per cent of the investments. Ashok Leyland’s EV subsidiary Switch Mobility also invested Rs 1,485 crore.

Auto major Mahindra & Mahindra (M&M) also invested Rs 3,000 crore in addition to the Rs Rs 1,7000 crore it had already invested. It has also earmarked another Rs 500 crore for a new research and development centre.

Meanwhile, South Korea based Hyundai also made an investment of Rs 3,200 crore in February. Thereafter in July, the company went on to announce an additional investment of Rs 743.31 crore.

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