Electric vehicle financing industry to be worth Rs 3.7 lakh crore by 2030: Report
India’s electric vehicle (EV) financing industry is projected to be worth Rs 3.7 lakh crore in 2030, about 80 per cent of the current retail vehicle finance industry, according to a new report.
The report titled ‘Mobilising Electric Vehicle Financing in India’, prepared by Niti Aayog and Rocky Mountain Institute (RMI) India pointed out end-users currently face several challenges, such as high-interest rates, high insurance rates, and low loan-to-value ratios.
It said India’s transition to electric vehicles (EVs) will require a cumulative capital investment of USD 266 billion (Rs 19.7 lakh crore) in EVs, charging infrastructure, and batteries over the next decade.
