PLI scheme for battery storage to bring down EV cost, say manufacturers

Society of Manufacturers of Electric Vehicles (SMEV) on Wednesday said the production linked incentive (PLI) scheme for promoting battery storage will lead to the reduction of cost on purchase of electric vehicles (EV) thereby accelerating accessibility. Welcoming the government’s approval of the PLI scheme for promoting battery storage at an estimated outlay of Rs 18,100 crore, SMEV also said it will attract huge investments in the EV industry in the next 1-2 years.