metals tycoon plans to make electric vehicles in india by 2020
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

With interests in metals to power generation

Metals tycoon plans to make electric vehicles in India by 2020

Arab Today, arab today

Arab Today, arab today Metals tycoon plans to make electric vehicles in India by 2020

Sajjan Jindal, Chairman and Managing Director of JSW Steel.
Mumbai - Arab Today

JSW Group, an Indian conglomerate with interests in metals to power generation, plans to venture into electric cars by 2020 on expectations the government will promote such vehicles and falling battery prices will make them more affordable.

The Mumbai-based group will set up the electric-vehicle business on its own and initially buy batteries from suppliers, Chairman Sajjan Jindal, 57, said in an interview with BloombergQuint at the World Economic Forum in Davos. It would consider setting up a joint venture for making batteries in the longer term, he said without providing details. 

Jindal is targeting a segment of the auto industry that’s witnessing a spate of new entrants, encouraged by state support in countries like China and consumer interest in manufacturers such as Tesla Motors. In India, Mahindra & Mahindra is the only automaker that sells a fully electric car, while companies including Maruti Suzuki India and Toyota Motor offer hybrid versions.

“As a boy I was always very keen to build cars, but it never happened as I was very late into the game, and thank God for that, I would have gone into engine-based car and probably I would have failed,” said Jindal. “Now there is a great opportunity, there is a new technology. And I believe we can do a great job. We can build a nice and interesting electric car in India.”

The average prices of lithium-ion batteries used to power electric vehicles declined 22 per cent in 2016 from a year earlier and costs are falling even faster than the market had expected, according to Claire Curry, an analyst at Bloomberg New Energy Finance.

Jindal said he expects the government to take steps to support the electric vehicle industry, as India has an excess of electricity and shortage of petroleum products. The government in April 2015 unveiled a program to invest in creating charging infrastructure and subsidies with the goal of selling as many as 7 million hybrid and electric vehicles annually by 2020.

Jindal said his son Parth Jindal will focus on electric two-wheelers as a separate business and may introduce them ahead of cars. The group is likely to forge a joint venture for the electric two-wheeler business, he said, declining to provide details.

Source :Times Of Oman

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

metals tycoon plans to make electric vehicles in india by 2020 metals tycoon plans to make electric vehicles in india by 2020

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

metals tycoon plans to make electric vehicles in india by 2020 metals tycoon plans to make electric vehicles in india by 2020

 



GMT 13:49 2017 Thursday ,08 June

Boko Haram kills 11 in NE Nigeria attacks: police

GMT 09:08 2017 Monday ,11 September

Palestinian court grants bail to prominent activist

GMT 00:06 2018 Wednesday ,24 January

Emirates signs agreement for 36 additional A380s

GMT 09:59 2018 Wednesday ,10 January

Pakistan reiterates solidarity with Saudi Arabia

GMT 23:01 2016 Wednesday ,30 November

21 killed in artillery shelling of eastern Aleppo

GMT 09:22 2016 Monday ,10 October

US troops in Kuwait came under 'suicide' attack

GMT 21:14 2017 Tuesday ,21 February

Tatas will lead, not follow

GMT 11:24 2017 Wednesday ,15 February

ISIS kidnapped 16 civilians from Anbar

GMT 19:30 2018 Wednesday ,31 October

King congratulates Antigua and Barbuda Governor-General

GMT 00:05 2017 Thursday ,28 December

Guterres extends mandate of UN-backed Lebanon tribunal
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday