Local sourcing requirements in India’s EV sector: Building a domestic supply chain

Quick Summary:

By sourcing components locally, EV manufacturers can reduce transportation costs, import duties and vulnerability to currency fluctuations, resulting in overall cost savings.

Thus, it is essential to invest in advanced skill development programs as well as research and development (R&D) initiatives to nurture local talent and ensure the success of localisation efforts.

Additionally, the policy includes incentives for investments surpassing $800 million, further incentivising the domestic production of EVs and their components.

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Article Details

Author / Journalist: Ashwin Bhandari

Category: StartupsEconomyBusiness

Markets: India

Topics: Supply Global Localisation Production Cost Chain Domestic Local Components Policy Manufacturers

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-10 @ 02:30:00 (4 days ago)

News Timezone: GMT +8:00

News Source URL: yourstory.com

Language: English

Article Length: 823 words

Reading Time: 5 minutes read

Sentences: 39 lines

Sentence Length: 22 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © YourStory

News ID: 23485835

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About YourStory

Main Topics: StartupsEconomyBusiness

Official Website: yourstory.com

Update Frequency: 15 posts per day

Year Established: 2008

Headquarters: India

News Last Updated: 8 hours ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

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Publisher ID: #44

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