India's huge population of 1.37 billion supports a sizeable motor vehicle market. On top of that, subsidies for EVs from both the central and state governments will drive the country's EV market to grow by leaps and bounds in the coming years.
Battery swapping, power units and IoV solutions are among the strengths of Taiwan's EV component suppliers and are also what India needs. These are the critical areas where Taiwan's and India's EV supply chain can join forces.
To drive EV industry development and boost EV sales, the Indian central government has laid out the FAME II scheme that totals nearly INR100 billion (about US$1.4 billion) to subsidize EVs and car-charging infrastructures. State governments are also offering a range of incentives and tax exemptions to attract EV makers to build factories and consumers to buy EVs.