metals tycoon plans to make electric vehicles in india by 2020
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

With interests in metals to power generation

Metals tycoon plans to make electric vehicles in India by 2020

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleMetals 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

themuslimchronicle
themuslimchronicle

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

 



Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle

GMT 08:32 2011 Monday ,25 July

Sabri accuses Yusri in Souad Hosni’s murder

GMT 12:07 2014 Monday ,03 February

Home design ideas

GMT 11:20 2017 Thursday ,02 March

Mexico central bank cuts growth outlook over Trump

GMT 08:31 2017 Tuesday ,28 November

Bangladesh upholds death sentence for 139 soldiers

GMT 14:33 2017 Thursday ,20 April

US defense secretary vows support for Egypt's Sisi

GMT 16:12 2017 Wednesday ,20 December

Myanmar bars UN rights investigator just before visit

GMT 08:21 2017 Wednesday ,30 August

United Technologies near deal to buy Rockwell Collins

GMT 18:27 2017 Friday ,21 April

ARCO condemns targeting of ERC convoy in Somalia
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle