HYDERABAD: The EV industry appears poised for a major growth in the State with battery vehicles witnessing huge demand and the State government according priority for this emerging sector.
As Telangana EV Day is set to be observed on Saturday to celebrate EV ecosystem in the State, The New Indian Express explored EV industry growth. The EV market with government support is set to grow exponentially and is looking to attract investments of over Rs 4,000 crore in Telangana over the next five years, as per a report by Colliers India and Indospace.
Favourable government policies are drawing the attention of startups, new entrants and established firms to invest in Telangana. The adoption of EVs is imperative to tackle climate change and move closer towards achieving net zero carbon targets.
Earlier, US based EV manufacturer Triton had come forward to invest Rs 2,100 crore in the State to set up its new unit to manufacture electric buses at NIMZ, Zaheerabad. A few months ago, One Moto, a British brand for premium EVs, announced a MoU with the Telangana government to establish a manufacturing plant to produce its fleet.
Already, State government has established two industrial parks at Chandanavalli, Sitarampur on 1,300 acres. Another energy park at Divitipally in Mahabubnagar is being developed in more than 300 acres. These parks will be utilized for plants to manufacture batteries and end-charing components.
Speaking to he New Indian Express, N Janaiah, Managing Director, TSREDCO said that the State government has plans to improve the EV infrastructure in the State and accordingly, around 300 EV charging stations will come up by the end of this summer.
"Through EV Policy 2020-30, we have so far offered incentives of Rs 50 crore, exempting life taxes and registration charges," he added.
According to TSREDCO, the plan is to set up 800 EV charging stations and points across the State. Majority of them are planned in Hyderabad and on highways. All these EV stations in the State will have a combination of fast and slow chargers. The officials concerned have already started scouting for suitable locations to establish these stations.
Hyderabad has been witnessing a sharp rise in electric vehicles as there has been a pick up in demand for eco-friendly vehicles. In 2016, there were only 25 electric vehicles in the city. But now, the number has increased to more than 10,000.