India's nascent electric vehicle (EV) market has long struggled to get off the ground, beset by a range of challenges including a lack of charging infrastructure and local production of expensive battery components.
However, the sector is expected to receive a much-needed boost from Tesla, the world's most valuable car company, as it gears up to enter the country.
“Tesla’s [planned] investment in India shows great trust in India’s engineering and manufacturing resources, thereby attracting more global players to invest in future,” says Ashim Sharma, partner and group head at Nomura Research Institute Consulting and Solutions.
“The overall supply chain will also improve as Tesla’s suppliers would be keen on investing in the country for manufacturing electric vehicle components.”
BS Yediyurappa, chief minister of Karnataka, this month said Tesla will set up a manufacturing unit in the south Indian state.
Tesla is yet to make a formal announcement about the unit and there is no clarity on a timeline. However, it has been pressing ahead with its plans for Asia's third-largest economy, which could be a significant new growth market for the brand as it targets the production of 20 million vehicles a year globally by 2030.
Chief executive Elon Musk in October said on Twitter that the car maker would make its entry into India in 2021 “for sure”. In January, the company incorporated Tesla Motors India and Energy Private Limited, setting up its registered office in the city of Bangalore, the capital of Karnataka and a hub for global technology companies.
Prime Minister Narendra Modi's government has an ambitious target to promote EV use in the country in a bid to bring down soaring pollution levels and reduce its dependence on costly imported fossil fuels.
India is aiming for 30 per cent of private cars and 70 per cent of commercial cars to be electric by 2030. A report released in December by the CEEW Centre for Energy Finance (CEEW-CEF) projected that India's electric vehicle market would generate $206 billion in revenue from sales to consumers if the country achieves its target.
There is an investment opportunity of $177bn for vehicle production in India, $2.9bn for charging infrastructure and $12.3bn for battery manufacturing, according to CEEW-CEF.
But so far, India's push in EVs has been slow compared to that of China, where Tesla launched its first factory outside of the US in 2019. Currently, most of the EVs sold in India are scooters, with just 3,400 domestic electric cars sold last year, down from 3,600 in 2019, according to the Society of Manufacturers of Electric Vehicles.
Demand for EVs “has been extremely cautious as consumers do not know what to expect with this form of mobility”, says Pallav Choudhary, director and founder of Hyperion Chargers, a charging solutions provider for electric mobility in India.
“There are still a lot of unknowns and variables relating to the same [and customers question] will the range of cars be sufficient enough to sustain their daily usage as well as interstate travel.”
One of the major challenges for India's EV market is insufficient charging stations. According to the Central Electricity Authority, there are just 933 public charging stations across the whole of India as of June 2020, leaving car owners unsure if they can charge their vehicles for longer journeys.
“Electric car companies have been reluctant to manufacture electric cars in India as they fear a lack of charging infrastructure in the country will lead to lower sales,” Mr Choudhary says.
Another factor deterring customers is the cost. The batteries, which are imported, are the major contributor to the high prices of EVs.
The government and start-ups are all marching towards the goal of electrifying vehicles
“Batteries make up about 40 per cent of the value of an EV,” says Deepak Pahwa, the managing director for Bry-Air, Asia, which provides technology that can be used in manufacturing batteries.
The raw materials, production and technology required makes manufacturing these batteries an expensive process, he adds.
“An EV’s battery pack comprises lithium-ion cells, it uses metals such as lithium salt, cobalt, nickel and manganese,” he says. “These metals are very difficult to extract and require large-scale investment to set up mining facilities.”
While China produces most of the lithium batteries for EVs, Mr Pahwa says the Indian government and companies are investing in manufacturing facilities to support localised production of components. There are also plans to develop factories for lithium-ion batteries in the country, as well as other parts and technology needed for EVs.
“The government and start-ups are all marching towards the goal of electrifying vehicles,” says Srinivas Chitturi, co-founder and chief executive of MTAP Technologies, a Bangalore-based software company, which provides solutions to the transport sector. “The manufacturing and after-sales ecosystems are important for the sector to flourish. A lot of progress has to be made on the manufacturing side.”
Despite limited demand, Mahindra & Mahindra has been manufacturing EVs for several years, while Tata Motors is also increasingly focusing on the segment. And others are following suit.
“With indigenous companies like Tata Motors, Mahindra and Maruti working actively towards releasing their electric vehicle versions of their existing cars, as well as foreign companies like Morris Garages also manufacturing their electric vehicles in the country, a particularly good platform has been set up for car makers both indigenous as well as foreign to start their manufacturing in the country,” Mr Choudhary says.
With the entry of Tesla, there could be a significant shift in gear in the industry as it “will certainly boost the acceptance as well as the appeal of EVs in the Indian market due to its brand identity”, he adds.
Industry insiders say Tesla is also likely to invest in charging infrastructure in the country, which would provide another boost to the sector.
Questions have been raised, however, over how many consumers will be willing to fork out for Tesla's cars in a highly price sensitive market. Reuters reports that Tesla plans to import and sell the Model 3 in India for about $65,000 to $75,000.
“The initial objective for Tesla seems to be to enter India and have a presence in the market,” Mr Sharma says. “Its Indian manufacturing unit could be an export hub for Tesla in future years.”
In the past, Mr Musk has flagged India's high import taxes as a hurdle.
Mercedes-Benz in October launched India's first luxury EV with a price tag of $136,000, and has sold 31 of these cars in the market so far, according to research firm JATO Dynamics.
Meanwhile, British car maker Jaguar Land Rover, which is owned by Tata Motors, also plans to sell one of its luxury EV models in India this year.
In China, a budget EV made by state-owned SAIC Motor in a joint venture with General Motors has been priced at $4,500 – and sold double the number of units last month compared with Tesla.
“Tesla will have to launch an affordable EV in India to achieve volumes and long-term success,” Aman Madhok, senior analyst at Counterpoint Technology Market Research, says. “A local manufacturing base will help here.”
The potential for growth in the market is enormous for brands that can persuade users to buy EVs.
Only 22 out of 1,000 people in India own a car compared to 980 out of 1,000 in the US, according to Counterpoint's research.
“The low penetration of cars in the country, coupled with rising income levels, also make India an attractive market for automakers,” Mr Madhok says.
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
Killing of Qassem Suleimani
Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
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Sri Lanka Test squad:
Dimuth Karunaratne (stand-in captain), Niroshan Dickwella (vice captain), Lahiru Thirimanne, Kaushal Silva, Kusal Mendis, Kusal Janith Perera, Milinda Siriwardana, Dhananjaya de Silva, Oshada Fernando, Angelo Perera, Suranga Lakmal, Kasun Rajitha, Vishwa Fernando, Chamika Karunaratne, Mohamed Shiraz, Lakshan Sandakan and Lasith Embuldeniya.
MATCH INFO
Manchester United v Brighton, Sunday, 6pm UAE
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How to invest in gold
Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.
A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).
Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.
Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”
Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”
Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”
By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.
You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.
You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
Tips for entertaining with ease
· Set the table the night before. It’s a small job but it will make you feel more organised once done.
· As the host, your mood sets the tone. If people arrive to find you red-faced and harried, they’re not going to relax until you do. Take a deep breath and try to exude calm energy.
· Guests tend to turn up thirsty. Fill a big jug with iced water and lemon or lime slices and encourage people to help themselves.
· Have some background music on to help create a bit of ambience and fill any initial lulls in conversations.
· The meal certainly doesn’t need to be ready the moment your guests step through the door, but if there’s a nibble or two that can be passed around it will ward off hunger pangs and buy you a bit more time in the kitchen.
· You absolutely don’t have to make every element of the brunch from scratch. Take inspiration from our ideas for ready-made extras and by all means pick up a store-bought dessert.
UAE currency: the story behind the money in your pockets
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
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KILLING OF QASSEM SULEIMANI
LIVERPOOL%20TOP%20SCORERS
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What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.