earlier this week foxconn said it has plans to manufacture electric vehicles in india europe and latin america a megatrend is unfolding in the auto sector electric vehicles and the latest player to join the league is apple iphone maker foxconn while billionaire investor rakesh jhunjhunwala is betting on automaker tata motors as the winner of indias growing electric vehicle marketon thursday the tvs motor board approved the incorporation of a whollyowned subsidiary to undertake its electric mobility business the company has already set up an evdedicated team with over 500 engineers the move follows rival bajaj auto which is also setting up a subsidiary for its electric and hybrid vehicle business currently the company has just one ev chetak which it plans to extend to more cities before the end of fy22 advt the company plans to have a monthly capacity for 10k units for evs by 4qfy22 and indicated aggressive capacity expansion plans in fy23 we see these steps to be in the right direction which could potentially lead to further value unlock and capitalization on the electrification shift said brokerage nirmal bang in a noteearlier this week foxconn said it has plans to manufacture electric vehicles in india europe and latin america the taiwanbased company would use their build operate localise model wherein the company will invest in local partners to build and operate factories and sell to local customersmeanwhile usbased tesla has urged the government to slash import duties on electric vehicles before it enters the market as it wants to start selling imported cars in india this year india levies an import duty of 60 per cent on electric vehicles that cost 40000 or less and 100 per cent duty on those priced over 40000 among the highest in the world last month transport minister nitin gadkari asked tesla should not sell madeinchina cars in india and manufacture locally instead but tesla has indicated it first wants to experiment with importstata motors recently raised 1 billion from investors including tpg to boost ev production locally advt india wants to achieve 100 electrification by 2030 according to a ceew centre for energy finance ceewcef study ev market in india will be a 206 billion opportunity by 2030 if india maintains steady progress to meet its 2030 target this would require a cumulative investment of overs180 billion in vehicle production and charging infrastructureanother report by india energy storage alliance iesa projects that the indian ev market will grow at a cagr of 36 per cent till 2026 the ev battery market is also projected to grow 30 per cent during the same periodin may 2021 the government rolled out a productionlinked incentive scheme pli for acc battery storage manufacturing which will incentivize the domestic production of such batteries and reduce the dependence on imports and last month the government approved a pli scheme for the automobile and drone industry which intends to incentivize high value advanced automotive technology vehicles and products including green automotive manufacturingits