An Indian government goal for all-electric mobility by 2032 looks very challenging to achieve without greater subsidies being provided, according to a report by financial group, UBS.

Energy minister Piyush Goyal said earlier this year that India is looking at having an all-electric car fleet by 2030 with an express objective of lowering the fuel import bill and running cost of vehicles.
Electric vehicle
“Despite rapidly falling battery costs, we expect a long-range electric vehicle (EV) to remain too expensive for mainstream adoption without major government subsidies,” UBS said in a research note.

The average car in India now costs only $10,000 while, even in 2025, UBS expects a long-range EV (380km) to cost about $21,500 and a moderate-range one (190km) $16,000, given UBS’s forecast of a $130/Kwh battery cost by 2025.

“We believe greater government investment will be needed to make EVs more attractive to consumers and manufacturers, but the government has limited fiscal space and other priorities, so larger incentives to use EVs seem unlikely,” the report said.

Meanwhile Tata Power, India’s largest electric power company, has commenced providing charging stations along with Mass-Tech controls.

Tata installed their first electric vehicle charging station at Tata Power Receiving Station at Vikhroli, Mumbai on Monday.

The chargers can also monitor the car battery charging status and units consumed while charging a car.

The company is hoping it can adoption of smart charging infrastructure can help the country achieve the mass scale shift to electric vehicles targeted.

The company plans to set up charging stations at various locations in Mumbai and is already in discussions with various stakeholders.

Anil Sardana, CEO & MD, Tata Power, said, “We are proud and happy with the launch of Electrical Vehicle Charging stations as Tata Power continues to set a high standard in adopting sustainable practices by using innovative technology, providing customers access to energy-efficient processes.”