 "Reliance Triumphs in EV Battery Production Bid, Boosting India’s Green Future")
Reliance Industries has won a bid to produce electric vehicle (EV) batteries under India’s production-linked incentive scheme. The government announced this on September 4, 2024. Reliance can manufacture up to 10 gigawatts of advanced chemistry cells (ACCs), which are essential for EVs. They outperformed six competitors, including Amara Raja Energy and JSW Energy. This initiative aims to enhance local battery production and supports the government’s goal of increasing electric vehicle sales from 2 percent to 30 percent by 2030. The scheme has a budget of $434.4 million, reflecting the government’s commitment to promoting electric mobility in the country.
Reliance Industries Takes Lead in EV Battery Production Bid
In a significant development for the electric vehicle (EV) sector, Reliance Industries has emerged victorious in a competitive bid under the Indian government’s incentives program aimed at boosting local production of EV batteries. The announcement was made on Wednesday, September 4, 2024.
Earlier this year, seven companies participated in the bidding process for setting up manufacturing units dedicated to advanced chemistry cells (ACCs), which are essential components for electric vehicles. Reliance’s successful bid allows it to produce up to 10 gigawatts of ACCs, surpassing strong contenders such as Amara Raja Energy and Mobility and JSW Energy.
The government’s production-linked incentive (PLI) scheme, with a budget of $434.4 million, is designed to enhance local battery manufacturing. This initiative aligns with India’s ambitious goal of significantly increasing EV adoption, which currently represents only 2 percent of total car sales. The government aims to elevate this figure to 30 percent by 2030, marking a transformative shift in the automotive landscape.
The push towards local battery production comes at a crucial time as India strives to establish itself as a major player in the global EV Market.
Stay tuned for more updates on how Reliance’s success in battery production will impact the EV industry in India.
Image: Reliance
Photo Credit: Reuters
Last Updated: September 4, 2024, 6:02 PM IST
(Note: The content above is based on a syndicated feed and has been reworked for clarity.)
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What did Reliance Industries win?
Reliance Industries won a bid for government incentives to produce electric vehicle (EV) batteries. -
Why is this important?
It’s important because it helps promote clean energy and reduces pollution from traditional vehicles. -
How do government incentives help companies?
Government incentives provide financial support, making it easier for companies to invest in new technologies and expand their production. -
What will this mean for electric vehicles?
This will likely lead to cheaper and better batteries, making electric vehicles more affordable and accessible for everyone. - When can we see the impact of this win?
The impact may be seen in the next few years as Reliance starts producing these batteries and potentially lowers their costs.
