Car firms worldwide are eyeing India’s fast-growing new energy vehicle market, which is set to overtake Japan as the third largest car market by 2025, according to a report by Pandaily, which said carmakers such as China’s BYD, Germany’s Mercedes-Benz and Volkswagen, plus Japan’s Suzuki have all flocked to India this year.
The Indian government had forecast that 40% of new vehicles sold in the country would be fully electric by 2030, the report said, but it noted that high tariffs and a lack of charging infrastructure were still hampering the outlook for makers of electric vehicles.
Read the full report: Pandaily.
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