Stock Market News

India invites bids for $960M battery production initiative

2023.11.13 10:06


© Reuters India invites bids for $960M battery production initiative

India is launching a bidding process for an 80 billion rupees ($960 million) incentive initiative aimed at fostering the production of electric vehicle batteries, according to insiders familiar with the matter.

The initiative mandates successful bidders to establish cutting-edge chemistry battery plants capable of generating a combined output of 20 gigawatt hours.

The government will give incentives to companies over a period of five years on the sale of batteries manufactured locally.

People familiar with the matter, who preferred to remain anonymous due to the confidential nature of the plans, revealed that the government intends to solicit bids from potential investors in the coming month.

According to a report by RMI India, a research center, and the government’s think tank Niti Aayog, the demand for batteries is anticipated to surge to 260 gigawatt hours by 2030. A surge driven by the expanding market for electric vehicles, grid-scale energy storage, and consumer electronics.

The battery program comes as the country looks to increase adoption of less polluting transport. Prime Minister Narendra Modi’s administration is considering a reduction in import taxes on battery-powered vehicles, a move aimed at attracting Tesla Inc. (NASDAQ:).

Additionally, the administration is actively encouraging domestic EV production through a $3.1 billion incentive program launched in 2021.

Shares of TSLA are up 0.45% in pre-market trading Monday morning.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 69,473.61 0.48%
ethereum
Ethereum (ETH) $ 2,495.81 0.85%
tether
Tether (USDT) $ 0.999833 0.17%
bnb
BNB (BNB) $ 574.35 0.91%
solana
Solana (SOL) $ 166.31 0.83%
usd-coin
USDC (USDC) $ 1.00 0.11%
xrp
XRP (XRP) $ 0.511313 1.77%
staked-ether
Lido Staked Ether (STETH) $ 2,494.81 0.79%
dogecoin
Dogecoin (DOGE) $ 0.159254 0.34%
tron
TRON (TRX) $ 0.167232 0.11%
cardano
Cardano (ADA) $ 0.356278 2.77%
the-open-network
Toncoin (TON) $ 4.92 0.97%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,953.07 0.37%
shiba-inu
Shiba Inu (SHIB) $ 0.000018 0.94%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 69,364.58 0.27%
avalanche-2
Avalanche (AVAX) $ 24.68 1.43%
weth
WETH (WETH) $ 2,495.99 0.84%
chainlink
Chainlink (LINK) $ 11.19 1.32%
bitcoin-cash
Bitcoin Cash (BCH) $ 347.08 0.47%
usds
USDS (USDS) $ 1.00 0.40%
leo-token
LEO Token (LEO) $ 6.07 0.39%
polkadot
Polkadot (DOT) $ 3.90 1.21%
sui
Sui (SUI) $ 1.93 0.46%
litecoin
Litecoin (LTC) $ 70.61 2.64%
near
NEAR Protocol (NEAR) $ 3.94 1.04%
aptos
Aptos (APT) $ 8.71 2.71%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,625.13 0.46%
uniswap
Uniswap (UNI) $ 7.43 4.93%
pepe
Pepe (PEPE) $ 0.000009 1.96%
internet-computer
Internet Computer (ICP) $ 7.83 0.92%
bittensor
Bittensor (TAO) $ 456.54 2.00%
dai
Dai (DAI) $ 0.999773 0.14%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.21 4.71%
kaspa
Kaspa (KAS) $ 0.115552 2.36%
monero
Monero (XMR) $ 155.87 1.56%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.06%
stellar
Stellar (XLM) $ 0.092419 0.13%
ethereum-classic
Ethereum Classic (ETC) $ 18.36 0.30%
whitebit
WhiteBIT Coin (WBT) $ 18.96 0.36%
first-digital-usd
First Digital USD (FDUSD) $ 0.998749 0.33%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.31676 0.56%
blockstack
Stacks (STX) $ 1.59 0.80%
okb
OKB (OKB) $ 38.08 0.24%
dogwifcoin
dogwifhat (WIF) $ 2.20 4.83%
aave
Aave (AAVE) $ 141.09 1.50%
filecoin
Filecoin (FIL) $ 3.47 0.61%
arbitrum
Arbitrum (ARB) $ 0.518133 2.40%
crypto-com-chain
Cronos (CRO) $ 0.07305 0.53%
mantle
Mantle (MNT) $ 0.576028 0.39%
optimism
Optimism (OP) $ 1.50 6.32%