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for over 80 percent of a cell’s cost, according Likewise, many existing car owners are also
to the report. India should nurture bilateral looking to upgrade to electric cars.
relationships and investments in countries with Besides their green quotient, EVs are also
rich natural resources. The government should considered cost-effective in the long run as
give tax subsidies as well as develop special the cost of maintaining electric cars is lower
economic zones and lithium parks to boost compared to regular cars running on petrol or
investments in raw material refining and cell diesel.
manufacturing
Trends Shaping Auto Industry:
In a push to electrify their nations’ car fleets,
governments around the world are trying to roll 1. Increased Production of Electric Cars
out and scale their public charging infrastructure with Digital Technology
swiftly enough to service new battery-powered Automakers continue to integrate more digital
cars. President Joe Biden’s infrastructure law technology into their vehicles. Technology
devotes $5 billion to building a nationwide companies like Google and Tesla are also
network of EV charging ports along major travel working on electric and self-driving vehicles.
corridors in the US, while Germany has spent or As a result, it’s clear that vehicles produced
pledged in 2023 and beyond with be full of technology
to address digital touch points. There’s fierce
competition to develop software and digital
and electronic operating systems to power
and control the new, innovative zero-emission
electric vehicles.
2. A Rise in Digital Automobile Sales
Automakers have started giving consumers
the option to skip the visit to the car dealership
and pick and purchase the vehicles they want
online. Buyers can shop at their convenience,
explore, and select the features they want on
a vehicle and get the financing they need. In
addition, dealerships now offer online sales,
let an online buyer use virtual walk-around
technology, facilitate at-home test drives, and
do home delivery of the vehicles they sell.
$6.4 billion to support the charging industry.
Leading banks such as State Bank of India
(SBI), Axis Bank, Bank of Baroda, Canara Bank
and Punjab National Bank, among others, are
charging special lower interest rates on loans
for EVs, which is encouraging more customers
to opt for these vehicles.
The government too, is doing its bit to
popularize EVs – it is extending exclusive tax
benefits to EV buyers. These eco-friendly cars
are the first choice of many first-time car buyers.
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