India’s EV battery race with state subsidy by new scooter maker.
The Bengaluru-based startup, ola electric mobility PVT. will get more government subsidies than the other larger reliance industry ltd.
ola EV mobility will get state support to EV battery manufacturers that can store 20gigwatt-hours of power, the government said on March 24.
The dark horse of India’s battery race is pulling always from the pack but can it beat the bookies’ favorites?
Ola company, a Bengaluru-based startup will get more subsidies than other larger reliance industries ltd. Reliance, the country’s largest conglomerate will get subsidies for 5 gigawatt-hours according to tot the official news, and over five years, the upstart getting 40% of total capacity covered by New Delhi’s 2.4billion battery incentive.
The basic criteria are to shave off $33billion from the country’s fuel import bill.