MUMBAI: JSW Energy is planning to launch its own electric vehicle by 2020, the company said in a statement, adding that the Indian automobile industry is at an inflection point in terms of growth in overall market size, while the new entrants in the market are able to get a level playing field thanks to disruption by electric vehicle technology.
Today, the company board approved the entry into electric vehicles, energy storage systems and associated business, directly or through one or more subsidiaries. The overall expected capex to be incurred over the next 3 years would be in the rage of Rs 3500 –Rs 4000 crore
“The Indian automobile industry is at an inflexion point in terms of growth, overall market size and a level playing field has been made available to new entrants due to disruption by electric vehicle technology. JSW Energy seeks to participate in this revolutionary market opportunity and is planning to launch its own electric vehicle by 2022,” said the company statement, alongside the June quarter results.
Hailing ‘Make in India and Make for India’ vision, the company mentions that it would bring world class products suitable to Indian conditions and customers, easing the pressure of the country by reducing fuel import bill.
Apart from electric vehicles, the company also plans to tap the growing opportunity in the energy storage and charging infrastructure.
“India has a huge opportunity for energy storage systems not only for electric vehicles but for other static applications such as telecom, micro grids, and solar storage system for households and power banks,” mentioned the statement.
It further added, “JSW Energy plans to enter energy storage system business for both static and mobility applications as it will be forward integration of its existing business of power generation distribution.”
India has a huge opportunity for energy storage systems not only for electric vehicles but for other static applications such as telecom, micro grids, and solar storage system for households and power banks. The company plans to enter energy storage system business for both static and mobility applications as it will be forward integration of its existing business of power generation distribution.
The company on Friday (11 August) posted 41 per cent drop in net profits for the first quarter of FY18, ended June 30, at the back of low generation and high fuel costs.
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