Anil Ambani Compay Reliance Infrastructure Planning to Enter in EV Business-lattestnews24
Anil Ambani’s company Reliance Infrastructure, which has been facing financial difficulties for the last few years, plans to manufacture electric cars. For this business, Reliance Infrastructure has hired a former executive of China’s EV maker BYD.
A Reuters report citing sources said that Anil Ambani’s company has also hired consultants to study the cost of setting up a factory for electric vehicles (EV). The initial annual capacity of this factory can be around 2.5 lakh units. Apart from this, Reliance Infrastructure is also considering a battery manufacturing factory with a capacity of 10 gigawatt hour (GWh). Some of the companies of Anil Ambani, the younger brother of Asia’s richest man and head of Reliance Industries (RIL), Mukesh Ambani, are in loss.
The family business was divided between the Ambani brothers in 2005. Mukesh Ambani’s Reliance Industry is also working on a plan to make batteries for EVs. Recently, Reliance won the bid to get incentives from the central government for manufacturing battery cells. If Anil Ambani’s company’s EV business progresses, there may be competition among the Ambani brothers in the fast-growing EV market.
The government plans to increase the share of EVs in total automobile sales to 30 percent by 2030. Last year, about 42 lakh cars were sold in the country. The share of electric cars in these was less than two percent. This report says that Reliance Industries is also looking for partners for its EV plan. Tata Motors ranks first in the country’s EV market. It has a share of about 70 percent in this market.
The country’s largest car maker Maruti Suzuki and South Korea’s Hyundai Motors are also preparing to launch their EVs by next year. Hyundai has planned to invest about $2.4 billion to increase its share in this market. The company also plans to start its second plant next year. This will enable Hyundai to meet the demand for EVs and other vehicles.
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Electric Vehicles, Manufacturing, Battery, Market, Demand, Investment, Sales, Anil Ambani, Hyundai, Mukesh Ambani, Government, Tata Motors, Incentive, Reliance Industries, Factory, Maruti Suzuki, EV, BYD, Cost
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