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India’s wait for Tesla cars may get longer as Elon Musk finds no ‘ecosystem’ in Indiaedit
Elon Musk, founder of Tesla, on Monday unwittingly agonised many prospective Indian buyers of Model 3 when he indicated his firm may have to put on hold its launch plans in the Indian market due to the absence of an ecosystem for the supply of electric vehicle components. Responding to a query from Twitter user Avinash Singh on Tesla’s Indian plans, Musk indicated that the supply ecosystem is very important for Tesla. “Maybe I’m misinformed, but I was told that 30 per cent of parts must be locally sourced and the supply does not yet exist in India to support that,” he tweeted.
Publication: The Economic Times
Industry
GST may push up cost of solar power projectsedit
The goods and services tax may increase solar energy project costs by 12%-18% and generation costs by 40-50 paise per unit, some industry leaders said, although the government said the new taxation regime won’t have much of an impact on them. However, officials said even if costs increase, it won’t affect project economics because the additional charges can be passed on to customers. “Following GST, solar projects will be about 18% costlier on an average, while cost of generation would go up by around 20%. We have estimated the incidence of GST to be around 23%-25% on various inputs for the segment,” said Ratul Puri, chairman, Hindustan Power Projects.
Publication: The Economic Times
Electric vehicles to save $60 bn in fuel costs by 2030: Nitiedit
Accelerated adoption of electric and shared vehicles could save USD 60 billion in diesel and petrol costs while cutting down as much as 1 gigatonne (GT) of carbon emissions for India by 2030, says a joint report released today by Niti Aayog. It said however that the country faces challenges that signal the “gravitational pull of privately owned vehicles”.
Publication: The Times of India
Automated electric vehicles will replace petrol and diesel cars by 2025: Stanford economistedit
Stanford economist and RetinkX founder Tony Seba predicts that the global oil business will end by 2030, forecasting that the electrification of transportation would turn fossil-fueled obsolete. The study entitled “Rethinking Transportation 2020-2030”, published by Stanford University, says that fossil-fueled cars will vanish within eight years and the people who want to buy cars will have no choice but to invest in electric vehicles. It presents an economic analysis of existing technologies by extrapolating data to come to the conclusion that days of petrol and diesel cars are counted.
Publication: The Indian Express
Govt sets low GST rate for electric vehicles to boost sales, but it’s not enoughedit
Sending a clear signal that India is firmly moving towards electric vehicles, the goods and services tax (GST) Council has set a 12% tax rate for electric vehicles, compared with 28% plus cess for petrol and diesel cars and hybrid vehicles. The move has, however, got mixed response from those campaigning for sustainable mobility solutions and the automobile industry.
Publication: Live Mint
Solar power tariff drops to historic low at Rs 2.44/unitedit
Solar power tariff dropped further to hit a new low of Rs 2.44 per unit in the auction conducted for Bhadla solar park. “In another auction for Bhadla Solar Park 3, solar power tariff touched record low of Rs 2.44/unit,” a senior official said.The official added that ACME Solar Holdings emerged as the lowest bidder by quoting Rs 2.44 per unit tariff for 200 MW followed by SBG Cleantech One at Rs 2.45 per unit for 500 MW capacity.
Publication: The Times of India
Work begins on India’s first green energy corridor projectedit
India today conducted the ground-breaking ceremony for its first green energy corridor project with an ultra high-voltage direct current (UHVDC) link over 1,800km with the aim to bring power to 80 million people. The project by state-run Power Grid Corporation of India (PGCIL) is being executed by ABB Group in partnership with Bharat Heavy Electricals Limited (BHEL).
Publication: ET Energy World