Sales of electric vehicles will see an average growth of 26 per cent

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MUMBAI: Sales of electric vehicles in the country are expected to grow at an average annual rate of 7 per cent between 2020 and 206, given the government's incentives for electric vehicles and rising fuel prices.

However, domestic production will have to meet challenges such as limited production of electric vehicles and the economic impact of the Corona, according to a rating agency.

The focus on increasing sales of electric vehicles in the Union Budget will improve the long-term outlook, but at the present stage it seems difficult to achieve the target of keeping all new vehicles powered by 2020.

In addition to the additional excise duty on petrol-diesel, its higher prices while the recent reduction in prices due to the recent incentives provided by the Center for electric vehicles, especially two-wheelers, will support its sales growth, the agency said in a report.

Demand for electric vehicles is expected to increase significantly in the coming years, with most countries turning to electric vehicles due to the Paris Agreement.

Sales of electric vehicles in Asia are projected to grow by 4% in 2021. In 2020, sales grew by only 2.50%.


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