Electric vehicle: Aniruddha Ravi Narayanan, the CEO and co-founder of Bharat New Energy, believes that the use of domestic lithium can significantly reduce the cost of producing lithium cells and electrical vehicles (EVs). Narayanan estimates that using domestic lithium will reduce the cost leading to an 8-15 percent reduction in the cost of the EV.
Domestic Lithium Reserves in India to Lower Production Costs of EVs
However, Narayanan admits that he is not an expert in the mining industry, and he believes that domestic lithium production may take up to three years. Despite this, he sees the discovery of lithium reserves in India as a positive development, although he acknowledges that a lot of work still needs to be done to harness this resource effectively.
Lithium-based Joint Ventures and Technical Collaborations
Anant Barjatya, the CEO of Sun Mobility, believes that the impact of lithium-based joint ventures or technical collaborations will be felt when lithium mining begins in India. The recent discovery of significant lithium reserves in the Salal-Hai area of Jammu and Kashmir by the Geological Survey of India has been a significant development in this regard. Another lithium reserve has also been found in the Maralgalla area of Mandya district in Karnataka.
Lithium Reserves in India a Major Boon to Sustainability Efforts in the EV Industry
The discovery of domestic lithium reserves is particularly relevant given the Indian government’s aim to match the prices of EVs with those of petrol vehicles. Transport Minister Nitin Gadkari has repeatedly stated his commitment to developing policies to promote EVs in India. Currently, customers are benefiting from subsidies and low-interest rates to encourage the adoption of EVs.
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