The JSW Group, which has lined up ₹40,000 crore EV projects in Odisha, targets to revolutionise the automotive industry by producing high-quality batteries and electric vehicles that are not only affordable but also technologically advanced.
The Group intends to produce electric cars and commercial vehicles at the same price as combustion engines for easy and wider adoption in the cost-competitive Indian market. According to industry estimates, the price difference between EVs and ICE vehicles is almost 30 per cent.
Three quick strategies
Sajjan Jindal, Chairman, JSW Group told businessline that renewable energy needs can be fulfilled by having Energy Storage at an affordable price and this can be achieved through three quick strategies such as the right battery technology at a reasonable price that can make the cost of electric car and commercial vehicles on par with combustion engine vehicles and de-couple the supply chain from China.
The Group will focus on high-end research with an objective to produce electric vehicles which are “Designed Indians for India” and redefine the way people commute and power their lives by enhancing EV penetration.
“We are at a crucial juncture where we have to resolve the issues around Green House Emissions in a quick time frame and affordable manner,” he added.
Moreover, he said the country needs to reduce the huge import bill of crude oil of about $100 billion and this is likely to increase rapidly as the economy grows.
Jindal, who once expressed a wish to create a Tesla-like company in India, said “What Tesla is today is because of the government of California… the way they were supported and guided is a well-known fact. If Tesla is the world’s most valued and admired company then it’s due to the government. In a way, history is being repeated”.
“I always believed when India becomes $10 trillion economy, then some of the States will have to be trillion-dollar economy- like what we witnessed in China and USA. Odisha must lead the way because it has all the ingredients,” he added.
JSW has invested about ₹35,000 crore and another ₹1,25,000 crore is in pipeline apart from ₹40,000 crore in the EV project which will be executed in timely manner.
The Group shares the state government’s vision to build Nua- Odisha which will lead the way in sustainable mobility and energy storage, boosting Chief Minister’s dream of “Make in Odisha for the world”, said Jindal.
Odisha can be the first State where combustion engines used in transportation and mining sector can be eliminated completely which can create win-win proposition for both local entrepreneurs and people while reducing carbon footprint and lead not only in India but in the entire world, said Jindal.
Asserting that India has so much to catch up with China, he said China has sold 10 million EVs and India has sold hardly 0.1 million. China has set up 2000 GW battery plant and India has not set up even a 1 GW plant.