Adani Electric Vehicles? Yes, you have read it right. Adani group steps in into the Electric Vehicles Manufacturing sector. Adani Group plans to make electric commercial vehicles coaches, buses, and trucks to start with and will initially use them for its in-house requirements at Adani-owned airports, ports, and other logistics purposes.
Gautam Adani, India’s second-richest person and head of the logistics-to-energy conglomerate Adani Group, is eyeing the auto sector with a trademark that has been registered for the name ‘Adani’, to be used for vehicles, by S.B. Adani Family Trust. The group is planning to set up an R&D facility at Special Economic Zone (SEZ) in Mundra, Gujarat for its electric mobility projects.
With two back-to-back events, starting with Adani Wilmar IPO and now Adani EV, the year 2022 will be the year of the 2nd richest Indian to watch out for. The group also has plans to manufacture batteries and set up charging stations across the country.
Consulting firm RBSA Advisors reported, Years 20-21 saw Electric Vehicles sold at 1.3 percent of total vehicles sold in India. It is estimated that the Electric Vehicles market in the country could grow at a compounded annual growth rate of 90 percent to touch $150 billion by 2030.
Being the world’s largest solar power developer, Adani Group expects to be the world’s largest renewable energy company by 2030 with a budget of around USD 70 billion. It also aims to produce the cheapest hydrogen undertaking green hydrogen projects, generation of low carbon electricity, and manufacture of wind turbines, solar modules, and batteries.