India’s government just shocked the automobile and commodity marketplace.
They made the ambitious move in declaring that by 2030, all vehicles sold will be Electric Vehicles (EV’s).
The papers finalizing the policy could be signed by year end. . .
“The government has declared that India – set to be the world’s third largest car market within five years – will sell only electric vehicles by 2030.”
Here are some facts. . .
º India is known to be a power deficient country.
º For instance, they still produce over 90% of their electricity from coal.
º And this has made India one of the world’s most polluted places in the world.
º Many of their 1.3 billion population struggles with these problems daily.
“A recent study found that pollution in Delhi was so bad that residents would live almost six years longer if India were to meet its own air quality standards and up to nine years if the country met international benchmarks.”
Also – did you know there are only about 5,000 Electric Vehicles on India’s roads currently? That means there will have to be over 10 million EV’s bought just to meet the government’s target?
There’s no doubt that this “Only EV’s by 2030” initiative is an ambitious move by the government to join the ‘alternative power’ countries.
But the real exciting part is this. . .
As we have written about, there are already growing shortages in the materials – such as cobalt and nickel – that are required to build and fuel Electric Vehicles.
And these shortages are occurring without the 3rd largest car market in the world being involved.
Imagine how tight supplies are going to get now that they’re also rushing in to get their hands on these critical materials?
(Source: Economic Times)
The trend is in motion.
And it is clear that the world economies are shifting from traditional gas-powered vehicles and into Electric Vehicle.