More than Rs 24,000 crore of the Rs 60,000 crore capital expenditure planned by passenger vehicle makers over this fiscal and next is expected to be directed towards electric vehicle expansion, signalling that automakers are increasingly preparing for a structural shift in India's car market, according to a Crisil Ratings report released on Thursday.
The report said electric four-wheeler (E4W) adoption is gathering pace despite challenges around charging infrastructure and near-term profitability, with manufacturers stepping up investments in portfolio expansion, supply-chain localisation and EV production capacity.
