17 August 2023
17 August 2023
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The Global Light Vehicle (LV) selling rate rose for the fifth consecutive month in July, according to figures released by GlobalData.
To quadruple domestic battery capacity by 2028
To buy and use assets from General Motors India's Talegaon Plant
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The global off-highway electric market is expected to grow at a CAGR of 17.4% by 2030, per GlobalData estimates. Despite the strong growth, high upfront costs may pose a challenge. Due to the high capacity of these vehicles, they consume large amounts of power from a number of battery packs installed on the vehicle, whose high cost in turn adds to the cost of the vehicle, thereby increasing the initial cost. However, governments worldwide are offering subsidies and tax exemptions in order to help customers to counter the initial purchase cost.
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