India, Korea Can Partner To Leverage Indian EV Industry: CII

South Korean Ambassador to India Chang Jae-bok said it is crucial for both nations to discuss the prospects and potential of bilateral cooperation in the electric vehicle industry as it is undergoing a historical transition.

Pointing out that internal combustion engine regulations are becoming stricter, reflecting the willingness to phase out such engines in the future, the Ambassador highlighted that the auto parts industry will soon face massive restructuring if this trend continues.

Speaking at the Korea-India EV Cooperation Forum organised by Korea Trade-Investment Promotion Agency (KOTRA), the Ambassador said “The automobile industry is in the middle of a transition from internal combustion engines (ICE) vehicles to electric vehicles (EVs) and it means a lot when we discuss together over new, green form of automotive at this historical transition. In my opinion, a powerful synergy can be generated when Korea's technology and manufacturing capability is combined with India's aspiration to move towards clean mobility powered by electric vehicles.”

“South Korea’s matured battery and OEM ecosystem driven by innovation, and India’s strong manufacturing ecosystem and its government’s focus on self-reliance will be great, he added.

Vipin Sondhi, Chairman, CII National Committee on Future Mobility & Battery Storage said, that the Indian industry can leverage and partner with South Korea to develop the electrical vehicle (EV) market in India and through collaboration, it can emerge as a leader for a large part of the world.

Sondhi quoted, “When it comes to batteries, CII has sought various measures to reduce the cost of electric vehicle batteries. Currently, the battery amounts to 40 percent cost of an electric vehicle. The suggestions include 2nd life use, vehicle registration without battery, and indigenization of raw material for batteries, recycle and reuse. The market in batteries is yet to fully develop. It is here also that CII sees a need for alignment between the Indian and Korean companies,”

With inputs from PTI