Electric vehicles to drive auto capex up by Rs 70,630 crore in 5 years

The auto component industry, which has traditionally relied on engine parts for the bulk of its business, is ready for the electric shift

Automobile manufacturers, new and old, as well as ancillary suppliers are set to spend a combined Rs 70,630 crore over the next five years on either entering the electric vehicle segment or stepping up their presence in it. Data culled from announcements made by firms shows India, the world’s fifth largest automobile market, is poised to receive one of the biggest capex pushes ever to fuel the transition from internal combustion engines to electric motors and batteries as part of a green drive.

The EV push, egged on by the government’s emphasis on electric mobility to meet its net zero targets,