Bumper Chinese cars may come in India soon, know what will be its impact

India may soon see an influx of affordable Chinese electric cars. This is being said because trade barriers against Chinese products are rising in Western countries, according to a report by the Global Trade Research Initiative (GTRI).

Tariffs raised on Chinese electric vehicles: The report states that 80 per cent of the cost of electric vehicles (EVs) comes from Chinese batteries and other components. In May this year, the US raised tariffs on Chinese electric vehicles from 25 per cent to 100 per cent. The European Union has also taken similar steps. Canada has also raised tariffs on Chinese electric vehicles to 100 per cent and imposed a 25 per cent duty on Chinese imports of steel and aluminium.

Growing demand for Chinese EVs in India: The Indian market is likely to see a flood of Chinese electric vehicles in the coming years. China's SAIC Motor (which owns the MG brand) and India's JSW Group have partnered to sell over 1 million new vehicles by 2030.

India advised to invest in advanced battery technology: The GTRI report also suggests that India should invest in research and development on advanced battery technologies such as solid-state batteries and hydrogen fuel cells. Apart from this, there has been an appeal to support clean energy sources for battery recycling and EV charging stations. The report has also advised to follow environmental regulations related to EV manufacturing and disposal to reduce the environmental impact of EV production.

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