Andhra Pradesh seeks to attract $4 billion investment in EV segment

Andhra Pradesh is seeking to position itself as the 'lighthouse state' and attract investments to the tune of USD 4 billion in the electric vehicles segment over the next few years.

As a first step in this direction, the state government on Friday conducted a day-long CEO-Ministerial Dialogue to frame a requisite policy by eliciting views and ideas from various stakeholders.

This is the first such initiative by a state under the World Economic Forum-Moving India network on 'Shaping the Future of Mobility', according to AP Industries and Investment Minister Gudivada Amarnath.

"The global automobile industry today is at an inflection point. The world, especially India, is eagerly waiting for the industry to deliver world-class, affordable and efficient electric vehicles. I would be eager to see e-vehicles roll out from Indian (manufacturing) plants to serve the global markets," the minister said.

The automobile sector was ready for yet another technological leap with the advent of vehicles running on alternative fuels and electricity, he noted and highlighted the "best-in-class innovation and technology" used by Kia Motors to launch India-specific models.

He said Andhra Pradesh was planning to expand the EV landscape at an intense pace while accelerating EV adoption and transitioning towards clean mobility.

"We are seeking to position AP as the lighthouse state and attract investments to the tune of USD 4 billion. Our transition to e-mobility could be a key component in India's drive to become carbon-neutral," the minister said.

"Our aim is to make AP the prime destination for development and manufacture of batteries, generation and storage of hydrogen, manufacture of EV components, battery EVs and also fuel-cell EVs, besides charging equipment. This should also pave the way for sustainable transportation in the state," Amarnath added.

NITI Aayog advisor Sudhendu Sinha, WEF Moving India team members, senior bureaucrats of the state government and representatives of over 60 companies took part in the dialogue.