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Vedanta eyes global EV market with nickel production expansion
Industry News- Sep 13,24
This initiative aligns with India's broader goal to reach $1 trillion in exports by 2030, up from $437 billion in the 2023/24 fiscal year.
Indian conglomerate Vedanta has announced plans to increase its nickel and nickel sulphate production to meet the rising demand for electric vehicle (EV) battery materials in Northeast Asia. This expansion comes as the global EV market, particularly in Japan and South Korea, continues to grow.
In a statement issued on September 12, Vedanta highlighted the strategic importance of nickel sulphate in the EV battery supply chain and its potential to boost India's export growth. The company is seeking to capitalise on this demand by ramping up production through its dedicated unit, Vedanta Nico. However, no specific figures regarding production capacity or investments were disclosed.
While India’s domestic EV market is still developing, Vedanta is urging the Indian government to renegotiate trade agreements with Japan and South Korea to remove import duties on nickel sulphate. The move is seen as critical to driving growth in exports of EV battery components.
This initiative aligns with India's broader goal to reach $1 trillion in exports by 2030, up from $437 billion in the 2023/24 fiscal year. Nickel is considered a key resource in India's push towards cleaner technologies, particularly in transportation, as the country aims to reduce carbon emissions. Despite government efforts to promote EV adoption, EVs made up only 7% of the 23.8 million vehicles sold in India last year.
(Mint)
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