Electric Vehicle Sector Sees 117% Increase in Funding in 2022

  • Electric Vehicle sector saw a 117% increase in funding in 2022, amounting to $1.6 billion.
  • The budget included exemptions for Customs duty on capital goods and machinery for manufacture of EV batteries.
  • Duty on lithium batteries was cut from 21% to 13%.
  • This will help to lower prices.

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