Fueled by governmental support through subsidies, increased awareness, and a surge in product launches, India's electric vehicle (EV) sector has experienced a notable upswing in recent years. This upturn is attributed to various factors, including an expanding product range, developing charging infrastructure, improved financing options, and declining battery costs, all of which are expected to drive increased EV adoption across different segments in the foreseeable future. As of FY2024, EV penetration reached 4.7%, led primarily by electric two-wheelers (2Ws), although electric three-wheelers (e-3Ws) and electric buses have also made significant contributions. Currently, only a fraction (around 30-40%) of the EV supply chain is localized in India. While some components like chassis parts are locally manufactured due to minimal technology requirements, others such as traction motors, control units, and battery management systems have witnessed substantial localization efforts ove...