Electric vehicles are going to overtake vehicles that run on non-renewable energy source in a few years, therefore, many companies are working on making feasible electric vehicles. But some companies like JSW Energy Ltd. has called off its plan to invest in electric vehicle business citing uncertainties in the industry.
The company has said, “given higher-than-anticipated uncertainties associated with the EV business, the board has, after careful evaluation, decided not to pursue this business and maintain a capital cushion for growth opportunities in power and other related businesses.”
The Sajjan Jindal-led JSW group had planned to venture into the electric vehicle business by 2020. JSW group’s chairman also said, “I would have gone into an engine-based car and probably I would have failed. Now, there is a great opportunity, there is new technology. And I believe we can do a great job. We can build a nice and interesting electric car in India.”
Shares of JSW Energy Ltd. ended 5.29 percent higher at Rs 72.60 on Friday.