The increasing demand for electric vehicles across the world has directly increased the demand for lithium-ion batteries. Due to the unavailability of lithium reserves in India, this would only be feasible if a foreign company came to the rescue. This foreign company can enjoy monopoly and reap maximum profits with such a huge market base. Although it would take a long time in the process of setting up and reaching the break-even point after the huge initial investment, it would pay off from the long-term point of view. The government is continually looking to expand in this sector as it wants to produce 175 GW of renewable energy by 2022 and invest heavily in electric vehicles by 2030. Say no to plagiarism. Get Custom Essay on “Why Violent Video Games Should Not Be Banned”?Get Original Essay The entire world today is moving towards electric vehicles in all segments of the automobile industry, India has Already seen an increase in this type of vehicle use in the scooter and public transport segments. It is estimated that by the end of 2030, due to limited availability of fossil fuels, market conditions would shift from diesel or gasoline-powered vehicles to hybrid, micro-hybrid, or electric vehicles (EVs). The raw material required for the production of such vehicles is lithium-ion batteries. Lithium batteries have a high level of density and are therefore considered the most favorable for this sector. Lithium is mainly found in salt lakes in countries like Argentina, Chile, Bolivia, China, etc. Today, China is the largest producer of electric vehicles and the largest consumer of lithium in the world. No such lithium resource has yet been found. The government is believed to be making continued efforts with Bolivia and Argentina to create joint ventures today, meeting tomorrow's demand. Despite continuous efforts, nothing solid has come to fruition and India is still lagging behind in the electric vehicle segment due to lack of infrastructure, partial knowledge, limited resources and lack of interest from the government in terms of subsidies and automotive sector industries. Companies like Panasonic Sanyo (Japan), Contemporary Amperex Technology Ltd (China), BYD Ltd. (China), LG (Korea) are the largest producers of lithium-ion batteries. Now is the time for these companies to consider India as a target market. The process is long, but with financial support from the government, results can be achieved in a few years. The LG company already had a well-established presence in the Indian consumer market, as it is one of the top-rated companies for electronic consumer goods like: microwaves, air conditioners and washing machines. It is possible for LG Chemicals to collaborate with Mahindra and Mahindra (the only seller of electric cars in India), Exide or Amara Raja Battery, the local battery production companies, to start large-scale production of lithium-ion batteries. VE in India. Profit margins can be high due to product monopoly. Increasing global market share with India being one of the largest consumers of automobiles in the world. Decreased level of pollution due to increased use of fossil fuels. Organized supply chain structure, deeply penetrated in every corner of the country, will result in increased reach to customers. Obstacles Keep in mind: This is just a sample. Get a personalized item now.