India's Maharashtra has entered a $2.5 billion partnership with Taiwan's Gogoro Inc and a local automotive systems supplier to build electric vehicle battery-swapping and charging stations in the state, the parties said on Tuesday.
U.S.-listed shares of the Taiwanese charging services company were up 3 per cent in afternoon trading. Electric models make up less than 1 per cent of total car sales in the country, and the sector is gaining momentum, but the market share remains far short of the government's lofty target of 30 per cent by 2030.
Under the non-binding agreement, the project's deployment will begin this year, with plans to adopt the solutions into adjacent areas such as energy storage and agriculture.
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