Electric vehicle sales in India are not growing fast enough to meet the country’s all-electric 2030 goal.
SoftBank sees an opportunity to help lower the high cost of electric vehicle manufacturing, and retail costs in turn. The bank is reportedly negotiating with the Indian government over low-cost terms for financing 200,000 electric busses for public use.
It is also working with Indian cab-hailing company Ola to nudge the company towards electric car manufacturing.
SoftBank, which owns 40 percent of Ola, appears to be eyeing a deal with Toyota to develop a manufacturing partnership with the Uber competitor.
Ola already has plans to launch one million electric vehicles in the next five years, starting with a 200-car fleet in the city of Nagpur.