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India’s economy has long been touted to investors as the next China. Toyota thinks so for electric vehicles. It plans to invest heavily in making EV parts in India. For the Japanese carmaker, which counts US and China as core overseas markets, this move makes sense.
長期以來，印度經濟一直被投資者吹捧爲下一個中國。在電動汽車領域，豐田公司就是這麼認爲的。該公司計劃在印度大舉投資製造電動汽車零組件。對於這家將美國和中國視爲核心海外市場的日本汽車製造商來說，此舉是合理的。
Toyota’s 48bn rupees ($624mn) investment will focus on producing electric vehicle parts. Toyota has trailed peers in the move to battery electric vehicles. Yet on 11 times forward earnings, the carmaker has double the multiple of German peers such as Volkswagen, well ahead in battery EVs.
豐田的480億盧比（6.24億美元）投資將集中於生產電動汽車零組件。在轉向純電動汽車方面，豐田已經落後於同行。然而，這家汽車製造商的預期市盈率爲11倍，是大衆(Volkswagen)等德國同行的兩倍，在電池電動汽車領域遙遙領先。
India, too, wants to make up for lost time, with plans for 30 per cent of all new cars sold to be electric by 2030. Toyota has its sights set on selling 3.5mn electric vehicles globally by 2030.
印度也希望在被落下的時間裏迎頭趕上，計劃到2030年，銷售的所有新車中有30%爲電動汽車。豐田的目標是到2030年在全球銷售350萬輛電動汽車。
Electric car adoption has been slow in India. Blame high EV prices and a lack of charging infrastructure. India’s GDP per capita of below $2,000 is less than a fifth that of China, making price a big obstacle in future EV uptake. Toyota’s relatively late start to the electric market means there is scope to build low-end cars from scratch for the India market. Mitsubishi Motors’ sub $18,000 electric car for the Japanese market shows it can be done.
在印度，電動汽車的使用率一直很低。這要歸咎於電動汽車價格高企和充電設施匱乏。印度人均GDP不到2000美元，不到中國的五分之一，這使得價格成爲未來電動汽車普及的一大障礙。豐田進入電動汽車市場的時間相對較晚，這意味著印度市場有從零開始生產低端汽車的空間。三菱汽車(Mitsubishi Motors)在日本市場推出的售價低於1.8萬美元的電動汽車表明，這是可以做到的。
As for charging points, India and Japan have partnered to develop a common standard for electric car charging stations for emerging markets. A plan for a simplified construction standard, with installation costs below $10,000, could halve current costs.
至於充電站，印度和日本已合作爲新興市場的電動汽車充電站制定共同標準。一項簡化建築標準的計劃，將安裝成本降低到1萬美元以下，可以將目前的成本降低一半。
India’s electric car sales have been weak, at just about 300,000 in total last year. Yet the country shows no reluctance to the shift to electric when it comes to low-cost scooters, with sales here increasing 370 per cent in March. Having more of the electric car supply chain production in India would further lower costs.
印度的電動汽車銷量一直很疲軟，去年的總銷量只有30萬輛左右。然而，在低成本摩托車方面，該國並未表現出不願轉向電動的跡象，3月份該國銷量成長了370%。在印度生產更多的電動汽車供應鏈將進一步降低成本。
Shares of Toyota are up more than a third in the past year, beating the MSCI World Auto index. Capturing India’s EV market early should help maintain its momentum and valuation premium.
豐田股價在過去一年中上漲了三分之一以上，超過了摩根士丹利資本(MSCI)國際世界汽車指數的預估。儘早佔領印度電動汽車市場應該有助於保持其發展勢頭和估值溢價。