Toyota Motor Corp's profit for the second fiscal quarter totaled USD 5.4 billion, up from 585 billion yen last year.
Considering the strong governmental push towards EVs, India has a huge potential to become one of the largest EV markets, the report noted.
If we run vehicles on electricity, it would be like cost of Rs 15 per litre of diesel, said Union Minister Nitin Gadkari.
Ziptron cars will also feature drive modes to give drivers the option to maximise range or enhance performance.
The business is also affected by weaker growth in generation capacity, especially at thermal and hydroelectric projects.
Report proposes creation of a single-window clearance that provides simpler processes for registering electric vehicles.
Tamil Nadu Electric Vehicle Policy 2019 has been prepared to promote manufacturing of electric vehicles, an official release said.
BS-IV vehicles purchased up to March 2020 will remain operational for entire period of registration, FM Nirmala Sitharaman said.
The Niti Aayog has suggested transition to full electric vehicles for three-wheelers by 2023.
Auto industry has been caught in the middle of slowing economic growth that has led to a slump in demand for vehicles.