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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.
长期以来，印度经济一直被投资者吹捧为下一个中国。在电动汽车领域，丰田公司就是这么认为的。该公司计划在印度大举投资制造电动汽车零部件。对于这家将美国和中国视为核心海外市场的日本汽车制造商来说，此举是合理的。
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.
丰田的480亿卢比（6.24亿美元）投资将集中于生产电动汽车零部件。在转向纯电动汽车方面，丰田已经落后于同行。然而，这家汽车制造商的预期市盈率为11倍，是大众(Volkswagen)等德国同行的两倍，在电池电动汽车领域遥遥领先。
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时间里迎头赶上，计划到2030年，销售的所有新车中有30%为电动汽车。丰田的目标是到2030年在全球销售350万辆电动汽车。
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，电动汽车的使用率一直很低。这要归咎于电动汽车价格高企和充电设施匮乏。印度人均GDP不到2000美元，不到中国的五分之一，这使得价格成为未来电动汽车普及的一大障碍。丰田进入电动汽车市场的时间相对较晚，这意味着印度市场有从零开始生产低端汽车的空间。三菱汽车(Mitsubishi Motors)在日本市场推出的售价低于1.8万美元的电动汽车表明，这是可以做到的。
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.
至于充电站，印度和日本已合作为新兴市场的电动汽车充电站制定共同标准。一项简化建筑标准的计划，将安装成本降低到1万美元以下，可以将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.
印度的电动汽车销量一直很疲软，去年的总销量只有30万辆左右。然而，在低成本摩托车方面，该国并未表现出不愿转向电动的迹象，3月份该国销量增长了370%。在印度生产更多的电动汽车供应链将进一步降低成本。
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.
丰田股价在过去一年中上涨了三分之一以上，超过了摩根士丹利资本(MSCI)国际世界汽车指数的预估。尽早占领印度电动汽车市场应该有助于保持其发展势头和估值溢价。
