“There are lot of new technology areas and need new companies to set up greenfield investments," he said, warning that tax incentives alone may not help. “End driver will be the demand for EVs and new automotive component technologies," he said. “As of now, investment appetite is quite low given the slowdown. Most auto component companies are in cash conservation mode to manage their liquidity. They will need a strong revival of overall segment to lead to fresh investments. I think already significant investments are on hold due to the poor demand situation."