According to a source, automakers like Kia, BMW, Mercedes-Benz, Citroen, Volvo, Audi, BYD, Porsche, and Jaguar-Land Rover are considering introducing over 21 new electric passenger cars (PV) in India during the course of the upcoming year. The decision is likely to encourage domestic electric car growth and increase customer access to electric vehicles. According to data from industry analyst Jato Dynamics, which was cited by the Economic Times, only 2.47 percent of all passenger vehicle sales are still made up of electric vehicles.
Growth of the EV market in India
Indian car giant Tata Motors now controls the country’s EV market and has aspirations to do so in the future. The automobile manufacturer with its headquarters in Mumbai predicted that the share of electric vehicles in its portfolio will rise to 25% in five years and 50% by 2030 in its annual report for 2022–23. The company has the broadest selection of EV models, including hatchbacks, sedans, and sports utility vehicles (SUVs), and increased its EV sales from 1,300 units to over 50,000 in three years.
Gaurav Gupta, the deputy managing director, was quoted in the report as adding that MG Motor India, which China’s SAIC Motor controls, is similarly aiming for a more than 25% electrified share of all car sales this fiscal year.
After the April debut of the Comet EV for Rs 7. 98 lakh, the automaker released a high-end edition of its SUV ZS EV this month for Rs 27. 89 lakh. The business anticipates greater expansion following the monsoons as it prepares to capitalise on the next festival season.
In India, 13 firms currently sell electric PVs, compared to four in 2020. Volkswagen, Toyota, Honda, Maruti Suzuki, and koda Auto are just a few of the manufacturers that have yet to make an electric vehicle.
Tesla, owned by billionaire Elon Musk, is rumoured to be developing plans to establish car and battery manufacturing facilities in India. According to reports, the $25,000 Model 2 car will most likely be unveiled in 2024 by the world’s top EV manufacturer. According to the article, US-based Fisker also revealed plans to build 100 limited-edition Ocean SUVs for the Indian market.
