India announced on Friday that it would reduce import duties on a select range of electric vehicles made by automakers who pledge to invest a minimum of $500 million and initiate local production within a three-year timeframe.
Due to a global slowdown in EV growth, the regulation will make domestic automakers more competitive with firms like VinFast and Tesla, who are vying for market share in the third-largest automobile market globally.
In India, sales of cars were made up of roughly 2% electric vehicles in 2018. The government hopes to raise that percentage to 30% by 2030.
The following lists EV plans made public by Indian automakers:
Tata Motors
Over the next three to four years, Tata Motors, which currently holds over 80% of the Indian market for electric cars, intends to add 10 new models to its lineup. By 2025, EV sales will account for 25% of the company's total automobile sales, up from 9.3% the previous year.
With a starting price of 1.5 million rupees ($18,000), the most recent of its four EV models is a new iteration of the Nexon electric SUV.
Tata Motors raised $1 billion for its electric vehicle sector in 2021 from TPG's Rise Climate Fund, valued at approximately $9.1 billion.
Mahindra and Mahindra
By March 2027, Mahindra & Mahindra anticipates that 20%–30% of its SUV sales will come from electric vehicles. Mahindra, a company that offers an electric variant of its XUV 400 SUV, intends to accelerate the release of new electric SUVs starting in 2025.
With the help of British International Investment and Temasek in Singapore, the automaker has raised almost $400 million for its electric vehicle segment.
Hyundai Motor India
Hyundai Motor, a South Korean company based in India, intends to launch five electric vehicle types by 2032, in addition to the Kona and Ioniq 5, which are its current two SUV models. By 2027, it plans to increase the total number of its charging stations to 439.
Over the next ten years, Hyundai has stated that it intends to invest over $4 billion in the Indian market, notably for the introduction of new EVs, charging stations, and battery pack assembly units.
Maruti Suzuki India
The top automaker in the nation based on sales, Maruti Suzuki India, intends to offer six EV models by 2030.
By the end of 2024, Maruti's Gujarat facility will begin producing the group's first battery-electric vehicle (EV). Suzuki Motor of Japan, which owns the majority of the business, made this announcement.
The Indian steel-to-power company JSW Group The newcomer to the EV market, JSW Group, said that it will establish 400 billion rupees ($4.82 billion) worth of electric car and battery production projects in the eastern state of Odisha.
According to local media, the business is also in discussions to sell technology and components for its electric vehicle project with Volkswagen, a major German automaker.
(Source:www.marketscreener.com)
Due to a global slowdown in EV growth, the regulation will make domestic automakers more competitive with firms like VinFast and Tesla, who are vying for market share in the third-largest automobile market globally.
In India, sales of cars were made up of roughly 2% electric vehicles in 2018. The government hopes to raise that percentage to 30% by 2030.
The following lists EV plans made public by Indian automakers:
Tata Motors
Over the next three to four years, Tata Motors, which currently holds over 80% of the Indian market for electric cars, intends to add 10 new models to its lineup. By 2025, EV sales will account for 25% of the company's total automobile sales, up from 9.3% the previous year.
With a starting price of 1.5 million rupees ($18,000), the most recent of its four EV models is a new iteration of the Nexon electric SUV.
Tata Motors raised $1 billion for its electric vehicle sector in 2021 from TPG's Rise Climate Fund, valued at approximately $9.1 billion.
Mahindra and Mahindra
By March 2027, Mahindra & Mahindra anticipates that 20%–30% of its SUV sales will come from electric vehicles. Mahindra, a company that offers an electric variant of its XUV 400 SUV, intends to accelerate the release of new electric SUVs starting in 2025.
With the help of British International Investment and Temasek in Singapore, the automaker has raised almost $400 million for its electric vehicle segment.
Hyundai Motor India
Hyundai Motor, a South Korean company based in India, intends to launch five electric vehicle types by 2032, in addition to the Kona and Ioniq 5, which are its current two SUV models. By 2027, it plans to increase the total number of its charging stations to 439.
Over the next ten years, Hyundai has stated that it intends to invest over $4 billion in the Indian market, notably for the introduction of new EVs, charging stations, and battery pack assembly units.
Maruti Suzuki India
The top automaker in the nation based on sales, Maruti Suzuki India, intends to offer six EV models by 2030.
By the end of 2024, Maruti's Gujarat facility will begin producing the group's first battery-electric vehicle (EV). Suzuki Motor of Japan, which owns the majority of the business, made this announcement.
The Indian steel-to-power company JSW Group The newcomer to the EV market, JSW Group, said that it will establish 400 billion rupees ($4.82 billion) worth of electric car and battery production projects in the eastern state of Odisha.
According to local media, the business is also in discussions to sell technology and components for its electric vehicle project with Volkswagen, a major German automaker.
(Source:www.marketscreener.com)
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