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India braces for EV surge with new model launches
Industry News- Sep 16,24
Currently, EV adoption in India is around 2%, but the government aims for a 30% penetration in the passenger car segment by 2030.
India is poised for an electric vehicle (EV) surge in the latter half of the fiscal year, as leading OEMs, including Maruti Suzuki, Hyundai, Mahindra & Mahindra, Kia, Volkswagen, and BYD, prepare to unveil new models.
The EV market has seen limited action this fiscal year, with only two major launches so far: Tata Motors' Curvv.ev in August and JSW MG Motor India's Windsor EV last week. Currently, EV adoption in India is around 2%, but the government aims for a 30% penetration in the passenger car segment by 2030.
Analysts anticipate a boost in EV demand with the introduction of new models from prominent manufacturers. Maruti Suzuki is set to debut its first EV, the eVX, in Q4 FY25. This premium model, built on a new EV platform, will feature a 60kWh battery offering a range of 500-550km per charge.
Hyundai will launch the Creta EV, also in Q4 FY25, from its Sriperumbudur factory. This will complement its existing premium Ioniq 5 electric SUV.
Mahindra is optimistic about the EV market, projecting that electric models could constitute up to 30% of its SUV lineup by 2027, with annual sales nearing 200,000 units. Its BE.05 SUV, the inaugural model from its electric-only BE brand, will arrive in Q4 FY25, utilising the INGLO EV platform, which incorporates Volkswagen's MEB components.
Additionally, the Kia EV9, Volkswagen ID.4, and BYD eMAX 7 are set to launch in Q3 FY25. The ID.4 will mark Volkswagen’s entry into the Indian electric market, the EV9 will be Kia’s second premium electric SUV following the EV6, and BYD's eMAX 7 will replace the e6 MPV in its lineup.
These upcoming releases signal a significant expansion in India’s electric vehicle market.
(India Today)
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