In the upcoming years, India’s auto sector is prepared for an oversupply of electric cars. In actuality, the government has introduced a new strategy to support eco-friendly transport options. Large corporations such as Maruti Suzuki, Hyundai, Mahindra & Mahindra, and Tata Motors are getting ready to introduce new electric cars in response to this legislation, to satisfy the demand of consumers across various market segments.
Nalinikant Golagunta,
CEO of Mahindra & Mahindra’s Automotive Sector announced that the business will launch five new battery-electric vehicles in the upcoming years, starting in January 2025. He stated, “We expect that 20-30% of our portfolio will be electric by 2027.” According to Maruti Suzuki India’s Executive Officer (Corporate Affairs), Rahul Bharti, automakers are making significant investments in electric vehicles. “We intend to begin manufacture of EVs with 550km range in FY 2024-25 and will have around 6 EV models in the next 7-8 years,” he said.
By 2030, EVs are predicted
to account for roughly 20% of the Indian automobile market, according to many industry projections, according to Tarun Garg, COO of Hyundai Motor India. In ten years, Hyundai intends to invest about Rs 26,000 crore in Tamil Nadu. A battery assembly plant will also be established in the state as part of this project.
A representative for Tata Motors
stated that the business plans to introduce 10 EVs by 2026. This year, the business intends to launch four more EV models, including the Curve EV and the Harrier EV. Concurrently, premium automobile producers are preparing to expand their range of electric vehicles. An official from Mercedes India stated, “We have made investments in the market. Over a dozen new goods are scheduled to be released in 2024. Three of these cars will be EVs.”
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