New EV launches spark enthusiasm in the auto industry
The electric vehicle (EV) industry in India is buzzing with excitement as major players enter the market. Tesla, led by Elon Musk, is gearing up to set up manufacturing facilities for cars and batteries in the country. Their ambitious plan includes a new affordable EV platform, expected to be priced around $25,000, aimed at multiple locations.
California-based Fisker is also eyeing the Indian market. They have announced the production of 100 limited edition Ocean SUVs, tailored for Indian roads, with deliveries starting later this year.
However, the domestic players in India are not backing down. Here are the major EV four-wheeler companies in India which have made major strides in the past few years:
Tata Motors
As things stand, the four-wheeler EV market is dominated by Tata Motors, its Nexon EV and Tiago EV being the key products. Its best-selling electric vehicle is the Nexon EV, which has sold over 30,000 units since its launch in 2020.
In FY23, Tata Motors sold over 50,000 electric vehicles, accounting for over 60% of the Indian electric vehicle market. The company plans to reach 1 lakh in units sold in FY24. Within the next five years, they also plan to make electric vehicles (EVs) account for 25% of their portfolio and reach the ambitious goal of 50% EV contribution by 2030.
With the widest range of EV offerings in India, including hatchbacks, sedans, and SUVs, Tata Motors caters to both premium and mass-market customers.
To sustain and build on its strategic advantage, Tata Motors plans to strengthen its EV sales and after-sales network, as well as invest in expanding the charging infrastructure across the country. These proactive initiatives demonstrate the company’s confidence in tapping into the untapped potential of the Indian EV market and reaching out to an even broader customer base.
Mahindra & Mahindra
Mahindra & Mahindra is one of the leaders in the SUV market. The company plans to increase its EV market share to 30% by 2027.
Mahindra has revealed plans to invest close to Rs 10,000 crore in its EV subsidiaries from FY22 to FY27, with Rs 4,000 crore earmarked for the period between FY22 and FY24.
Additionally, they have ambitious plans to launch five new EV models between April and October 2025. However, they are currently facing challenges in meeting the high demand for their newly launched SUVs due to supply chain issues. By the end of the third quarter, they had an open order book of 266,000 units, and some models had a waiting time of up to a year. In response to this demand, the company is working on ramping up its production capacity to 49,000 units per month from the current 29,000 units at the end of FY24.
Singapore-based Temasek has shown its confidence in Mahindra & Mahindra by investing a substantial Rs 1,200 crore in its passenger EV company, MEAL. This investment comes at a valuation of $9.8 billion, a clear indication of the growth potential in the Indian EV market.
Maruti Suzuki
Maruti Suzuki, the country’s largest car manufacturer, has been cautious in embracing electric powertrains, preferring hybrid and CNG technologies. However, they showcased their eVX concept electric vehicle at the recent Auto Expo 2023, and it is currently undergoing testing. The company plans to launch its first electric vehicle in the fiscal year 2024-25, keeping affordability at the forefront, a trait that has made Maruti a favourite among Indian car buyers.
With both global giants and domestic players vying for a piece of the EV pie in India, the market is set to witness exciting developments in the coming years. The push towards electric mobility not only promises a cleaner and greener future but also opens up new opportunities for innovation and growth in the Indian automotive landscape. As consumers eagerly anticipate more affordable and accessible EV options, the stage is set for an electrifying transformation in the Indian automobile industry.
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