EV companies are betting future is premium. Will Indians buy it?
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While the current success of EVs is rooted in affordable models, priced below Rs 15 lakh, the upcoming pipeline of electrics seems to be steering in the opposite direction, with companies such as Maruti Suzuki, Tata Motors and Mahindra & Mahindra preparing to test consumer appetite for pricier models. This is despite the clear preference for more budgetfriendly options, with EVs under Rs 15 lakh comprising 57% of sales currently.
Data collated by Jato Dynamics, an automotive market research firm, shows upcoming launches of Mahindra's XEV 9e (Rs 21.9-30.50 lakh) and BE 6 (Rs 18.9-26.90 lakh), Tata’s Safari EV (Rs 32 lakh), and Maruti’s eVitara (Rs 17-22.50 lakh), underscoring the trend towards upscale models.
This raises a crucial question: Will the growing middle class, the demand driver for affordable electric cars in India, take to the pricier models? Companies are facing the dual challenge of not only offering high-end features for premium buyers but also retaining their stronghold in the key value-driven segment that has been the primary driver of EV sales so far.
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