Flurry of electric PV launches set to widen India market

economictimes.indiatimes.com:

Tesla and Fisker firm up their India entry plans. Mainstream and luxury manufacturers including BYD, Citroën, Kia, BMW, MercedesBenz, Volvo, Audi, Porsche and Jaguar-Land Rover plan to unveil as many as 21 new electric passenger vehicles (PV). This is expected to fuel growth of the domestic EV market and make electric cars accessible to a wider range of consumers. Electric PVs still account for just 2.47% of total passenger vehicle sales, market researcher Jato Dynamics estimates. Tata Motors is making a big bet on the segment. “The EV contribution in our portfolio is likely to increase to 25% in five years and reach 50% by 2030,” the biggest player in the domestic electric PV market said in its report for 2022-23 (April-March). The company increased its electric vehicle sales from 1,300 units to over 50,000 in three years and has the widest range of EV offerings including hatchbacks, sedans and sports utility vehicles (SUVs).

MG Motor is also targeting over 25% electric share in total car sales this fiscal, as it continues to enhance its product portfolio, said Gaurav Gupta, its deputy managing director. The SAIC Motor-owned automaker launched a high-end variant of its SUV ZS EV this month at Rs 27.89 lakh, after the April launch of the Comet EV at Rs 7.98 lakh. “We are optimistic about further growth prospects following the monsoons, as India gears up for the upcoming festive season,” Gupta said. Currently, 13 manufacturers sell electric PVs in India, up from four in 2020. The likes of Maruti Suzuki, Toyota, Honda, Renault, Nissan, Volkswagen and Škoda Auto are yet to make an entry into the electric space. Meanwhile, two US