Government's EV policy fuels investment surge in Indian Auto Sector: Hyundai, Maruti Suzuki, others to bring new electric models

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Tata Motors, as well as luxury carmakers like Mercedes-Benz and Audi, are all gearing up to roll out an array of EV models over the next few years. Mahindra & Mahindra, for instance, is set to introduce five new battery electric vehicles starting from January 2025, built on its innovative INGLO platform. Nalinikanth Gollagunta, CEO of the Automotive Sector at Mahindra & Mahindra, highlighted the company's strategy to capture a significant portion of the electric vehicle market, aiming for 20-30 percent of its portfolio to be electric by 2027.

Similarly, Maruti Suzuki India is making substantial investments in EVs, with plans to commence production of a high-spec EV with a range of 550 km in the fiscal year 2024-25. Rahul Bharti, Executive Officer of Corporate Affairs at Maruti Suzuki India, emphasized the importance of adopting various technologies like hybrid-electric, CNG, and ethanol flex fuel to address environmental concerns and reduce oil imports. Hyundai Motor India introduced their KONA in 2019.

Tarun Garg, COO, Hyundai Motor India, expressed confidence in the government's support for EVs, projecting that EVs could constitute around 20 percent of India's automotive market by 2030. Tata Motors also has ambitious plans in the EV segment, aiming to introduce 10 EV models by 2026, with four new models scheduled for release this year, including the Curvv EV and Harrier EV. Moreover, luxury automakers like Mercedes-Benz and Audi are in this EV revolution.