EV cars pave the way to travel pollution-free at an affordable cost.
Due to the incentives given by the government and the various concessions announced, major companies from all over the world are starting EV projects in India. As the batteries used in these vehicles become cheaper, they will gradually become affordable.
As pollution-free travel is now possible at an affordable cost, people will tend to buy EV cars. Due to this, big companies like Maruti Suzuki, Hyundai, Mahindra & Mahindra and Tata Motors propose to launch various types of EV models in the market this year. Many options will be available for those who dream of owning a car this year.
Mercedes Benz: to launch three new BEVs
A spokesperson from Mercedes Benz India said that the company will introduce 12 new cars in the market in 2024. It will include three battery electric vehicles (BEVs).
Mahindra: plans to increase the share to 30 per cent
Mahindra & Mahindra CEO Nalinikanth Golagunta said the company will launch e-vehicles in the market in the next five years. This campaign of the company will start from January 2025.
The company will bring innovative models of electric SUVs. Mahindra aims to have a 20-30 per cent share of their company in the electric SUV market by 2027.
Maruti Suzuki: 6 new models
Rahul Bharti, executive officer of Maruti Suzuki’s corporate division, said the company will launch six electric vehicles in the next seven to eight years. Now Hybrid Electric, CNG, Bio-CNG, Ethanol, Ethanol Flex Fuel etc. will gain importance. The company is going to focus on this technology.
Tata Motors: four new models
A Tata Motors spokesperson said that by 2026, the number of e-vehicles in the company’s market will reach 10. The company plans to introduce four more models, including the Curve and the Harrier EV. As of today, the company has made many EV options available in the market.
Hyundai: 26 thousand crore project
According to Hyundai Motor India CEO Tarun Garg, they introduced the premium electric SUV IONIQ-5 last year. He said, “We believe that by 2030, EVs will account for nearly 20 per cent of the market. In the next ten years, the company will invest 26 thousand crores in projects in Tamil Nadu. Battery assembling unit is also in the pipeline at this location.”
Current Situation:
TATA Motors grabbed the dominant position for the domestic EV market in 2023 with a market share of 72 per cent. MG Motors and Mahindra were in the second and third spots with a market share of 10.8 per cent and 9 per cent, respectively.
The leading company that dominated the domestic EV market in 2023 was Tata Motors, with 72 per cent. MG Motors was behind Tata Motors with a market share of 10.8 per cent.
