Electric Vehicles (EVs), which were once assumed to be niche have now become mainstream. With sales surpassing 7 lakh since the start of 2023, this new fuel type has gain momentum.
Two auto manufacturers at the forefront of this electrification drive are Tata Motors and Mahindra & Mahindra. Currently Tata Motors holds almost a 50 percent share in the Indian EV space and is closely followed by Mahindra in the second place.
As India’s largest automobile manufacturer, Tata Motors has played a vital role in the EV sector. The company introduced the Tata Tigor EV, a compact sedan targeting fleet customers, in 2018. The company further bolstered its EV lineup with the successful launch of the Tata Nexon EV, an all-electric SUV, in 2020. Tata Motors continues to expand its electric vehicle portfolio with models like the Tiago EV hatchback. Additionally, Tata Motors is actively involved in developing electric commercial vehicles to cater to the demand for sustainable transportation solutions.
On the contrary, Mahindra & Mahindra started its EV journey over a decade back by taking over a small manufacturer Reva. Its first products were the Reva i and the Reva e2o. Since then, company has introduced models in its commercial fleet like the Mahindra e-Verito sedan and the Mahindra e-Supro electric van. The company has also ventured into the electric SUV segment with the Mahindra XUV400 Electric. With its subsidiary, Mahindra Electric, the company focuses on developing electric powertrains, battery technology, and charging infrastructure.
Their efforts encompass expanding the charging infrastructure, consumer education about EV benefits, and offering attractive pricing and financing options. It’s worth noting that while Tata and Mahindra lead the way, other companies and international automakers are also making inroads in India’s electric vehicle sector. The Indian government supports this industry’s growth through various policies and incentives, aiming to reduce reliance on fossil fuel-powered vehicles.
EV SALES IN INDIA
In recent years, India has witnessed a remarkable up-rise in the sales of electric cars, showcasing the nation’s growing commitment to sustainable transportation and carbon emissions reduction. Leading Indian automobile manufacturers, Tata Motors and Mahindra & Mahindra have played pivotal roles in driving the electric car market forward. May 2023 saw an extraordinary year-on-year growth of 135% in electric vehicle (EV) sales compared to the corresponding month in the previous year, highlighting a significant rise in consumer interest and demand for EVs. Furthermore, on a month-on-month basis, EV sales experienced a notable 42% increase in May 2023. This consistent growth in both year-on-year and month-on-month sales underscores the increasing popularity and acceptance of EVs as a viable and sustainable mode of transportation. The substantial rise in EV sales signifies the ongoing transition towards cleaner mobility solutions, marking a positive shift within the automotive industry towards a greener and more sustainable future.
FAME
The Indian government has taken a proactive stance in promoting electric mobility, implementing various policies and incentives to encourage the adoption of electric vehicles (EVs). One notable initiative is the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, which has played a crucial role in providing subsidies and incentives to manufacturers and consumers. These measures have effectively increased the affordability and attractiveness of EVs in the market. By offering support to both the production and purchase of EVs, the government’s initiatives have propelled the growth of electric mobility in India and stimulated a positive response from manufacturers and consumers alike.
ELECTRIC VEHICLE’S FUTURE IN INDIA
The electric vehicle (EV) market in India is currently experiencing an extraordinary surge, accompanied by a positive trajectory for ongoing expansion. In recent years, there has been a notable upswing in the adoption of electric vehicles throughout the country. This remarkable growth can be attributed to a combination of factors, including proactive government initiatives, amplified environmental awareness, declining battery costs, and impressive advancements in EV technology. The electric vehicle market in India has seen enthusiastic involvement from both domestic and international players, resulting in a diverse range of EV models across multiple segments. Tata Motors and Mahindra & Mahindra have emerged as prominent leaders, showcasing their extensive EV portfolios and pioneering efforts within the industry. However, they are not alone in recognizing the immense potential of the Indian EV market. Several other automakers, including renowned global giants, have also acknowledged this potential and have either already introduced electric vehicles in India or have announced their plans to enter the market shortly.
UPCOMING EVs IN INDIA
Auto manufacturers across India have made significant commitments to achieve carbon neutrality by 2040, primarily through the development and inclusion of electric vehicles (EVs) in their product portfolios. This industry-wide push towards sustainability is driving the introduction of various upcoming electric vehicles in the country. Here are a few noteworthy examples:
- Mahindra BE 05
- Volkswagen ID.4
- Tata Harrier EV
- Skoda Enyaq IV
- Kia EV9
- Tata Curvv
- Mahindra BE 07
- Tata Sierra EV
- Mercedes-Benz EQA
- Maruti EVX
EV INFRASTRUCTURE IN INDIA
Companies in India are actively working to improve electric vehicle (EV) infrastructure in order to support the growing demand for EVs. Here are some key ways in which companies are contributing to the development and enhancement of EV infrastructure in India:
- Advanced Charging Technologies
- Battery Swapping Services
- Charging Network Aggregators
- Public-Private Partnerships
- Charging Station Deployment
