Representative image for a EV.
Credit: Reuters Photo
New Delhi: The Indian auto industry is gearing up to roll out an array of electric vehicle models over the next few years amid a renewed push by the government to encourage environment-friendly mobility solutions with the unveiling of a new policy.
Mass market players like Maruti Suzuki, Hyundai, Mahindra & Mahindra and Tata Motors are lining up new models to cater to the demand across segments.
Mahindra & Mahindra CEO Automotive Sector Nalinikanth Gollagunta told PTI that starting January 2025, the company will be rolling out five new battery electric vehicles in the coming years.
"These electric SUVs will be built on Mahindra's innovative INGLO platform and aim to cater to a variety of consumers through their diverse range. The launch of these SUVs is part of Mahindra's broader strategy to lead in the electric vehicle sector, and we expect 20-30 per cent of our portfolio to be electric by 2027," he noted.
Maruti Suzuki India Executive Officer (Corporate Affairs) Rahul Bharti said the auto major is making serious investments in EVs.
"We will start production of a high-spec EV designed-fresh as an EV with 550 km range in FY24-25 and will have about six EV models in the next 7-8 years," he noted.
Bharti, however, noted that in order to cut carbon and oil imports, the country will require many more technologies like hybrid-electric, CNG, Bio-CNG, Ethanol flex fuel etc.
"We are committed to work on all such technologies also," he added.
Hyundai Motor India COO Tarun Garg said the automaker was among the first OEMs (original equipment manufacturers) to introduce a fully long-range electric SUV KONA in India in 2019.
Last year, the company launched the IONIQ 5, its premium electric SUV.
Garg noted that as per multiple industry estimates, EVs are projected to contribute around 20 per cent of India's automotive market by 2030.
"With the Indian government's steadfast focus on electric vehicles and the supportive policy framework, we are confident that EVs will soon become mainstream, driving a sustainable automotive future for India," he added.
The company plans to invest around Rs 26,000 crore over 10 years in Tamil Nadu. This investment will also include setting up a battery assembly plant in the state.
A Tata Motors spokesperson said that the company aims to have 10 EVs by 2026.
The company plans to introduce four more EV models this year, including Curvv EV and Harrier EV.
Luxury carmakers are also gearing up to enhance their EV lineup in the country.
"We are invested in the market, having an aggressive product strategy with more than 12 new products planned for debut in 2024, of which three will be new BEVs," a Mercedes-Benz India spokesperson said.
This well-defined roadmap will help the automaker deepen its BEV footprint, offering customers the best of luxury and technology, he added.
"Mercedes-Benz remains strategically focused and tactically flexible, as we believe customer preferences and market conditions will determine the pace of BEV transition," the spokesperson stated.
Audi India expects 50 per cent of its sales in India to come from electric vehicles by 2030.
The automaker, which sells four electric models in the country, plans to expand the product range to achieve its ambitious sales target.
Earlier this month, the government approved an electric-vehicle policy, under which duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of USD 500 million, a move aimed at attracting major global players like US-based Tesla.
Mahindra & Mahindra's Gollagunta stated that the policy reinforces the Make in India momentum, with requirements of bank guarantees, minimum investment commitment, and local value addition.
"This will help accelerate the EV ecosystem in India," he stated.