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Trade Trends News
18-03-2024
India said Friday it will reduce import duties on certain electric vehicles
produced by automakers that have pledged to invest at least $500 million over
three years and begin domestic production.
The policy will lead to increased competition for domestic automakers from companies like Tesla and VinFast, which are seeking to enter the world's third-largest auto market amid slowing global growth in electric vehicles.
Last year, electric models accounted for about 2% of India's total car sales, and the government wants to increase that to 30 percent by 2030.
Here's a look at the electric-vehicle plans announced by Indian
automakers:
1. Tata Motors (TAMO.NS)
Tata Motors, which accounts for more than 80% of India's electric vehicle market, plans to launch 10 electric models in the next 3-4 years and have electric vehicles account for 25% of its total vehicle sales by 2025, up from 9.3% last year.
The company currently sells four electric models, the latest of which is the new Nexon electric SUV, which starts at Rs 1.5 lakh ($18,000).
In 2021, Tata Motors raised $1 billion from TPG's Rise Climate Fund, valuing its electric vehicle unit at about $9.1 billion.
2. Mahindra (mahm.ns)
Mahindra and Mahindra expects electric models to account for 20-30% of its SUV sales by March 2027.
Mahindra sells an electric version of the XUV 400 SUV and plans to launch new electric SUVs from 2025.
The automaker has raised about $400 million from Singapore's Temasek and the U.K.'s International Investment Corporation for its electric vehicle unit.
3. Hyundai Motor (005380.KS)
The company plans to launch five electric car models by 2032, in addition to the two SUVs it already sells - the Kona and the Ioniq 5. The company also plans to increase the number of charging stations to 439 by 2027.
Hyundai says it plans to invest nearly $4 billion in the Indian market over the next decade, including the launch of new electric vehicles, charging stations and battery pack assembly plants.
4. Maruti Suzuki
Maruti Suzuki India, the country's top-selling automaker, plans to launch six electric car models by 2030.
The company, which holds a majority stake in the company, said the group's first battery-electric vehicle will be launched from Maruti's plant in Gujarat by the end of 2024.
5. JSW Group
JSW Group, India's steel and power group, is a new entrant in the electric vehicle space, saying it will set up a 400 billion rupee ($4.82 billion) electric vehicle and battery manufacturing project in the eastern state of Orissa.
The group is also in talks with German auto giant Volkswagen, opens new tab according to local media reports, about supplying technology and components for its electric car project.
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