With the entire world trying to go greener, the attention on car manufacturers in India and their plans to come up with electric vehicles is constantly gearing up. The focus is shifting more towards saving air from pollution, bearing the support to fight climate change by making vehicles that do not consume gas but rather run on electricity instead. Following this theory, India announced on Friday that it would reduce import duties on a select range of electric vehicles made by automakers who pledge to invest a minimum of $500 million and initiate local production within a three-year timeframe. Due to a global slowdown in EV growth, the policy will make domestic automakers more competitive with firms like VinFast and Tesla, who are vying for market share in the third-largest automobile market globally.
In India, sales of cars were made up of about 2% electric models in 2018. The government hopes to raise that percentage to 30% by 2030. These studies said the market for such electric cars in India could be worth $206 billion by 2030, really fast, with a rate of over 37% every year. This huge growth is making car companies change their plans to make more electric cars quickly.
Top EV manufacturers in India and their plans
Tata Motors
The Top EV manufacturer in the automotive industry is Tata Motors without any doubt. According to this plan, by 2025, roughly ten new electric vehicle models will be introduced. It plans to use new technologies and improved car-charging infrastructure to try and sell a lot of these vehicles. Over the next three to four years, Tata Motors, which currently holds over 80% of the Indian market for electric cars, intends to add 10 new models to its lineup. By 2025, EV sales will account for 25% of the company's total car sales, up from 9.3% the previous year.
With a starting price of 1.5 million rupees ($18,000), the most recent of its four EV models is a new iteration of the Nexon electric SUV. Tata Motors raised $1 billion for its electric vehicle division in 2021 from TPG's Rise Climate Fund, valued at approximately $9.1 billion.
Mahindra and Mahindra
Mahindra is a creative automotive player when it comes to investments as it intends to produce electric cars with substantial financial investment. To satisfy consumer demand, they aim to manufacture a wide variety of electric vehicles. By March 2027, Mahindra & Mahindra believes that 20%–30% of its SUV sales will come from electric vehicles. Mahindra, a company that offers an electric variant of its XUV 400 SUV, intends to accelerate the release of new electric SUVs starting in 2025. With the help of British International Investment and Temasek in Singapore, the automaker has raised about $400 million for its electric vehicle unit.
Maruti Suzuki
This brand aims to produce EVs that are lower in cost so that more people can afford them. The top automaker in the nation based on sales, Maruti Suzuki India, intends to offer six EV models by 2030. By the end of 2024, Maruti's Gujarat plant will begin producing the group's first battery-electric vehicle (EV). Suzuki Motor of Japan, which owns a majority stake in the business, made this announcement.
Hyundai Motor India
In addition to the two SUVs it currently sells, the Kona and Ioniq 5, Hyundai Motor India's Indian division intends to launch five electric vehicles by 2032. Additionally, by 2027, it plans to have 439 charging stations. Hyundai has stated that it intends to spend nearly $4 billion in the Indian market over the next ten years, including the introduction of new electric vehicles, charging infrastructure, and battery pack assembly units.
JSW Enterprises
JSW Group, an Indian steel-to-power conglomerate and a recent entry into the electric vehicle (EV) market, announced that it will establish electric vehicle and battery manufacturing projects in the eastern state of Odisha, valued at 400 billion rupees ($4.82 billion). According to local media, the group is also in discussions to supply technology and components for its electric vehicle project with Volkswagen, a major German automaker.
The challenges of manufacturing and marketing electric vehicles range from the cars' high prices to the scarcity of charging stations and consumers' anxiety over running out of batteries. If these issues could be resolved with our assistance, that would undoubtedly clear the path for the development of cleaner transport in the future. In conclusion, the Indian auto industry is genuinely putting all of its effort into producing electric vehicles. With large corporations making ambitious plans and government support, India appears to be poised to take the top spot in the world for electric vehicle technology. Electric automobiles would play a significant role in enhancing transportation quality and making it more environmentally friendly as the country transitions to a cleaner future.