The Indian electric vehicle market is entering a new phase with the influx of global brands. While domestic players like Tata Motors and Mahindra have historically dominated the sales of new energy vehicles, the landscape is rapidly evolving. Global manufacturers such as BYD, VinFast, and JSW MG are injecting their newer electric models in the country that is likely to mature the Indian EV ecosystem and inspire a new set of customers to opt for greener mobility options.
Shifting Landscape:
Maruti Suzuki, India’s largest carmaker, known for making affordable and practical four-wheelers is also joining the EV bandwagon with the new e-Vitara. It is anticipated to democratize green mobility for the masses and more importantly, the e-Vitara also reflects Maruti’s vision for the future. As EV sales pick-up in the country, Maruti is planning to replicate its ‘ICE’ success in the EV segment as well.
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Furthermore, Hyundai is also targeting the heart of the Indian car market with the introduction of the Creta EV, aiming to challenge the dominance of the already established Tata Nexon EV. However, Hyundai is also said to be working on three brand-new electric models that will drive the major chunk of volumes in the electric vehicle market for the Korean brand in the country.
Global luxury brands, such as Mercedes-Benz, are strategically expanding their reach in the EV market by introducing more accessible versions of their benchmark models. A prime example is the recently launched EQS 450 SUV, priced at Rs 1.28 crore (ex-showroom) which is Rs 13 lakh lower than the EQS 580 SUV, making luxury electric mobility slightly more attainable.
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Disruption Of The Status Quo:
Car giants such as Maruti Suzuki and Hyundai have taken their good time to research and come up with the products primarily crafted for the taste of the Indian customers. Also, what gives these OEMs an edge over others is their historical sales dominance and deep understanding of Indian customer preferences. However, the last few months have hinted at the evolving taste of the Indian buyers. The concrete demand for JSW MG Windsor EV has cleaned bowled all its rivals, making it the best-selling EV in India in December 2024, despite being just a few months old on sales charts.
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JSW MG Motor India reported a significant 55% year-over-year sales growth in December 2024, achieving an impressive 7,516 units sold. This period witnessed a record high in EV sales for the company. Notably, over 70% of the company’s December sales comprised of New Energy Vehicles (NEVs), underscoring the growing demand for electric vehicles in the Indian market.
It remains to be seen how well the Hyundai and Maruti EVs are accepted by the Indian masses, however, this shift in market dynamics as global brands enter the fray hints that there is much more action to be witnessed.
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