Gujarat: Electric Vehicle Acceptance in India is Slower Than in Richer Countries: R C Bhargava – EQ Mag Pro
GANDHINAGAR : Amid the ongoing push for electric vehicles in India, Maruti Suzuki India Limited (MSIL) chairman R C Bhargava said that the pace of acceptance of EVs in India will be slower than in other countries. According to the MSIL chairman, even though EVs will grow in this market every year, the overall acceptance will be at a slower pace due to many variables.
“Globally everyone is going electric. In the context of the Indian market and the way it has panned out in terms of a high proportion of two-wheelers, small cars and varied purchasing power of customers, the pace of acceptance of electric cars in India will be slower than in the more affluent countries,” said Bhargava. He made the comments during a media interaction in Gandhinagar, organized on the sidelines of the commemoration of 40 years of Suzuki’s presence in India.
Suzuki Motor Corporation, the parent firm of MSIL, is set to invest Rs 10,445 crore in Gujarat by 2026.
The MSIL chairman also mentioned that pushing for electric vehicles alone will not help reduce India’s carbon footprint. “Let’s push electric vehicles and customers must buy them. However, if we want to reduce carbon footprint other tech and fuels also must be used. Electric vehicles alone will not do the job in India,” he said.
Bhargava added: “At present, only electric vehicles are being incentivized. The government needs to encourage all alternate fuels over petrol.” He went on to say: “Petrol and diesel should not be encouraged. However, other variants such as CNG, hybrids and ethanol variants, which are at intermediate stages, must be encouraged and incentivized too.”
The reducing affordability of cars and the shrinking demand for entry-level cars were also noted by Bhargava. “The demand for entry-level vehicles is under stress. While the small car market is getting squeezed, the upper market is growing better, and this isn’t a pleasant situation,” he said. “We have seen that certain regulations have had an adverse impact on the bottom end of the market.” He further said: “There are a large number of customers with different purchasing power. How to balance this to get the right mix is a difficult matter.”
According to the MSIL chairman, inclusive economic growth is necessary for people’s incomes to rise which in turn can add …
