As Mahindra launches its EV, here’s a look at India’s Electric Vehicles space – EQ Mag
With Mahindra entering the EV market, competition in the sector is heating up. The Indian automobile industry recorded its highest-ever annual domestic passenger vehicle sales in 2022 with 37.93 lakh units sold, growing 23.1 per cent from the preceding year.
The electric vehicle race seems to be revving up. In a sign of intensifying competition between homegrown carmakers, Tata Motors has reduced the price of its best-selling Nexon EV, with Mahindra announcing an aggressive launch price for Mahindra XUV400 EV.
How big are Electric Vehicles sales in India?
The Indian electric car market sales volume is about 38,000 units in 2022 and is projected to reach 376,000 units in 2030, with an average growth rate of around 33.3 per cent between 2022–2030. Among the vehicle categories, the sport utility vehicles (SUV) category is expected to record the highest growth of around 36 per cent. Tata Nexon EV and Mahindra XUV 400 are SUVs.
For perspective, the Indian automobile industry recorded its highest-ever annual domestic passenger vehicle sales in 2022 with 37.93 lakh units sold, growing 23.1 per cent from the preceding year. However, car makers, do not foresee similar growth for 2023.
Which are the competing models of Tata Motors and Mahindra?
Tata Motors’ Nexon EV is sold in two variants – Prime and Max. While Prime has a claimed range of 312 km on a full charge, Max claims to have a range of 453 km. Tata Motors reduced the price of Nexon Prime from Rs 14.99 lakh to Rs 14.49 lakh and Nexon Max from Rs 19.84 lakh to Rs 18.99 lakh.
The reduction was announced after Mahindra announced the launch of the Mahindra XUV 400 EC – a version that offers a range of 375 km – for Rs 15.99 lakh. Another version – XUV400 EL – will be priced at Rs 18.99 lakh and promises a range of 475 km. All prices are ex-showroom.
Who are the key carmakers in the EV market?
Tata Motors is the biggest player with an 80 per cent market share and also the widest range of models on offer. Mahindra is a new entrant.
Hyundai and Kia Motors have models in the higher price segment. Maruti Suzuki has announced to launch EVs by 2025 along with Toyota Motors. The industry expects a disruption in the market with launches by Maruti Suzuki.
Source: PTI
