Kia sees affordable electric vehicles revving up India sales by 5X in 3 years – EQ Mag
South Korea’s Kia Corp. expects sales of electric passenger vehicles in India to develop 5 instances in the subsequent three years, as auto makers launch a number of merchandise on the affordable finish of the market.
Kia India’s managing director, Tae-jin Park, instructed ET that acceptance of electric vehicles (EVs) in the nation has been better-than-expected and the corporate is doubling its efforts to carry its first electric automobile in the mainstream market by 2025. “Till that time, we want to establish our EV business through the EV6 and EV9,” mentioned Park. Mainstream automakers – from (*3*) to Hyundai Motor India and Toyota Kirloskar Motor – have scheduled the launch of EVs in the Indian mass market in 2025, by when charging infrastructure is predicted to be extra widespread in the nation.
Park mentioned India is an important marketplace for Kia’s EV enterprise. “EV sales in the Indian market are expected to reach an inflection point in three years, when almost all manufacturers will have offerings in the market,” mentioned Park. “We are (also) on our way to launch (a locally made model) by 2025.”
The firm mentioned demand for its EV6, launched final yr, has been excessive. Kia had allocation for 100 items of EV6 final yr, however needed to request the headquarters for extra provides. “India is an important market. Despite shortage in availability of the vehicle globally, headquarters gave us 500 units,” he mentioned.
About 55,000-60,000 EVs had been offered final yr, accounting for slightly over 1% of whole variety of PVs offered in the nation. Park expects this to extend to about 250,000-300,000 items by the tip of 2025.
Mid-term, Kia India expects 7% of its sales to come back from EVs. The firm has the expertise for sturdy hybrids, plug-in hybrids, hydrogen and flex gasoline vehicles, and may carry them to the Indian market, if wanted, offered there’s a enterprise case for the expertise.Last yr, Kia India’s sales grew 40% to 254,566 items. It mentioned India accounts for 10% of world sales and expects to develop enterprise by no less than 10% this yr. Kia mentioned it should avoid the small-car phase, and proceed to concentrate on utility vehicles.
Source: PTI
