In India, sales of electric passenger cars are anticipated to more than quadruple and surpass 100,000 units for the first time in the next fiscal year thanks to new models that manufacturers like Tata Motors, MG Motor India, and Mahindra & Mahindra intend to introduce.
The Indian market is already seeing a rapid increase in passenger car sales, which are expected to reach approximately 50,000 units in the current fiscal year of 2023, which ends in March, up from only over 3,000 units three years ago. Market trackers claim that if the mainstream segment had offered more choices, the rate of expansion may have been quicker. While luxury automakers sell about 15 EVs a year, there are just two alternatives under 20 lakh available.
The Tigor and Nexon from Tata Motors. Prices for the Hyundai Kona and the MG ZS EV vary from 22.58 to 26.60 lakh.
More than 20,000 reservations have been made for Tata Motors' forthcoming Tiago EV, whose deliveries will begin next month and which now holds an almost 90% market dominance in India for electric passenger vehicles. According to the business, first-time customers from states like Bihar, Madhya Pradesh, Uttar Pradesh, and Andhra Pradesh make up as much as a quarter of the bookings.
In FY23, Tata Motors will release two additional electric cars for the general public. The Air EV, which will be sold for between 11 lakh and 15 lakh, will be unveiled by MG Motor India in the April to June 2023 quarter, with Mahindra beginning delivery of the XUV400 EV in January.
According to him, demand will rise as more electric vehicles with different ranges, pricing points, and body designs hit the market and as more charging stations are built.
Currently, 8.5% of Tata Motors' sales of passenger vehicles are electric vehicles. With the Tiago EV, which costs over 8.49 lakh, this is expected to rise to 10%. If the firm electrified the whole portfolio, Chandra is certain that the company could have at least 25% of its sales come from electric vehicles. Over the next five years, Tata Motors intends to introduce as many as 10 electrified automobiles.
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