According to Bloomberg, electric PV sales in India tripled last year as demand for inexpensive, compact electric SUVs increased.
According to Bloomberg, electric PV sales in India tripled last year as demand for inexpensive, compact electric SUVs increased.
According to the report, the advent of all-electric fleet-operating ride-sharing companies such as BluSmart Mobility, Lithium Urban Technologies, and Evera has also raised demand.
Smaller SUVs are becoming more popular as they can easily negotiate India’s potholed roads and high traffic while presenting ambitious buyers with a status symbol.
Compact electric SUVs are more economical than their larger counterparts, which require larger and more expensive battery packs because they are built on small-car foundations.
India has failed to catch up with affluent countries such as China and the United States in the adoption of electric vehicles. The majority of local automakers have been hesitant to make the switch due to the greater cost of electric vehicles compared to internal combustion engines and the lack of easily accessible public charging facilities.
According to the study, 49,800 electric cars were sold in India last year, accounting for only 1.3% of the 3.8 million passenger vehicles sold.
As a result, there is no opportunity for international automakers to expand in India’s expanding EV market. BYD, which is backed by Warren Buffett, aims to capture 40% of the Indian EV market by 2030, while SAIC Motor plans to launch three EVs by the end of the year of 2024.
In order to catch up, local manufacturers are ramping up their EV efforts. Maruti Suzuki India, the country’s largest automaker, has pledged USD 1.2 billion, while Tata Motors, which dominates the local EV business, plans to invest USD 2.2 billion.
According to the study, 593 charging stations on highways and motorways were proposed by numerous state-owned firms and other authorities last year. Installing chargers will alleviate consumers’ concerns about range when traveling between cities and encourage the adoption of electric buses.
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