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Slow Growth of Electric cars in India
The electric car market in India is still in its early stages, with zero tailpipe emission models accounting for just over 2% of the total passenger vehicles sold in the country in the fiscal year 2024. While there has been a significant increase in sales of electric cars compared to the previous year, the overall market share remains low.
Need for More Mass-Segment Electric Cars
Industry experts attribute the slow growth of electric cars in India to the lack of affordable mass-segment models in the market. Currently, there are only a few electric cars priced below Rs 20 lakh, making them out of reach for the average consumer. Manufacturers like Tata Motors and MG Motor are leading the way with affordable electric models, but more options are needed to drive sales.
Upcoming Electric Car Launches
Despite the challenges, there is hope on the horizon with upcoming electric car launches from major automakers. Maruti Suzuki is set to introduce its first electric vehicle, the eVX, next year, while Hyundai is expected to launch a new electric model based on the Creta. These new offerings aim to expand the market for electric cars in India and make them more accessible to a wider range of customers.
Challenges in Infrastructure Development
One of the key factors hindering the growth of the electric car market in India is the lack of adequate public charging infrastructure. While the government has made efforts to increase the number of charging stations across the country, more investment and development are needed to support the growing demand for Electric vehicles. With only 12,146 public EV charging stations operational as of February 2024, there is still a long way to go in building a robust charging network.
In conclusion, the electric car market in India is slowly but steadily progressing, with growing sales and new models on the horizon. However, to truly accelerate the adoption of electric vehicles, there is a need for more affordable mass-segment options, as well as a comprehensive infrastructure development plan. With continued support from both the government and automakers, the future looks promising for electric cars in India.
Keep an eye on this. We’ve seen the Japanese autos struggling in China and now @VW.
There are openings for VW in US EV market, particularly with more ID.4, ID. Buzz and the @Porsche Macan.
A reminder that the EV transition is a global story: https://t.co/eE6dvmHljO
— Corey Cantor🌕 (@CoreyBCantor) March 13, 2024