In an electrifying twist, ‘Make in India’ electric vehicles are gearing up to conquer international markets. While Tesla makes headlines with its entry into the Indian market, the world’s third-largest passenger vehicle market is set to make waves in electric vehicle exports.
Dive into the future as 12-18 electric vehicle models, spanning hatchbacks, sedans, SUVs, and MPVs, are under development by major car manufacturers. This signals a dynamic shift in India’s role, transforming from a small car export hub to a mid-size vehicle export giant over the last decade.
Industry insiders predict that electric vehicle exports from India could surpass 1 million units annually in the next four to five years. Surprisingly, these exports might constitute a whopping 25-30 percent of all vehicles shipped from the country, while domestic EV penetration is projected to be around 10-15 percent.
Major players, from Maruti Suzuki to MG Motor India, Hyundai Motor India to Citroen, are eyeing global markets for their electric vehicles. Maruti Suzuki, for instance, plans to produce over 2.5 lakh units of electric vehicles by 2027, with a significant chunk destined for key global markets, including Japan.
Honda Cars India is also gearing up with its ‘Asian Compact Electric’ project, aiming to ship 30,000-50,000 units of EVs globally starting 2026-2027. Other giants like Suzuki, Hyundai, Renault-Nissan Alliance, and Skoda Auto Volkswagen are not far behind, solidifying their positions in the electric revolution.
The Indian government’s Production Linked Incentive (PLI) scheme emerges as a game-changer, offering financial incentives to boost domestic manufacturing of electric vehicles. With a budgetary outlay of Rs 25,938 crore, this scheme supports the vision of ‘Make in India’ for the world.
OEMs are pouring significant investments into EVs, with Maruti Suzuki, Hyundai Motor India, Tata Motors, Mahindra & Mahindra leading the charge. The industry’s response to the PLI scheme has led to a proposed investment of Rs 74,850 crore over five years, showcasing the sector’s commitment to electrifying the future.
Alliances and collaborations are on the rise, with global players like Renault-Nissan and Skoda Auto Volkswagen exploring partnerships with Indian manufacturers. The learning curve for EV development is shorter, bridging the gap between legacy players and new entrants like VinFast, Lucid, and Fisker.
As India gears up for its next automotive evolution, it poses a formidable challenge to Chinese EV makers, offering a unique scale and cost advantage. With supportive policies and swift actions on the ground, India is emerging as a strong contender in the global EV race.
Don’t miss the electrifying journey ahead as India, having grabbed the podium from Japan in 2023, charges into a new era of automotive dominance!”
Q1: What is the focus of India’s electric vehicle (EV) exports?
A1: India’s EV exports are set to capture global markets with a diverse range of 12-18 models, including hatchbacks, sedans, SUVs, and MPVs.
Q2: How does the government support EV manufacturing in India?
A2: The Production Linked Incentive (PLI) scheme provides financial incentives to boost domestic EV manufacturing, encouraging significant investments from OEMs.
Q3: Which automakers are leading the EV revolution in India?
A3: Key players like Maruti Suzuki, Hyundai, Tata Motors, and Mahindra & Mahindra have announced substantial investments in EVs, contributing to India’s global EV ambitions.