Homegrown auto major Tata Motors dominates the Indian electric vehicle market and and plans to further expand its EV portfolio even as BMW, Mercedes-Benz, Volvo, Audi and Porsche consider India launches

Auto manufacturers including Kia, BMW, Mercedes-Benz, Citroën, Volvo, Audi, BYD, Porsche and Jaguar-Land Rover are considering unveiling around 21 new electric passenger vehicles (PV) over the next 12 months in India, a report has said.

The move is likely to fuel growth of the domestic electric cars and make electric vehicles (EVs) accessible to a large number of consumers. Electric PVs still account for only 2. 47 percent of total passenger vehicle sales, the Economic Times reported, citing market researcher Jato Dynamics data.

Also Read: India could play a pivotal role in EV revolution: Julia Palle

Moneycontrol couldn’t verify the report independently.

Homegrown auto major Tata Motors dominates India’s EV market and plans to further expand its EV portfolio. “The EV contribution in our portfolio is likely to increase to 25 percent in five years and reach 50 percent by 2030,” the Mumbai-headquartered vehicle manufacturer said in its annual report for 2022-23.

The company firmed up its EV sales from 1,300 units to over 50,000 in three years and has the widest range of EV offerings including hatchbacks, sedans and sports utility vehicles (SUVs).

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MG Motor India, owned by China’s SAIC Motor, is also eyeing more than 25 percent electric share in total car sales this financial year, Gaurav Gupta, deputy managing director, was reported as saying in the report.

The carmaker rolled out a high-end variant of its SUV ZS EV this month at Rs 27. 89 lakh, after the April launch of the Comet EV at Rs 7. 98 lakh. The company is hopeful of further growth after the monsoons, as it is gearing up to cash in on the upcoming festival season.

At present, 13 manufacturers sell electric PVs in India, up from four in 2020. The likes of Maruti Suzuki, Honda, Toyota, Volkswagen and Škoda Auto are yet to mark their presence in the electric segment.

Also Read: Tesla executives hold market entry talks with Indian investment agency

Billionaire Elon Musk’s Tesla is said to be working on plans to set up car and battery manufacturing units in India. Reports said the world’s largest EV manufacturer is likely to unveil its $25,000 Model 2 car in 2024.

The US-based Fisker has also announced plans to manufacture 100 limited edition Ocean SUVs for the Indian market, the report said.

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