India is considered by many to be a nation whose impact could increase greatly as the 21st century goes on given its large military, economy, and population. However, the country is yet to catch up in terms of electric vehicle adoption.
In the view of the International Energy Agency (IEA), China, the United States and Europe have all become major markets for electric vehicle purchases; the agency reports that more than 50% of the vehicles on Chinese roads are EVs. However, India is still lagging behind.
The IEA did note that BEV sales in India increased by four times more than last year and reached about 50,000, though it is still a tiny fraction of the 4,400,000 that China sold, suggesting that change may be on the horizon.
In addition to a rise in its sales, the agency noted that India was also increasing production of electric vehicles as well as the parts that go in them. The Indian government has supported this with an incentive scheme of $3.2 billion, leading to $8.3 billion worth of investments.
In light of the aforementioned factors, some executive officers from the largest automobile companies across the globe, among them Stellantis CEO Thierry Koskas, are arguing for having a presence in India. In a recent interview with CNBC, Koskas acknowledged that the Indian market held enormous promise due to the country’s high proportion of city and subcity car usage, which is ideal for electric cars.
Citroen India is a company making a run in India’s emerging electric vehicle market; the company introduced the ë-C3 all-electric in February 2023. In addition, Volvo Cars and Audi are following suit; both offer entirely electric models of their respective vehicles, the XC40 Recharge and e-tron, respectively.
Other companies already established in India include Mahindra & Mahindra, Ola Electric and Tata Motors, which has Jaguar Land Rover as one of Tata Motors subsidiaries. IEA reports that in 2022, Tata sold more than 85% of BEVs across India.
Bhavish Aggarwal announced that Ola Electric will introduce an all-electric car with a 0–100 km/h acceleration time of just four seconds. The company stated that it intends to introduce the vehicle by 2024.
Although there’s a lot of discussion concerning the possibilities for electric vehicles in India, there is still a lot to do before such vehicles can play a significant role in the Indian transport system. While electrification is a significant undertaking, Koskas feels upbeat about India’s future. He believes the market will grow significantly in the near future from its current marginal state, and Citroëne is delighted to be one of the early entrants in the Indian market.
As these specified automakers focus on breaking into the EV market in India, it remains to be seen which new markets other startups such as Lucid Motors (NASDAQ: LCID) devote their expansion efforts on.
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