India’s shift towards electric vehicles is opening doors for automakers who have experienced a lack of success with their traditional petrol cars. This transition presents an unparalleled chance for these automakers to make a significant impact in the market and establish themselves as industry leaders. Companies like MG Motor, the Chinese SAIC Motors, Renault, Nissan, and Volkswagen are planning to do just that.
In a bold and ambitious move, MG Motors is expecting to derive as much as three-quarters of its sales in India from electric cars by 2028 via the launch of four to five new models and is also building a second factory to make EVs, with an investment of $607 million.
In like manner, Hyundai Motor India has expressed their commitment to invest an impressive sum of Rs 20,000 crore towards the creation of a sophisticated electric vehicle infrastructure in Tamil Nadu. This notable investment will be utilized for the establishment of a state-of-the-art battery factory as well as a comprehensive network of charging stations.
Volkswagen has set its sights on electrifying a significant portion of its passenger vehicle range in India, with plans to achieve this feat by the close of the decade. In addition, the automaker is considering the launch of its premier electric car, the ID.4, in the region as early as next year.
Following a prolonged impasse, Tesla seems to be exploring the prospect of procuring components from local sources. Renowned automotive manufacturers Renault and Nissan have expressed their intention to invest a substantial sum of approximately $600 million in the Indian market, with the aim of expanding their diverse range of high-quality vehicles.
The potential involvement of international traditional ICE players could effectively invigorate India’s transition towards electric vehicles.
Reference- Economic Times, Business Standard, Zee News, CNBC Network 18