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Buzz in the EV market of India
Shayma Shamim
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Buzz in the EV market of India

Is India all set to accept luxury electric cars?

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Tesla is urging India to cut tariffs on electric vehicles, but competitors such as Mercedes-Benz and Volvo see more opportunities to build their cars at their local manufacturing units. According to the ET analysis model, to make EVs more accessible to Indian consumers and beneficial to businesses, locally assembled EVs are taxed at 45% compared to 110% on the imported range of electric cars. The Indian luxury electric vehicle market is booming up and Mercedes-Benz, Audi, BMW, Volvo, and others are working on launching several models and governments are in line to help Tesla set up its manufacturing unit in India. Tesla hasn't decided yet whether it wants to step into India, but Model S makers can't guarantee tariff reductions on all vehicles. Other luxury cars makers in India are trying hard to lower the GST on purchasing or making Electric Vehicles and also cost reduction on assembling of EVs locally to boost the adoption of luxury EVs in the country. Tax cuts allow some electric vehicles to be sold at prices comparable to fossil fuel models. Audi has launched a study to explore the possibility of assembling electric vehicles locally, while Swedish competitor Volvo Cars are exploring the same opportunities to enter the Indian Market. BMW, on the other hand, wants to tax imported cars that are fully manufactured like Tesla but are also considering zoning, so it's "for a limited time." The goods and services tax for electric vehicles is only 5%, which is a major incentive for electric car manufacturers to introduce, including a tax rate of up to 50% for diesel or petrol vehicles. In addition, the base tax for petrol, diesel, and even electric vehicles is around 40%, which is assembled locally. For total assembly (CBU) imported from an overseas factory, this is between 66% to 110%, depending on the value of the car. Combining two locally assembled electric vehicles will provide a cost advantage of 26-70% over a single supply. In addition, some states have abolished tolls on electric vehicles and luxury car manufacturers to support the luxury car EV manufacturers in the Indian market.

Renault, Nissan, and Mitsubishi are developing an electric car together and will announce its plan soon

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Giant players of the automotive industry, Renault, Nissan, and Mitsubishi will soon be collaborating to build electric vehicles. The three companies, known as the Renault-Nissan-Mitsubishi Alliance, will unveil plans for their new collaborative electric vehicles on January 27. According to Reuters, all three automakers plan to triple their investment to expand this collaboration. As per the reports, companies are expected to invest more than 20 billion euros in developing a collaborative model over the next five years. By the end of the decade, 30 EVs will be available, based on five popular EV platforms. By 2030, these five EV platforms are expected to be used in 90% of the electric vehicles made by these manufacturers. The group has developed four popular electric vehicle platforms: Nissan Ariya, Renault Megane EV, Renault Dacia vehicles, and Nissan and its Chinese partner Dongfeng.

Tata Motors aims to mainstream electric vehicles and plans to sell 50,000 units per year

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With $1 billion in funding from TPG Capital and several new models, Tata Motors is leading the EV race with plans to produce 50,000 EVs in the next fiscal year starting in April. Those familiar with the matter say the company has discussed a final production plan with its suppliers to produce 50,000 electric vehicles by 2023 and expand to 125,000-150,000 per year over the next two years. The electric vehicle industry could generate Rs 500 billion in revenue for Tata Motors in 2023 if the target is met, justifying the high reputation of selling shares in the electric vehicle industry. With 15,000 car orders and plans to launch three affordable EVs under Rs 10 lakh in the next 12 to 18 months, Nexon EV makers are confident they will lead the way. In addition to the new high-mileage Nexon EV, Tata Motors has launched the new Tiago EV, as well as an electric version of the Punch small SUV and Altro hatchback, priced under Rs 10 lakh. Two years can attract new customers. The company's electric vehicles are expected to be able to travel at least 200 kilometers in a single charge. Tata Motors' official informed at the end of FY2026, the company is planning to bring 10 electric vehicles to market. At the same time, the passenger car market leaders Maruti Suzuki and Hyundai Motor India have no plans to launch conventional electric vehicles in India before 2024 to 2025, at least until then there will be less competition from Tata Motors.

Honda is all set to start its battery swapping service from June 2022

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Honda Motor Co., Ltd., the Japanese automaker giant, will launch a new battery exchange service for E3W in Bangalore from June onwards. The company wants to examine and observe India's high-tech capital markets before expanding its services to other geographies of India or the motorcycle sector. Honda Powerpack Energy India, a subsidiary of the automaker, has invested Rs 135 crore to launch the service. As per the officials, Honda tested the concept in Mumbai but chose Bangalore to launch the service. Honda says that when an E3W is sold with a battery swapping option, more consumers will be able to buy them. The expansion of this service in Bangalore will take place gradually. The company hopes battery-swapping services will boost electric vehicle (EV) adoption by addressing issues related to electric vehicles. In the battery swapping option, you can replace a fully charged battery with an empty EV battery. These charging stations act as battery collectors, provide an infrastructure for charging large numbers of batteries, and supply rechargeable batteries for electric vehicles.
 

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