1. EV Sales triple in India in recent findings! Tata Motors leads the pack.
As per research by the Federation of Automobile Dealers Association (FADA), sales of electric vehicles in the country increased threefold, from 1,34,821 units in 2020-21 to 4,29,217 units in 2021-22. Two-wheelers dominated the sector. Tata Motors dominated the passenger e-cars segment followed by MG Motors, Mahindra & Hyundai.
In the electric two-wheeler segment, Hero Electric led the pack, followed by Okinawa, Ampere & Ather.
Electric three-wheeler sales doubled from 88,391 units in the last fiscal to 1,77,874 units this fiscal.
2. An electric rebirth for Ford in India.
After 7 months since Ford decided to shut its operations in India, the company is exploring the possibility of using its Tamil Nadu plant as an export base. The state government of Tamil Nadu held talks with Ford in this regard.
The company recently made it clear that this initiative will serve global markets, including Europe & the US.
The government of India announced a new PLI scheme after Ford’s India exit. It offers 13-16% incentives for passenger EV makers based on their annual sales. The new scheme is applicable only for BEVs & FCEVs. While Ford is planning to use the Indian plant as an export base, it might use this opportunity to enter the new EV market in India.
3. California-based EV maker Fisker opens headquarters in Hyderabad.
Electric carmaker Fisker opened its headquarters in Hyderabad, Telangana. The state’s Minister of Industries KT Rama Rao had visited Fisker’s California headquarters recently. The Indian arm will be called Fisker Vigyan. It will work together with the parent company’s engineering & product development facilities in California.
The global launch of Fisker’s all-electric Ocean SUV will take place in November 2022. It will take on Tesla Model Y. The company is now evaluating launching the Ocean SUV in India as well.
4. Kia’s 1st EV spotted on road.
Kia Motor’s first electric car, the EV6, was spotted on Hyderabad roads. Kia EV6 made its debut on the global stage last year. The company had announced that the electric car will also be its first EV for the Indian market. The new EV is undergoing tests on the Indian roads. The EV6 will be imported to India as a completely built unit (CBU) and is expected to be priced in between Rs 60-70 lakh.
The car is based on the same modular platform as its cousin the Hyundai Ioniq. Internationally, it comes with 2 battery options: 58kWh & 77.4kWh.
It is expected to launch in the second half of 2022.
5. Smaller towns adopting EVs at a rapid pace.
According to a report by Crisil, EV sales are picking up speed in tier 2 & tier 3 cities in India. As fuel prices are rising & petrol 2-wheelers get costly, people in smaller cities are looking towards EVs. The share of top 10 cities in electric two-wheeler sales has gone down from 40-45% in FY21 to 15-20% in FY22. Similarly, the share of top 10 cities in electric three-wheeler sales has dipped from 55-60% in FY21 to 25-30% in FY22.
Big cities like Bangalore, Mumbai & Delhi are being challenged by smaller towns like Raipur, Bhiwani & Bhubaneswar.
Around 70% of the country’s population lives in semi-urban & rural India. And public transport and accessibility remain a challenge. No doubt many households already have the regular petrol-powered two-wheelers, but petrol prices are escalating. This is where EVs fit in. It appears to be well-timed as well as rural India is getting electrified rapidly. As power supply improves, charging these vehicles will become more convenient for rural riders.