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Prominent companies such as Tata Motors, Hyundai and Mahindra have several electric vehicles launches lined up amid a surging demand for the segment.
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| Tata Motors is planning to expand sales outlets in Tier-2 and Tier-3 cities to cater to the surging demand for its EV models | Image Credit: Tata Motors |
Several automakers are making the transition to electric vehicles for their upcoming portfolio of launches.
Why are automakers expanding their EV portfolio?
According to K Vijaya Kumar, MD and CEO of Lectrix EV, the rising demand for EVs is attributed to public sector policies and private sector investment and interest.
"As per the IEA’s annual global electric vehicle outlook, more than 10 million electric cars were sold globally in 2022. This number is expected to grow massively by 35 percent this year," said Kumar.
"For developing economies like India, the growing demand for EVs is because of public sector policies and private sector investment and interest. Schemes like FAME have helped electric mobility adoption. In addition to this, innovation and investment by the private sector, be they incumbent companies or startups, have also helped boost EV adoption," he added.
Kumar said that EVs prove to be more cost-effective for consumers, making them an attractive alternative to non-renewable fuel-based vehicles.
"Several initiatives have helped innovation in battery manufacturing and the evolution of EVs. Besides this, the growing demand for EVs from the logistics sector for first-mile, mid-mile, and last-mile deliveries is contributing substantially to the sector's growth. For retail use, the consumer today is looking for more cost-efficient vehicles, and EVs serve that purpose," he said.
"India’s commitment to net zero by 2030 and policies for regulation of pollution to achieve sustainability goals have also made EVs a great option for businesses and individuals. EVs today are available in a wide range of models with upgraded technology and connectivity that is tech-powered. These new-age facilities have contributed and will continue to contribute to the rising demand for EVs," Kumar added.
Upcoming EVs to look out for
Thar.e | Image Credit: Mahindra Youtube
Mahindra introduced its latest sports utility vehicle, Thar.e, at the 'FutureScape' event in Cape Town, South Africa, on Tuesday. The event did not reveal specific information about the pricing and availability of the electric version of the Thar. The Thar.e has an all-wheel-drive electric powertrain and is constructed on the INGLO-born electric platform. The SUV features an extended wheelbase and shorter overhangs, enhancing its overall performance.
Tata Punch | Image Credit: Tata Motors
The Tata Punch EV is expected later this year, with an expected price of around Rs 12 lakh (ex-showroom). Recently, the renowned automaker introduced the Compressed Natural Gas (CNG) version of the micro SUV, available at prices ranging from Rs 7.1 lakh to Rs 9.68 lakh. Designed to accommodate five passengers, the Punch EV is set to provide various battery pack choices, potentially enabling a range of up to 350 kilometres.
Hyundai Kona Electric | Image Credit: Hyundai
The second-generation Hyundai Kona Electric is expected to have a starting price of around Rs 25 lakh (ex-showroom) and to launch by May 2024. The vehicle will offer seating for five passengers, and globally, it will be available with two battery pack choices, 48.4 kWh and 65.4 kWh.
