According to a report compiled by Bloomberg, India is the fourth biggest automobile market with around 15 crore drivers. But, only a marginal 8,000 wants electric cars. For context, China sells twice this number in just two days.
The BloombergNEF report predicted that EVs may comprise 28% of new vehicle sales by the year 2040
Nobody Is Buying Electric Cars In India
- On one hand, the EV scene in India is growing with various government-backed schemes and incentives, but on the other, there has been poor demand on the customer side for electric cars.
- On February 2019, Prime Minister Narendra Modi committed $1.4 billion for infrastructure and incentive for electric cars in India.
- As per FADA vice president Vinkesh Gulati, there is that excitement within Indian motorists for EVs, but that stops as soon as the prices are revealed.
- “The affordability of electric cars in India is just not there, I don’t think the government or the car companies expect that in the next two to three years there will be any real buying of electric vehicles,” says Maruti Suzuki supremo, RC Bhargava.
- Moreover, prevailing issues like poor infrastructure, disinclination by banks to finance EVs are also contributing reasons to the EV problem in India.
- Hyundai made its debut into the electric car market with the launch of the Hyundai Kona EV back in July 2019. As per August data, only 130 Kona EV has been sold in India.
- India’s largest carmaker; Maruti Suzuki’s slow pace with Mahindra and Tata’s low-level approach towards EVs is further deteriorating the EV scene in India.
- “Somebody has to take the leadership, and it will trickle down, we have to start somewhere” comments Rajeev Chaba, MD, MG Motor India. MG is planning to launch its own electric car in India by December 2019.
Exclusive: Toyota To Launch Electric Car In India0