India’s automakers are preparing to unveil close to a dozen new electric vehicle (EV) models this year, many of them targeting the premium market, with longer driving ranges and faster charging capabilities to attract consumers. This move comes at a time when global EV demand has slowed, but Indian companies are focusing on capturing a greater share of their home market, where electric vehicle sales are still in their infancy. The new models will be showcased at India’s five-day auto show in New Delhi starting Friday, alongside brands like Vinfast, Maruti Suzuki, Mahindra & Mahindra, BYD, Toyota, and Hyundai.
India’s electric vehicle market remains small, with electric cars making up just about 2.5% of the total 4.3 million vehicles sold in 2024. High vehicle prices and limited charging infrastructure have been key barriers to widespread adoption. However, the Indian government is aiming for 30% of all car sales to be electric by 2030, as part of a broader push toward cleaner vehicles. “The government wants to grow this to 30% by 2030,” said one industry executive, highlighting the country’s ambitious plans to transition to electric mobility.
While the EV market in India has slowed—rising by 20% to about 100,000 units in 2024—it continues to outpace the broader automotive market, which saw only 5% growth. Industry insiders are optimistic that new EV models, designed to deliver at least 400 km per charge, could help further accelerate demand. “We expect the new models to lift demand significantly,” said a senior industry executive. Companies like Mahindra are also targeting long-range EVs, with some models offering over 600 km per charge and fast-charging capabilities.
VinFast, a new entrant from Vietnam, will display its mini-SUV VF3 and the VF9 three-row MPV at the auto show. The company has emphasized India’s potential as a key market for its global expansion. “India’s burgeoning middle class, coupled with strong government incentives to promote EV adoption, makes it a natural focus for VinFast’s global expansion,” the company said. Hyundai will showcase an electric version of its popular Creta SUV, and Maruti Suzuki will debut its first electric vehicle, the e Vitara SUV, developed in collaboration with Toyota. Vikram Gulati, country head and executive vice president for Toyota India, noted that “the path to a faster electric takeoff really works better if you have all electrified vehicles being encouraged in a proportionate manner.”
Source: Reuters
