Nagpur – Domestic automakers in India are vying for a larger slice of the rapidly expanding EV pie. The success of Tata Motors’ Nexon EV provided the first mover advantage. With Mahindra’s entry into the EV segment, the race to the top is heating up. The two titans, who are already rivals in the SUV market, will now compete in the EV space. and the story is far from over. The EV battle will also see a new entrant, with Ola Electric announcing plans to launch an electric car with a 500-kilometer range by 2024.
Mahindra & Mahindra has announced the launch of five new electric SUVs for both domestic and international markets. The first SUVs are anticipated to hit the market between 2024 and 2026.
The five electric SUV models, according to Mahindra, will be introduced under two brands: XUV and an all-new electric-only brand called BE, and will be powered by a common platform called INGLO.
With the announcement, Mahindra & Mahindra has signaled its shift toward the electric segment, recognizing the future potential it offers.
Anish Shah, managing director and CEO of Mahindra Group, stated that the new electric SUVs provide a strategic direction for the company and are consistent with the company’s philosophy of providing customers with future-ready technology.
“We expect that by 2027, a quarter of the SUVs we sell will be electric,” he said.
Ola Electric, which recently announced its own EV by 2024, is not far behind. Bhavish Aggarwal, the company’s founder, has his own vision for expanding into the electric car market.
“In the car space, we definitely have a full roadmap in the works… we will definitely have cars at the entry price market.” “We’re starting with a premium car, which will be available in 18 to 24 months,” PTI quoted Aggarwal as saying.
“We are envisioning that across all of the products that we will launch, maybe by 2026 or 2027, we will target a million cars a year in volume,” he added.
Tata Motors, which already has a competitive advantage in the EV space, has big plans to ramp up its EV game. It unveiled the Curvv concept for a new electric SUV in April.
These new EVs will have a range of 400-500 kilometers. According to the company, these will be capable of faster and more efficient charging.
Tata Motors’ electric subsidiary, Tata Passenger Electric Mobility Ltd. (TPEML), has acquired Ford’s Sanand plant in Gujarat, signaling its intention to increase its EV focus.
Other players, such as MG, which has had success with its ZS EV, and Hyundai, with its Kona, plan to step up their EV game. Maruti, India’s largest automaker, also intends to launch its first EV by 2025.
However, one of the major challenges in the adoption of EVs in India remains the lack of charging infrastructure. Automobile manufacturers are collaborating with charging infrastructure providers to rapidly scale up chargers. Along with the development of larger batteries, the rapid expansion of charging infrastructure will undoubtedly attract more customers to EVs.
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