They are lining up 81 new models in FY24, including electric vehicles (EVs) and vehicles fitted with traditional internal combustion engines to lure buyers. That compares with the 54 new products launched by carmakers in the previous year, data collected by auto intelligence firm JATO Dynamics showed.
Carmakers are scrambling to adapt to changing consumer preferences amid a surge in SUV sales and new sub-segments emerging within that category. Compounding the challenge are regulatory compliances and the rising popularity of new technologies, such as EVs and hybrids. With many models phased out last year, carmakers are redoubling efforts to launch new vehicles.
The automotive industry is readying to launch a flurry of new car models in FY24, with JATO Dynamics projecting 54 new models featuring full-model changes, facelifts, or new platforms.
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