Prøve GULL - Gratis

Electric Take-off

Outlook Business

|

March 2025

Automakers are sharpening their competitive edge to take each other on in a contest that will shape the electric car market in the country

- Ayaan Kartik

Electric Take-off

The wait is over, Maruti Suzuki announced before unveiling their first all-electric car in the Indian market at the Bharat Mobility Expo in the national capital earlier this year. Maruti Suzuki was not the only one. At the country's biggest auto expo, electric vehicles (EVs) took centrestage with some of the biggest names in the industry—Tata Motors, Mahindra & Mahindra (M&M), JSW MG Motor and Hyundai—showcasing their new offerings. The signal is clear: competition in the electric four-wheeler segment is about to get tight.

Companies are gearing up as well. Tata Motors managing director Shailesh Chandra said on the sidelines of the mobility expo that increasing competition would be a net positive for the industry. But it comes with a caveat. "Competition should lead to market expansion. If the market does not expand, it will be a challenge for all the players," he said.

Meanwhile, stakeholders are waiting to see how market expansion pans out. Last year was not a good one for the passenger vehicle (PV) segment in the country. Numbers with the Federation of Automobile Dealers Associations (Fada) show that PV sales grew by 5% last year compared to over 10% in 2023.

And while PV sales posted sluggish growth, EV sales rose 20% to touch nearly 1 lakh in 2024. This also makes it clear why automakers are turning to EVs. Though electric car sales accounted for only 2.5% of all PV sales in the country in 2024, by the financial year 2030, the industry sees it reaching 15–20%.

Competition Gets Tight

For 40 years, Maruti Suzuki consistently held the record for the highest-selling car. Then came Tata Motors with its sports utility vehicle (SUV) Tata Punch. The model emerged as the bestseller in 2024, with 2.02 lakh sales. Maruti Suzuki’s WagonR followed in the second place with 1.91 lakh units.

Outlook Business

Denne historien er fra March 2025-utgaven av Outlook Business.

Abonner på Magzter GOLD for å få tilgang til tusenvis av kuraterte premiumhistorier og over 9000 magasiner og aviser.

Allerede abonnent?

FLERE HISTORIER FRA Outlook Business

Outlook Business

Driving Towards Sustainable Mobility

As India transitions into the era of cleaner and more sustainable mobility solutions, it has become imperative for automakers to do more than just electrify their line-up.

time to read

1 mins

June 2025

Outlook Business

Outlook Business

A Historic Blunder

A ceasefire has been announced post-Operation Sindoor that destroyed nine terrorist bases in Pakistan and Pakistan-occupied Kashmir (PoK), its air defence infrastructure and other military bases.

time to read

3 mins

June 2025

Outlook Business

Outlook Business

‘India serves as a testing ground for scalable solutions’

Swetha Ramdas, principal, APAC sustainability, Amazon tells Sudipto Dey in an email interview that the company is delivering orders with reduced or no packaging in over 300 cities in India. Edited excerpts

time to read

3 mins

June 2025

Outlook Business

Outlook Business

Third Time's A Charm?

As payments and lending lose their sheen, fintechs are betting on broking and wealth management as their next engines of growth

time to read

6 mins

June 2025

Outlook Business

Outlook Business

NSIC has been imparting skill training amongst aspiring entrepreneurs

National Small Industries Corporation’s CMD Subhransu Sekhar Acharya tells Outlook Business how the organisation is helping MSMEs grow. Edited excerpts:

time to read

4 mins

June 2025

Outlook Business

Outlook Business

War will affect India's attraction as an FDI destination

Ajit Ranade, senior fellow at Pune International Centre, tells Pushpita Dey that it is in India's interes to contain border conflicts. Edited excerpts

time to read

3 mins

June 2025

Outlook Business

Outlook Business

Building Blocks of a Circular Economy

Across our planet, the consumption of finite natural resources is placing a large strain on the environment, with changing geopolitical dynamics adding new dimensions to the challenge.

time to read

3 mins

June 2025

Outlook Business

Outlook Business

Mankind Gets A Booster Dose

The pharma company under Sheetal Arora is looking to increase its footprint on foreign soil by leveraging its recent acquisitions and increasing investments in R&D

time to read

5 mins

June 2025

Outlook Business

Outlook Business

Our Tier-II and Tier-III cities present youthful demographics and cost-efficient operations

Ekroop Caur, secretary, Department of Electronics, Government of Karnataka in an email interview with Shruti Tripathi discusses the state's vision to strengthen the digital ecosystem. Edited excerpts:

time to read

3 mins

June 2025

Outlook Business

Outlook Business

Taste of Tradition

An iconic sweet shop from Pune is defying the three-generation rule to scale up the business and take its products global

time to read

5 mins

June 2025