Consumer interest in electric vehicles (EVs) has hit the right notes, with the segment looking to have reached an inflection point.
From just a couple of products across segments five years ago, the bouquet has grown to more than 50 EV models, as of today. Scooters, motorcycles, passenger three-wheelers, cargo three-wheelers, 4-wheeler vans, cars, SUVs and buses are powered by batteries.
Through greater localisation efforts and constant slide in price of batteries, some of these EVs are priced on par or even lower than their petrol-powered counterparts.
Let’s take a look at where some of the biggest automotive brands are in the EV space and what their future looks like.
Tata Motors
Tata Motors is India’s largest manufacturer of electric passenger vehicles (ePVs) with a share of more than 70 percent. The Mumbai-based company’s line-up includes the electric Nexon and the electric Tigor.
It has committed to launch at least two electric models every year till 2025, including the electric version of the Altroz; making it a portfolio of 10 products by 2025. A light compact electric truck could also go on sale to complement its electric buses.
Mahindra & MahindraM&M was the first established auto brand to venture into the EV space. But the company could not hold onto the lead in the ePV space for long. It, however, created a niche in the e3w category, where it is the market leader. Across segments, at least 12 new EV launches are lined up by M&M in the next few years, including the eKUV, eXUV300, eXUV700, W620, V201 and Atom.
The Mumbai-based company is spending Rs 3,000 crore to spruce up its EV play.
Bajaj AutoPune-based bike major Bajaj Auto is forming a new company to house EVs. This company will not only draw fresh investments but will house all two and three-wheeler electric vehicles of the future. At present, the company has just one EV, Chetak, which, it plans to extend to more cities before the end of FY22.
Electric two-wheelers under the Husqvarna brand and an electric passenger three-wheeler are among the products in the electric space.
TVS Motor CompanyChennai-based TVS Motor Company dived into the EV space in January 2020, soon after Bajaj Auto introduced the Chetak in the same month. Since then, the maker of the Apache motorcycles has expanded sales of the iQube to several markets and hopes to cover the entire country before the end of FY22. TVS has lined up Rs 1,000 crore investments, purely to up its game in the EV space.
Hero Electric
Hero Electric is to electric two-wheelers what Maruti Suzuki is to compact cars. The Munjal family (Naveen Munjal)-controlled firm is the market leader of the electric two-wheeler segment, having the biggest product portfolio among all players. The company is pumping in Rs 700 crore for setting up new factories, which can take its installed capacity to 1.3 million units a year.
From 700 dealers and sub-dealers, Hero Electric intends to increase the count to 900 this year, and to 1500, in 2-3 years.
Ola Electric
Even before the launch of the S1 and without knowing the final price, more than 100,000 bookings were made for the electric scooter. Ola Electric is the newest company on the block, which hopes to make buyers give up aspirations of owning a petrol two-wheeler in favour of electric vehicles.
It is setting up what it claims to be the biggest electric two-wheeler producing plant in the world with a capacity of 10 million. Ola Electric, which is backed by Hyundai and Kia, plans to get into electric four-wheelers in the near future.
Ather Energy
Backed by Hero MotoCorp, Ather Energy was one of the first start-ups to venture into EVs. The company, currently, has two scooters on sale, 450 Plus and 450X. From a little over two dozen cities, Ather plans to be in 100 cities by FY23.Ather moved production to its new plant in January, which has a capacity of 110,000 units a year. The company plans to pump in Rs 635 crore for further business enhancement.
MG Motor
MG Motor India, the China-based SAIC subsidiary, sells the ZS EV in the Indian market. At a little over 400 km, MG claims that the ZS EV has the highest drive range among all EVs priced below Rs 25 lakh.
The ZS EV is the second largest-selling ePV in India. MG is planning to launch its second EV in the next two years, which would be priced below Rs 20 lakh.
Piaggio
Italian brand Piaggio entered the electric cargo three-wheeler space in February 2021 to become one of the two brands to have both cargo and passenger three-wheelers powered by batteries. The company plans to expand its EV offering to cover most cities across the country.
New entrants
Hero MotoCorp, Bharat Forge, Honda Motorcycle and Scooter India, Suzuki Motorcycle, Maruti Suzuki, Toyota Kirloskar and Citroen are some of the other companies who are expected to enter the EV space in the ne3ext 3-5 years.