India’s EV Market Heats Up as Suzuki, BYD, and VinFast Lead the Charge at Bharat Mobility Global Expo

India’s electric vehicle (EV) market is set to witness a flurry of activity as major automakers, including Maruti Suzuki India Ltd., BYD Co., and VinFast Auto Ltd., prepare to showcase their latest EV models at the Bharat Mobility Global Expo in New Delhi this week. With Tesla’s absence creating a gap, competitors are seizing the opportunity to stake their claim in the world’s fastest-growing major automobile market.

Maruti Suzuki’s Entry with e-Vitara

India’s largest automaker, Maruti Suzuki, will unveil its much-anticipated e-Vitara, an electric SUV developed in collaboration with Toyota Motor Corp. This marks Maruti’s formal entry into India’s EV space, where Tata Motors Ltd. currently holds over 60% of the market. Maruti’s ability to dominate late-entry segments in the past, such as compact SUVs and diesel vehicles, positions it as a formidable contender.

The e-Vitara will compete with rivals such as Hyundai’s Creta Electric, Toyota’s Urban Cruiser EV, MG’s Cyberster, and Kia’s Carens EV.

VinFast and BYD Join the Fray

Vietnamese automaker VinFast is set to debut its VF7 and VF9, targeting affluent Indian consumers with its premium five-seater and larger SUV models. Meanwhile, China’s BYD Co., which has been steadily expanding its presence in India, will add to its existing lineup, further solidifying its position in the market.

India’s EV Potential: A Bright Spot for Automakers

India, the world’s third-largest emitter of greenhouse gases, is committed to decarbonizing its economy and achieving net zero emissions by 2070. With road transport contributing up to 30% of urban air pollution, the rapid adoption of EVs is critical.

Despite accounting for just 2.4% of the 4 million vehicles sold in India last year, EVs represent a growing opportunity, driven by an expanding middle class and increasing environmental awareness. Automakers hope new launches will accelerate EV penetration and help establish the supporting ecosystem, including charging infrastructure.

Tesla’s Absence: A Missed Opportunity?

Tesla, which registered a local unit in India over four years ago, remains conspicuously absent from the Indian EV market. CEO Elon Musk has cited high import taxes as a major deterrent. While India recently reduced import duties for companies committing at least $500 million to local manufacturing, Tesla has yet to announce concrete plans.

According to Amit Bhatt, India Managing Director at the International Council for Clean Transportation, Tesla might soon feel “a little bit of FOMO” as global and domestic automakers converge in India to capitalize on its burgeoning EV market.

Competition Heats Up

As Maruti Suzuki enters the EV space, Tata Motors, the current market leader, will face pressure to maintain its dominance. Other players, including Hyundai, Toyota, MG, and Kia, are gearing up for a fierce battle for market share.

Key Takeaways

The Bharat Mobility Global Expo underscores India’s significance as a promising EV market. With Tesla on the sidelines, Asian automakers are moving aggressively to fill the void, positioning themselves for long-term growth in one of the most dynamic automobile markets in the world.

This shift not only promises cleaner air for India’s urban centers but also bolsters the country’s journey toward a sustainable, electrified future.

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