Seeing the growing demand for electric cars, automakers are preparing their Battery Electric Vehicles for the Indian market. Auto makers have already announced major investments in India to develop infrastructure and electric cars. Tata Motors, Mahindra and Hyundai will have a wide range of electric vehicles in the country over the period of next 5-6 years.
Tata Motors, Hyundai and Mahindra will introduce a total of 23 new electric vehicles in the country by 2028. While Tata Motors will launch 7 new EVs, Mahindra plans to launch 8 new electric vehicles in the country. Hyundai has also announced to have 6 new electric cars in the country by 2028.
Tata Motors has announced to create a new EV subsidiary, and has entered an agreement with the investment firm TPG Rise Climate. It will invest 7,500 crore for 11 percent to 15 percent stake in the new EV firm, which has an equity valuation of around $9.1 billion. The new company is temporarily called the EVCo, and the new name will be announced soon.
Tata Motors will develop future passenger vehicles on modular multi-energy platforms. The company will have 10 electric vehicles by FY26. The company will soon launch the Altroz EV, followed by an electric micro SUV based on the Punch.
Mahindra has officially announced to launch 16 electric vehicles including 8 electric SUVs and 8 light commercial vehicles by 2027. The company believes that at least 20 percent of the UV volume is expected to come from electric cars. Mahindra has announced its plans to invest Rs 3,000 crore in EV segment. In fact, the company announced that it’s open to bring in investors on board for its EV business.
Mahindra will launch the new eKUV100 in the early 2022, which will be followed by XUV300 electric. Likely to be called the Mahindra XUV400, the eXUV300 will be Mahindra’s first EV to be designed on MESMA (Mahindra Electric Scalable and Modular Architecture).
Hyundai has announced to launch 6 new electric cars in the Indian market by 2028. It will also bring its dedicated BEV platform – E-GMP in India. Hyundai will invest around Rs 4000 crore for R&D towards the expansion of 6 Electric Vehicle line-up till 2028. Hyundai will target multiple segments including Mass Market and Mass Market Premium segments in India. Hyundai will launch electric vehicles in different body styles including SUV body shape by 2028.