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The electric vehicle industry has long been a sunrise industry and has the potential to be the automotive solution of the future. Pollution levels have been rising over the past few years. The rise of sustainability is seen as a solution to the looming carbon emissions problem that has been present for the past few years.
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MG has confirmed the launch of its new EV called “Air EV”, which will be based on the Wuling Air EV launched in Indonesia. MG will make some changes to the car, especially battery thermal management. The Air EV will be MG’s second electric vehicle following the success of the ZS-EV.
Competition among India’s top EV makers is heating up. Chinese manufacturer BYD has also entered the passenger electric vehicle market with the launch of the ATTO 3. ATTO 3 will compete with Kona-EV and ZS-EV. Warren Buffet-backed Build Your Dreams (BYD) aims to boost global growth with its latest foray in India. BYD has been an active contributor to the Indian corporate fleet.
Tata has always been a front-runner in the electric four-wheeler (E4W) segment. Tata Motors announced a staggering 326% growth in the electric vehicle segment, selling a record 11,522 units in the second quarter of fiscal 2023. Tata also recently launched the Tiago-EV, which will be the first hatchback EV from Tata Motors.
These figures indicate a significant increase in the adoption of electric vehicles. The government is also actively promoting the use of electric vehicles. Electric buses are introduced in the DTC fleet. The government also offers concessions for the purchase of electric vehicles under the FAME-I and FAME-II schemes. The Uttar Pradesh government recently launched the Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy 2022. The EVMM policy was first introduced in 2019 but revised in 2022.
According to UP EVMM 2022, the purchase subsidy for E4W is about 15% of the ex-factory cost, up to INR 100,000 per vehicle, with a maximum budget expenditure of INR 250 crore for the purchase of up to 25,000 EVs.
Adoption is taking off by leaps and bounds as competition in the electric vehicle space increases. According to a report by Deloitte Touche Tohmatsu India, overall EV sales are expected to jump to 1.6 million units in 2025 and 15 million by 2030.
