Electric Vehicles Gear Up for Rapid Growth in India

Electric vehicles in India are poised for a significant uptick in the coming years, with their penetration in the passenger vehicle market expected to reach 12-13% by 2028. Government policies and initiatives from major automakers like Hyundai are propelling this growth by introducing new models and enhancing infrastructure.

India's electric vehicle market is on the brink of substantial growth, with penetration anticipated to reach 12-13% in the domestic passenger vehicle sector within the next 4-5 years, according to Hyundai Motor India COO Tarun Garg. This optimistic projection is bolstered by supportive government policies and commitment from leading automotive manufacturers.

Garg noted the newfound clarity in the industry regarding the future of electric vehicles, supported by favorable policies and the entry of mainstream OEMs like Hyundai, Mahindra, Tata Motors, and now Maruti Suzuki into the market. He emphasized the clear shift in focus towards electric vehicles.

Hyundai is spearheading efforts to enhance the EV ecosystem by planning three new electric models and establishing 600 public fast-charging stations across India. The company is committed to localizing production to improve the price competitiveness of its EV offerings, including the popular Creta Electric and Ioniq 5 models.

(With inputs from agencies.)