The Indian EV market has seen a rise of 110% in just 1 year out of which Tata Motors has a grip of the market by being the manufacturers for 71% of electric cars on the roads and having sold more than 10,000 units across the country.
Fuel prices too have touched great heights which has made it difficult for buyers to sustain. Consumers have ended up emptying pockets to keep up with these rising trends. However, looks like this decade will be owned by EVs.
General Motors was the first amongst the three U.S. companies that left India in the year 2017. Two-wheeler automaker Harley Davidson exited India in June 2020. The third American automobile brand Ford has also wrapped up its business in India.
Manufacturers and Governments have to address this issue to increase EV penetration in India. The central government offers subsidies through the FAME II scheme. State governments offer additional benefits to buyers.
Tesla plans to begin its journey in India with its entry-level sedan, Model 3, which will bear a cost of approximately Rs 55 – 60 Lakhs and later expand its portfolio by adding the Model S and the Model X bearing a price of Rs 1.5 crore and 2 crores respectively.
The auto business in this Covid-19 pandemic experienced the deficiency of semiconductors worldwide. Some of the biggest car manufacturers in India including Maruti Suzuki, Mahindra & Mahindra and Tata Motors are facing a production crisis due to a shortage of semiconductors chips.