The electric vehicle market in India is anticipated to expand rapidly, as Tata Motors asserts that by 2030, the cost of electric vehicles will be comparable to that of petrol and diesel cars.
According to the MD& CEO of Tata Motors, electric vehicles account for over 5% of new vehicle sales in India, up from 2.5% last year.
The introduction of Tesla, with the launch of the Tesla Model Y, signifies a significant transformation in the Indian electric vehicle automotive sector.
According to reports, JSW MG Motors currently commands 30% of the electric vehicle market, while Mahindra holds 22.6%, and Tata possesses 35% of the market share this year.
Additionally, Mahindra has announced plans to establish over 2000 charging stations by 2027, which is expected to significantly impact the electric vehicle industry.
Chandra (CEO) indicated that the costs of electric vehicles are likely to decrease as manufacturers incorporate more essential components beyond just lithium-ion batteries.
He anticipates that the turning point will occur around 2030, when entry-level electric vehicles will be priced similarly to gasoline cars that provide approximately 400 km of range.