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India’s EV market booming – Bloomberg — RT India

Demand for electric cars more than doubled in the first nine months of 2023, the media outlet reports

Sales of passenger electric vehicles (EVs) in India soared to 75,000 during the first nine months of the current year, more than double compared to the same period a year ago, Bloomberg reported on Friday.

Though the share of battery-powered cars in the country’s total market remains at a modest 2.4%, producers are optimistic, as nearly 86% of all EVs purchased this year came with a price tag of under $20,000.

Most of the relatively cheap models have been introduced in 2023, including the cheapest one – MG’s Comet mini car that retails for less than $10,000. Meanwhile, Tata Motors’ best-selling Tiago compact electric car, deliveries of which started early this year and which sells for $10,500, accounted for 39% of EV shipments.

Affordable small cars and compact sport utility vehicles (SUVs) dominate the shipment statistics, as seen by the news agency.

Some 69% of cars purchased in India in 2022 were priced below $15,000, while 27% were sold at less than $10,000. Combustion-engine models, such as Suzuki’s Swift and Wagon R that retail for less than $8,000, topped the ranking of the best-selling vehicles.

Automakers have swiftly realized that offering battery-powered cars at the same price may help them to secure demand from customers. Moreover, EVs became increasingly popular among ride-hailing and taxi companies due to low operating costs.

The buoyant demand has reportedly prompted local automakers to produce more EVs in the country, with nearly $5.4 billion in investments committed to set up or expand EV manufacturing facilities in India.

Pledges to produce locally have been reportedly voiced by domestic players Tata Motors and Mahindra & Mahindra, as well as Korean automakers Hyundai and Kia. Vietnamese EV startup VinFast has recently announced plans to set up an EV manufacturing facility in the country by 2026.

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