India to see highest number of new EV model launches in year ahead

About 25 models of battery electric vehicles (BEVs) are lined up for release by 20 carmakers in India in the year ahead – the highest number so far – at prices ranging from Rs 5 lakh to Rs 3.5 crore.

Although BEVs account for only 2.2 percent of passenger vehicle sales in the country, the automotive industry is embracing electric cars as part of its future product lineup, according to market intelligence firm JATO Dynamics India.

The surge in EV launches – doubling from last year – comes amid a wide gap in retail prices of electric cars and those that run on petrol and diesel, and the relatively low number of public charging stations across the country. There were 12,146 charging stations in the country as of early February.

Last year, 12 new EV models were launched, including offerings from MG, Tata, BMW, Mahindra, Citroen, Volvo, Hyundai, Audi, Mercedes-Benz, and Rolls Royce.

Leading the charge in 2024, Tata Motors introduced the Punch EV in January. Upcoming launches in the year to March 2025 include Maruti Suzuki’s eVX, Hyundai’s updated Kona EV, Kia’s EV5, Renault’s Kwid EV, Mahindra’s BE 09 and XUV e8, Mercedes-Benz’s EQS, and Audi’s Q6 e-tron. (See table)

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Maruti Suzuki, the country’s top car maker, aims to produce its first electric car, the eVX, by FY25. Hyundai is said to be working on an updated version of the Kona EV.

Tata Motors, which leads by EV market share, plans to launch the Harrier EV by June this year and the Curvv Coupe EV by December 2024. Mahindra & Mahindra (M&M) is set to launch electric versions of its XUV range, with production slated for the XUV.e8 in December and the XUV.e9 in April 2025.

Kia, MG, Renault, Volkswagen, Skoda, Nissan, Mercedes-Benz, BMW, Audi, and Volvo are also preparing to launch EV models across price segments.

In the luxury car space, Mercedes-Benz India is expected to launch EQA, EQS and Maybach EQS 580. BMW India and Audi India will bring in the i5 and Q6 e-tron this year. Volvo Auto India is working on the EX30 and EX90 for the Indian market.

The official spokespersons of BMW, Audi and Volvo didn’t respond to emailed queries. A Mercedes-Benz India spokesperson said it has an “aggressive” EV roadmap, launching more than 12 new products in 2024, of which three would be new.

“We believe customer preferences and market conditions will determine the pace of BEV transition,” the Mercedes-Benz India spokesperson said in an emailed reply to queries sent by Moneycontrol.

Experts anticipate the EV market will cross the annual 1 million mark by 2030, accounting for 18-20 percent of the overall passenger vehicle market.

According to JATO Dynamics India MD Ravi Bhatia, factors driving this transition include government incentives, reduced GST on EVs, support from auxiliary industries, and the government’s push for a robust EV supply chain under the Aatmanirbhar plan that encourages local production.