Maruti Suzuki India estimates the EV market to be around 3% by 2024-25 from the current 1%. Beyond this, this will increase to about 17% in 2030 which means that out of six million cars, one million will be EVs by the end of this decade.
Shashank Srivastava, Senior Executive Officer (Marketing & Sales), Maruti Suzuki India, made these observations at the second edition of ABP’s Ideas of India Summit.
According to him, EVs will become mainstream eventually but when this will happen remains unpredictable. Acquistion cost is one of the key factors that could impede their adoption in India.
With plans to launch six EVs in different segments by 2030, Maruti Suzuki is trying to bring down battery costs, added Srivastava. 'Maruti is 60% by volume for Suzuki Motor Corporation overall and this is a great achievement for India. It shows the upswing in the economy. Our demography is also very young,” he added.
The company expects car consumption to increase and its projections show 'almost 6 million' units by 2030, up from 3.8 million in 2022.'
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