India's EV exports up 14x in Q1: What's the reason?
What's the story
India's electric vehicle (EV) exports have witnessed a staggering 14-fold increase in the June quarter. The rise is mainly due to rising fuel prices amid the US-Iran war, pushing consumers globally toward more affordable personal transportation options. According to industry data, exports jumped from 1,122 units last year to 15,641 units in the three months ending June.
Export leaders
Maruti Suzuki's e-Vitara drives exports
The initial boom in EV exports is largely led by Maruti Suzuki's flagship e-Vitara, which became India's third-most exported car last quarter.
The company entered 20 new markets, mostly in Europe, with the e-Vitara during this period.
It exported a whopping 15,210 electric cars to 47 countries during the same time frame.
Expansion strategy
Maruti to launch 4 more EVs by 2030
Maruti Suzuki is planning to launch four more EVs by 2030, given the rising demand at home and abroad.
The company's Senior Executive Officer Rahul Bharti said, "Maruti Suzuki exports more cars from India than the rest of 17 car manufacturers put together."
He also noted that India-made vehicles are well-received in developed markets like Europe and Japan due to their quality and technology.
Future prospects
Tata Motors and Mahindra eye EV export boost
Tata Motors and Mahindra & Mahindra are also looking to boost their EV exports.
Tata Motors Passenger Vehicles has just started exporting EVs to neighboring South Asian countries and plans to expand its reach in Asia, Africa, Europe, and the Pacific over the next few years.
The company recently announced an up to ₹40,000 crore investment plan for the next five years to increase its annual capacity from about 900,000 units currently.
Portfolio growth
Tata Motors plans to enhance EV portfolio
Tata Motors plans to expand its EV portfolio from six to 10 nameplates in the same period.
The company is also looking at launching premium electric cars based on the Avinya platform in Europe within the next 2-3 years.
It has already started preparing for its UK market entry by ensuring vehicle certification, compliance with local regulations, and setting up distribution and after-sales operations.
Market strategy
Mahindra focuses on UK market
Mahindra & Mahindra is working on specific variants of the BE 6 and XEV 9e SUVs for the UK market.
The move is part of its strategy to leverage opportunities under the India-UK Comprehensive Economic and Trade Agreement (CETA).
Rajesh Jejurikar, Executive Director and CEO, auto and farm sectors at M&M, said they are looking at right-hand drive markets first before considering left-hand drive Western European ones.