OPPO EVs to go official in India by 2024
OPPO is planning to launch electric vehicles in India and the first model is slated to debut here "between 2023-end and early 2024," as per 91mobiles. Other brands like Realme and OnePlus have also registered trademarks for auto products such as driverless cars and EVs in the country. Notably, OPPO, Realme, and OnePlus are owned by Chinese technology conglomerate BBK Electronics.
Why does this story matter?
The EV market in India is growing at an exponential rate. OPPO wants to diversify its product portfolio and launch an electric vehicle here so that it can carve out a piece of the pie and boost its revenue. BBK Electronics' rival Xiaomi has also announced that it will unveil an electric car by 2024 and it will also tap into the Indian market.
The nature of the vehicles is currently unknown
It is unclear whether the upcoming OPPO EVs will be two- or four-wheelers. However, more information should be revealed once the company formally announces its entry in the automotive industry. OPPO may manufacture the vehicles by itself or join hands with third-party makers for the production process. We expect the EVs to first debut in China and then arrive in India.
A look at India's growing EV market
Electric car sales in India have grown by 234% on a year-on-year basis. Tata Motors has sold over 10,000 EVs in the country. The market is growing thanks to the entry of new entrants like Porsche Taycan, Jaguar I-PACE, Audi e-tron, and Mercedes-Benz EQC. The two-wheeler segment is also witnessing healthy demand. Ola Electric has sold e-scooters worth over Rs. 1,000 crore.
Technology giants see EVs as a viable business
Over the next decade, the global EV industry is expected to have a market valuation of around $5 trillion. Foxconn has ventured into the EV segment with three prototypes. Apple is also working on an autonomous EV project known as 'Project Titan.' Amazon and Google are testing their autonomous vehicle technologies, while Huawei wants to enter the EV vertical too.
Legacy brands are also marching toward electrification
Legacy automakers don't want to be left behind when it comes to electrification. Renault aims to launch 10 new models by 2025, while Lamborghini has claimed that its first all-electric car will debut by 2030. Mercedes-Benz will go fully electric by 2030, SKODA plans to launch three new EVs by 2030, and finally, Tata Motors will have 10 new EVs in India by 2025.