Maruti-Suzuki to introduce six new EVs in India by 2030
Maruti Suzuki showcased its first-ever all-electric concept vehicle, the eVX, at the recently concluded Auto Expo 2023. Now, the automaker has revealed its plan to introduce six new electric vehicles in the Indian market by 2030. The brand is planning to launch its first EV by 2025. However, the company is expecting just 15% sales for BEVs as opposed to 60% for ICE-powered vehicles.
Why does this story matter?
- Maruti Suzuki is India's largest carmaker with over 49% market share. The homegrown brand leads the sales charts in the hatchback and compact SUV segments on our shores.
- However, with electric mobility solutions gradually becoming a priority in our market, the company is now planning to enter the EV market with a bang by offering a wide variety of electrified vehicles.
Maruti Suzuki will introduce EVs in multiple body styles
Maruti Suzuki is planning to introduce smaller and mass-market EVs as opposed to Tata Motors and Mahindra which entered the mid-size SUV segment with price tags of over Rs. 15 lakh (ex-showroom) in India. Apart from the recently showcased eVX, the carmaker will likely be bringing all-electric models based on the likes of WagonR, S-Presso, Baleno, and Fronx.
The carmaker has set realistic targets with EVs
While Maruti Suzuki usually has large sales projections whenever it unveils a new model in the Indian market, it is being rather realistic with the upcoming Battery Electric Vehicles (BEVs). The company is aiming to achieve 15% of its total sales with EVs by 2030, as opposed to 60% for ICE-powered cars and 25% for Hybrid Electric Vehicles (HEVs).
It is investing in battery plants and renewable energy facilities
Maruti Suzuki will be investing close to Rs. 2.85 lakh crore till 2030 in research, development, and capital spending to make EVs, of which roughly Rs. 31,400 crore will be used for developing batteries. The remaining capital will be used in electrification and autonomous driving technologies as well as to build a battery EV plant and other renewable energy facilities.
The company is looking at biogas as an alternative fuel
With the ever-rising pollution levels and cost of fossil fuels, Maruti Suzuki is looking at biogas as an alternative fuel, apart from its push for ethanol-powered vehicles. The carmaker has already showcased a near-production-ready prototype of an ethanol-powered WagonR. The company has signed an MoU with the Indian government's National Dairy Development Board as well as Banas Dairy to conduct verification of biogas.