India’s electric vehicle (EV) push has gained a lot of traction in the last few months, with the country's top three-and-four wheeler makers marking their forays in the EV space.
government extends a lower tax rate of 12 percent on electric vehicles, against 28 percent on those powered by internal combustion engines. However, it stopped short of incentivising private users for purchasing electric vehicles in the second phase of the FAME (Faster Adoption and Manufacturing of Electric Vehicles) India Initiative.
As per media reports,
the goods and services tax (GST) tax on electric vehicles may be reduced to 5 percent from the existing 12 percent to provide stimulus to the sector.
With the country taking steps towards establishing the ecosystem for EVs, it has become imperative for vehicle manufacturers to come up with their plans to suit the new order.
Let's take a look at some of the Indian companies which have ventured into the EV space:
Earlier this month, Tata Motors-owned Jaguar Land Rover said it has joined hands with BMW to develop next-generation electric drive systems.
The collaboration seeks to advance the development of electrification technology to support transition autonomous, connected, electric, shared (ACES) future, Jaguar Land Rover said in a statement.
Tata Motors plans to add Altroz EV, based on its premium hatchback and H2X, small SUV EV, to complement Tiago and Tigor EV. All these will address the different price points and buyer profiles in the sub-Rs 15-lakh bracket, reported
The Economic Times. Maruti Suzuki
Maruti Suzuki is currently testing 50 electric WagonRs.
Economic viability will be a key factor. The electric version of a small car may cost as much as Rs 12 lakh, given the current regulatory regime, Maruti Suzuki MD Kenichi Ayukawa
That compares with the petrol version of the new WagonR being priced at Rs 4.20-5.70 lakh (ex-showroom, Delhi). Ayukawa said Maruti was “studying” a commercial launch.
The flagship firm of Hinduja group already has the
electric bus on the ground and is now making efforts to develop a new range of such buses as well.
Last year, the company had bagged its first major electric bus order for the supply of 50 buses to the Ahmedabad Bus Rapid Transit System.
The company may l
ook at partnerships in electric vehicles segment in future in a bid to cut huge costs involved in developing new technologies in this space, a its Chairman Dheeraj Hinduja said in April. Bharat Forge
Auto components major Bharat Forge on June 7 said it has formed a joint venture with Germany's Refu Electronik GmbH for development and manufacture of electric vehicle components with an investment of about Rs 89 crore.
The JV, in which the company will hold 50 percent stake, will be into developing, manufacturing and selling of onboard controllers and components, mainly - drives, inverters, converters (including AC/DC).
Last year, the company bought additional stake in Pune-based electric vehicle startup Tork Motors, taking its equity holding in the company up to 48.86 percent.
Mahindra & Mahindra
Mahindra Electric Mobility, a part of the Mahindra group, is the pioneer of electric vehicle technology in the country.
The company saw electric vehicles sales grow two-and-a-half times to 10,276 units in 2018-19 from 4,026 units in 2017-18.
Mahindra Electric is in talks with global automotive manufacturers to supply electric vehicle powertrains. It will start supplies of such electric vehicle parts to group firm Ssangyong Motor by early 2021.
The group has announced Rs 1,000 crore investment in the next three years, increasing the capacity to over 70,000 units per annum from the current 15,000 units.
Last year, as part of its partnership with Ford, Mahindra had said that a small electric vehicle would be developed on Ford's platform.
Piaggio India Piaggio Vehicles, the Indian arm of the Italian automaker, will launch a fully electric three-wheeler in December quarter.
Piaggio's electric three-wheeler, which will be launched in the fourth quarter, will be priced similar to the on-road price of its CNG three-wheeler, which comes in the range of Rs 1.45 lakh-Rs 1.95 lakh.The first line of the vehicles will go into production from September this year and is likely to be rolled out before the end of the year. The vehicles are currently at the development stage.