![](\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/03\/electric-vehicle-plans-of-indian-automakers.jpg\")
India said on Friday it would lower import taxes on certain electric vehicles produced by carmakers that commit to invest at least $500 million and start domestic manufacturing within three years.<\/p>\nIndia said on Friday it would lower import taxes on certain electric vehicles produced by carmakers that commit to invest at least $500 million and start domestic manufacturing within three years.<\/p>\n
The policy will lead to increased competition for domestic automakers from companies like Tesla and VinFast that are looking to tap the world\u2019s third-largest car market amid a global slowdown in EV growth.Electric models made up about 2 per cent of total car sales in India last year, and the government wants to increase that to 30 per cent by 2030.Below are EV plans announced by Indian automakers:Tata Motors (TAMO.NS)Tata Motors, which commands more than 80 per cent of India\u2019s electric car market, plans to have 10 electric models in its portfolio over the next 3-4 years, with EVs making up 25 per cent of its total car sales by 2025, compared to 9.3 per cent last year.It currently sells four EV models, the latest of which is a new version of its Nexon electric SUV with a starting price of 1.5 million rupees ($18,000).In 2021, Tata Motors raised $1 billion from TPG\u2019s Rise Climate Fund at a valuation of about $9.1 billion for its EV division.Mahindra and Mahindra (MAHM.NS)Mahindra and Mahindra expects electric models to make up 20 per cent-30 per cent of its SUV sales by March 2027. Mahindra, which sells an electric version of its XUV 400 SUV, plans to push ahead with new electric SUV launches from 2025.The carmaker has raised around $400 million for its EV unit from Singapore\u2019s Temasek and British International Investment.Hyundai Motor IndiaThe Indian unit of South Korea\u2019s Hyundai Motor (005380.KS) plans to introduce five EV models by 2032, adding to the two SUVs it already sells \u2013 the Kona and Ioniq 5. It will also grow the number of its charging stations to 439 by 2027.Hyundai has said it plans to invest close to $4 billion in the Indian market over the next decade, including for the launch of new EVs, charging stations and a battery pack assembly unit.Maruti Suzuki India (MRTI.NS)Maruti Suzuki India, the country\u2019s top automaker by sales, plans to have six EV models by 2030.Japan\u2019s Suzuki Motor (7269.T), which holds a majority stake in the company, has said the group\u2019s first battery EV will be rolled out from Maruti\u2019s plant in the state of Gujarat by the end of 2024.JSW GroupIndian steel-to-power conglomerate JSW Group, a new entrant in the EV category, said it will set up electric vehicle and battery manufacturing projects worth 400 billion rupees ($4.82 billion) in the eastern state of Odisha.The group is also in talks with German auto major Volkswagen (VOWG_p.DE) about supplying technology and components for its EV project, local media reported.($1 = 82.8638 Indian rupees)Follow the
\nCyprus Mail on Google News<\/p>\n","protected":false},"excerpt":{"rendered":"
India announced a reduction in import taxes on certain electric vehicles (EVs) for carmakers committing to a 0 million investment and starting domestic manufacturing within three years. This policy aims to increase competition in India’s car market, targeting a rise in EV sales from 2% to 30% by 2030. Tata Motors plans to expand its EV portfolio to 10 models in the next 3-4 years, aiming for EVs to constitute 25% of its total car sales by 2025. Mahindra and Mahindra anticipate electric models will account for 20%-30% of its SUV sales by March 2027. Hyundai Motor India intends to introduce five EV models by 2032 and increase its charging stations to 439 by 2027. Maruti Suzuki India plans to launch six EV models by 2030, with its first battery EV expected by the end of 2024. JSW Group announced a 400 billion rupee investment in EV and battery manufacturing in Odisha and is discussing technology and component supply with Volkswagen.<\/p>\n","protected":false},"author":3,"featured_media":4466,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[1521,810,461,1107,1733,33,426,3,2250,1734,250,415,2249,1823,937,187,2042,148,1004,948,1026,1183,1682,805,618,18],"class_list":["post-4465","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-1521","tag-battery","tag-british","tag-car","tag-charging-stations","tag-companies","tag-competition","tag-cyprus","tag-domestic-manufacturing","tag-electric-vehicles","tag-google","tag-government","tag-import-taxes","tag-increase","tag-india","tag-international","tag-japan","tag-local","tag-power","tag-south-korea","tag-talks","tag-taxes","tag-technology","tag-tesla","tag-top","tag-world"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\n