14 Electric Cars to Launch in India by December 2024: Prices Expected to Drop Before Arrival of New Models
The electric car market in the country is undergoing rapid changes. By the end of this year, 14 new models are set to be launched. According to data analytics companies and global data and brokerage firms, the introduction of new models will lead to a reduction of ₹1-1.5 lakh in the prices of cars priced between ₹10-15 lakh. Premium cars will become cheaper, with the on-road price of the cheapest imported electric car being ₹51 lakh.
Companies have reduced the prices of their electric cars. Tata Motors has reduced the price of the Nexon EV by ₹1.20 lakh. After a reduction of ₹70,000, the price of the Tiago EV will now start from ₹7.99 lakh. This will directly affect the competition with the MG Comet EV, which will now start from ₹6.99 lakh.
Chinese company BYD will also make a splash by launching a single model with an initial price of ₹10 lakh. On the other side, in the United States, Fisker has reduced the price of the Ocean EV by 39%, making it more competitive.
Aggressive Expansion Strategies by Indian Companies
Analysts suggest that Indian companies have recently increased their production capacity of EVs in the past few years. By keeping prices lower, they have successfully increased their market share in competition with foreign companies.
Tata Motors, currently holding 72% of the market share in the EV market, is expected to see a decline in its market share. Global data estimates that Maruti’s share in electric cars will be 11% in the coming years, while Tata Motors’ share will remain at 44%.
Mahindra & Mahindra to Launch 5 Electric SUVs
Mahindra & Mahindra has developed a separate platform for EVs and is set to launch 5 electric SUVs. According to company announcements, the first SUV based on this platform will be unveiled in December this year.
Maruti Suzuki to Launch its First EV by December
Maruti Suzuki is set to launch its first electric car by December. The company will kick off with the EVX, which could have an ex-showroom price of around 22 lakh rupees. Following this, the company plans to launch electric cars in the 10-15 lakh rupee range as well.
