The company is also planning to export EVs to Japan and Europe, and a total of six EV models will be added to the portfolio in the coming 6-7 years.
After various speculations and hullabaloo in regards to Maruti Suzuki’s participation in the fast-growing EV race, its chairman RC Bhargava mentioned that EVs are an important target of the company, but an official statement still awaits the date their first EV launch.
Although EVs are still in the nascent stage, they’re a highly anticipated fast-growing automotive segment. According to Bhargava, the firm is in the process of launching the first EV, which is very likely to be introduced in the coming few months. At the 43rd annual grand meeting, it was revealed that the car, which is still in the manufacturing stage, could be showcased at the upcoming auto expo.
Maruti, known for holding the lion’s share in the hatchback segment in India, accounts for having 45 percent of the total car volumes. Therefore, the matter is crystal clear why car-makers are more interested in CNG vehicles than Vs. For Maruti Suzuki, market leadership coupled with favorable cost dynamics works for them. Keeping aside the battery replacement scenario, the viable option for people is to purchase Evs compared to hybrids.
Now, Maruti’s primary intention is to unveil more hybrids to balance ICE and EVs until the ecosystem matures. However, interestingly, in the annual meeting, Bhargava further added that the company is also planning to export EVs to Japan and Europe, and a total of six EV models will be added to the portfolio in the coming 6-7 years.
Other than Tata Motors, Mahindra & Mahindra Ltd. has already added an electric SUVt, dubbed SUV—the XUV 4OO. Hyundai, which has already filed an IPO this year is also planning to launch its first EV variant Creta SUV in January 2025. India’s beloved Tata Motors has now completely focused on doubling the volume of EVs and is looking forward to launching a battery powered variant of all its product portfolio by next year.
Amid Tata and Mahindra & Mahindra complete focus on EVs, Maruti Suzuki has chosen to follow the middle path of hybrid vehicles. Therefore, the question arises: Will Maruti be able to survive in this cutthroat competition in the coming years?
