Japanese carmaker Suzuki Motor Corp is likely to enter the electric vehicle market in India by 2025. According to a report by Nikkei Asia on Monday, the company is expected to launch its first model in the country.
Suzuki's four wheeler business, which operates in India in partnership with Maruti, is reportedly planning to launch an all-electric compact model for the Indian customers. Although not much information has been given in the report, but the price of the electric car is likely to be between Rs 10 lakh and Rs 11 lakh. The price of about $13,626 will include government subsidies on electric vehicles.
If the report is to be believed, it will help the Japanese carmaker move faster towards electric mobility in the compact car segment. Maruti Suzuki India is currently the largest automaker in India and is also a major stronghold of the Japanese carmaker in the Asian markets. Maruti Suzuki's sales in India are mostly dominated by small, compact cars like Alto, WagonR, Baleno and Swift. According to the report published in Nikkei Asia, the new electric vehicle will be launched first in India and then in other markets like Suzuki's home base Japan and Europe.
The company is testing electric variants of special vehicles
Maruti Suzuki has been testing some electric variants of its popular offerings like the WagonR on Indian roads for quite some time now. However, there is no official confirmation regarding the timeline of its launch. While most of its participants have started moving towards electric mobility, or are planning in the near future, Maruti Suzuki has so far been more vocal about CNG techno than EVs.
Government is giving incentives on the purchase of electric vehicles
Despite being the fifth largest car market in the world, India has not seen any major change in customer behavior as far as the shift towards electric vehicles is concerned. While there have been some encouraging signs when it comes to electric two-wheelers, EV growth in the country has slowed down due to cost of electric four-wheelers, range concerns and lack of infrastructure support.
The Center had earlier set a target of at least 30% of all cars to be electric by 2030. To make the shift towards electric cars more attractive, the Center has also offered incentives for buyers. Many state governments have also formulated their own electric vehicle policies to increase the EV shift.
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