We expect EV penetration in India to reach 15-20%, while hybrids could account for 25% of the market, Rahul Bharti, Executive Director, Corporate Affairs, Maruti Suzuki India Limited said.
24 Sep 2024 | 2060 Views | By Prerna Lidhoo
Despite a recent dip in electric vehicle (EV) growth, Maruti Suzuki India Limited (MSIL) remains confident about the future of EVs in India. "We're not overly concerned about the recent slowdown in EV growth," Rahul Bharti, MSIL's ED, Corporate Affairs, told Autocar Professional, acknowledging that the market is currently ...
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Despite a recent dip in electric vehicle (EV) growth, Maruti Suzuki India Limited (MSIL) remains confident about the future of EVs in India. "We're not overly concerned about the recent slowdown in EV growth," Rahul Bharti, MSIL's ED, Corporate Affairs, told Autocar Professional, acknowledging that the market is currently taking a breather.
According to him, fluctuations in the pace of EV adoption are expected, as any new technology goes through phases of rapid acceleration followed by temporary dips. "The market may take a breather on EVs, but the momentum will return with the right products," he added.
As a market leader, Maruti Suzuki has its sights set on a future where both electric and hybrid vehicles play a significant role. Bharti emphasised that while EV adoption may be slower than initially projected, the company is committed to supporting its customers throughout the ownership journey of newer technologies. "We will stand by the customer in their ownership journey for newer technologies," he said.
Bharti adds that for EVs to gain widespread acceptance, the industry needs to deliver more products that are high on technology, specifications, and design.
Maruti Suzuki's strategy is to take a balanced approach, leveraging both electric and hybrid technologies to meet India's unique market needs. "We want to maximise both EVs and hybrids," Bharti said, projecting that by 2030, EV penetration in India could reach 15-20%, while hybrids could account for 25% of the market.
He added that the auto industry must rise to the occasion to ensure India’s position as a global leader in clean mobility. "The last word on technology has not been decided," he said, suggesting that the journey toward sustainable mobility will be dynamic, with room for multiple solutions to coexist in the market.