GaadiWaadi –
In Jan-April 2024 period, the CNG volumes increased by 46 per cent on YoY basis while hybrid cars’ sales were up by 19 per cent and EVs by 7 per cent
Several global carmakers have backtracked their electrification plans to concentrate more on other forms of eco-friendly mobility on the back of EV sales slowdown. In contrary, emerging markets like India are witnessing the arrival of more EVs and the signs are that new models are in place across different price brackets to further accelerate its adoption.
The Indian zero-emission passenger vehicle market is just fledgling its wings with the room for improvement across the board. Despite gradual development in charging infrastructure, car producers are betting big on electric vehicles to consolidate their domestic portfolios. However, EVs are not perceived by many as immediate solutions to reduce pollution hazard.
Moreover, the prices of EVs are on the higher side and for those wanting to own affordable models will have to sacrifice on range capabilities. In recent years, bi-fuel technology has really been considered as an alternative for diesel fuel courtesy of the affordability and frugality as the stringent emission standards resulted in diesel models being unviable in multiple segments.
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Currently, the CNG and hybrid vehicles are well received by customers while EV sales have been facing challenges reportedly. In Jan-April 2024 period, the CNG volumes increased by 46 per cent on YoY basis while hybrid cars’ sales were up by 19 per cent with electric vehicles posting 7 per cent growth. The auto industry sales saw a positive growth of 6 per cent with 2.87 million units sold.
The introduction of new CNG models has played a significant role in the YoY growth. The report further notes that brands have brought down prices and introduced flexible financing choices to increase EV sales to lure in customers. The central government has also been vocal about buyers considering electric vehicles as well as other clean energy solutions like CNGs and hybrids.
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Tata Motors expanded its EV lineup this year by launching Punch EV and Curvv EV while MG brought in the Windsor EV recently. It will be interesting to see how consumers respond as brands such as Maruti Suzuki, Hyundai, Mahindra, Toyota and Kia are planning to enter the midsize EV space in 2025 in a bid for wider adoption of electric cars. Maruti Suzuki, Hyundai and Tata are also reaping benefits of having an extensive CNG range while new hybrid cars from MSIL are also waiting in the pipeline.
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