India lures global EV makers: Companies expected to launch along with Tesla
India has opened the gate inviting foreign electric vehicle manufacturers to set up facilities in the country as it aims to become global hub for electric cars in near future. Prime Minister Narendra Modi recently said the new EV policy, introduced last week, will help to boost local manufacturing within the next five years. The electric vehicle segment in India, which contribute around two per cent of overall vehicle sales, is still much smaller compared to markets like China, Europe and United States. With foreign carmakers expected to queue up soon, India is likely to see several global brands launch their products in the country.
Foreign EV makers that are already selling electric vehicles in India include luxury brands like Mercedes-Benz, BMW, Audi, Porsche, Rolls-Royce, Jaguar Land Rover and Volvo. Among the more mass market-oriented brands, India already has EVs from Korean duo of Hyundai and Kia, French auto giant Citroen, British-origin brand MG Motor, UK-based EV startup Lotus and world's largest EV manufacturer BYD from China. Here is a quick look at the EV makers expected to join this lineup soon.
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Tesla
US-based EV manufacturer Tesla is one of the most anticipated global brands expected to launch soon in India. The talks of Tesla setting up its facility in the country have been part of discourse for more than a year with several states offering land to the EV maker. Tesla has been the leading foreign electric vehicle manufacturer that led the lobbying against high import duties on electric cars. Its efforts paid off after the Centre offered a new EV policy which allows foreign players a lower import tax in case they commit to invest over ₹4,000 crore and promise locally procured components in their models.
Globally, Tesla has been the leading player in the EV segment before BYD snatched the crown. It offers popular electric cars like Model 3, Model S and Model Y. Tesla's launch in India may open the gates for yet another platform for rivalry between the EV maker and BYD outside China.
VinFast
Vietnamese electric vehicle (EV) startup VinFast is one of the EV makers who echoed Tesla's demand for lower import duty as it confirmed India launch soon. The EV maker is currently busy setting up its first manufacturing plant in India, located in Tamil Nadu. Spread across more than 400 acres, the upcoming VinFast EV facility promises to manufacture 1.50 lakh cars every year.
The EV maker recently filed a design trademark for its first vehicle meant for India. Called the VF3, the compact electric SUV is expected to rival the likes of MG Comet EV when launched. Standing just over three metres in length, VF3 promises to offer range of around 200 kms on a single charge.
Fisker
Another US-based EV startup Fisker has also been planning to launch in India for some time. Two years ago, the EV maker had revealed its plans to set up its headquarters in Hyderabad, the capital of Telangana. Henrik Fisker, Chairman and CEO of Fisker, had said, “Our expansion into India represents both a strategic market opportunity and a significant boost to our global engineering capabilities." However, there has been no further development since as the EV maker is yet to reveal its manufacturing plans for India.
In the US, Fisker offers its flagship electric SUV Ocean, which is expected to be its first model for India too when it launches. The electric SUV offers at least 440 kms of range on a single charge. Feature highlights include ADAS technology, a solar sunroof, 20-inch alloy wheels, 17-inch touchscreen infotainment system and more.
Also Read : As MG Motor plans to launch new models, 5 cars we would like to see in India
Lucid Motors
The US-based luxury EV maker is yet another Tesla rival. Based out of California, home of Tesla, Lucid Motors recently forayed into international markets by entering Saudi Arabia. It could also launch in India given that Tesla is among one of the expected brands to benefit from the new EV policy.
Lucid Motors offers began its journey with the Gravity electric SUV. Offering more than 700 km of range on a single charge, Lucid Gravity is sold at a more affordable price than the BMW iX1. It offers a staggering power output of nearly 800 bhp thanks to its two choices of battery pack with capacity ranging between 92 kWh and 112 kWh.
Great Wall Motor
The Chinese EV giant, which had expressed its interest to launch in India a few years ago, is likely to rethink its investment plans after the new EV policy offers an opportunity for foreign players. One of the key attractions at the Auto Expo held in 2020, the Great Wall Motor (GWM) waited too long before halting its plans to launch in India. It had proposed an investment of $1 billion which never got clearance from the Centre.
GWM offers large SUVs in China under the Haval brand, some of which were also showcased at the Auto Expo in India held four years ago. The automaker also has its dedicated EV wing called Ora. Currently it offers three models for the Chinese markets.
