Global EV sector in India advances significantly as international companies enter the market, according to Mahindra.
In the bustling landscape of India's electric vehicle (EV) market, two major players have emerged, each with unique strengths and challenges. Mahindra & Mahindra (M&M), a pioneer in the Indian EV sector, and Tesla, the global EV giant, are making their marks.
M&M, an established player in India's EV market, has been surpassed by domestic competitors like Tata Motors and JSW MG Motor in recent years. Tata Motors currently holds a significant lead with approximately 36% market share, followed closely by JSW MG Motor India with around 30%.
Tata Motors' dominance is primarily due to popular models such as the Nexon EV, Tigor EV, and MG Windsor. By contrast, Tesla, which entered the Indian market around July 2022, has faced immediate challenges due to high pricing caused by steep import duties and the lack of local manufacturing. As a result, Tesla's market penetration and share remain minimal.
Despite these challenges, M&M continues to hold its ground. Executive Director & CEO (Auto and Farm Sector) Rajesh Jejurikar stated that competition has made M&M stronger and that their electric cars stack up well against new entrants in the market.
M&M's latest offerings include the Mahindra XEV 9e and the Mahindra BE 6, both equipped with large battery capacities and impressive claimed ranges. The XEV 9e boasts a 79 kWh battery and a claimed range of 656 km, while the BE 6 offers a 79 kWh battery and a claimed range of 682 km.
However, M&M's urban sentiment in terms of demand for vehicles is currently weak across the country, a challenge shared by many automakers. Despite this, the company's auto and farm businesses continue to deliver on growth and margins, with profits up by 20%.
Meanwhile, Tesla's presence in India is still emerging. The company launched the Model Y crossover in the domestic market earlier this month, priced at ₹59.89 lakh (ex-showroom), a significant premium compared to local EVs. Tesla's market share in India's EV segment is very small, but the company is expected to invest in local manufacturing and reduce prices in the future.
In the coming months, the EV landscape in India is expected to become even more competitive with the upcoming launch of the Tesla Model 3, boasting an 82 kWh battery, a claimed range of 555 km, and a predicted price of ₹40 Lakhs.
In summary, while Tesla's market share in India's EV segment is minimal as of 2022 due to late entry and high prices, Mahindra & Mahindra holds a smaller share compared to market leaders Tata Motors and JSW MG Motor. Tata Motors retains a roughly 36% share, MG Motor close to 30%, and Tesla just beginning to establish its presence. The future of the Indian EV market promises exciting developments and fierce competition.
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