Wednesday, December 21, 2022
By Manoj Kumawat
News for Investors: Indian EV Market To Grow by 36% In 2023
The electric vehicle market in India has witnessed dynamic growth during the last couple of years. The increasing fuel prices is the main reason behind this shift. According to sales data revealed by the Ministry of Heavy Industry, about 5.2 lakh electric vehicles were sold in India during the last three years.
Image Source: Dainik Bhaskar
The experts of the India Energy Storage Alliance expect that during the next few years the Indian EV industry will grow annually at the rate of 35%. It is believed that apart from the existing key manufacturers of electric vehicles, some new manufacturers will also launch their products in the Indian auto market. Some major car makers expected to launch their electric cars in the Indian car market during 2023 are listed below:
Tata Altroz EV: The Indian electric car market at present is dominated by homegrown car maker Tata Motors. After the successful launch of the electric Nexon, Tigor and Tiago, the carmaker is ready to launch the electric version of its premium hatchback Altroz in the Indian car market. It is developed on the Ziptron High-Voltage technology and will generate the power of 127.3 BHP. It will offer an average ranging from 250-355 km and will be priced at the starting price of Rs 14 lakh. It is ready for launch in January 2023.
Mahindra XUV400: After Tata Motors, another domestic carmaker Mahindra & Mahindra is also going to launch a string of electric vehicles in India during the coming years. The first one from this fleet to make its debut in the Indian electric car market will be XUV400. It will generate a power of 147.51 BHP and offer an average of 45 km on a single charge. It is speculated to be priced in the range of 17 lakh to 20 lakh.
BMW IX1: It will be a premium electric SUV with a dual electric motor, generating a power of 313 BHP. It will offer an average of 438 km on a single charge and is believed to be priced in the range of Rs 60-65 lakh. It is expected to be launched during the second half of 2023.
Hyundai Ioniq 5: After the successful launch of the compact SUV Kona, Hyundai is all set to launch its new premium crossover Ioniq5 in India during January 2023. It will come with two battery pack options of 58 kWh and 72.6 kWh. It will offer an average of 480 km and will be priced in the range of 45-55 lakh.
Citroen ec3: The premium hatchback car will come equipped with a 30.2 kWh battery pack generating the power of 86 BHP. It will offer an average of 350 km and offered with a starting price of Rs 12 lakh.
