What is the market size for the Electric Car market in 2024?

The global market size for Electric Car in 2024 is USD 415422.6 million.

What is the growth rate for the Electric Car market over the forecast period?

The global Electric Car market is expected to grow with a CAGR of 8.00% over the projected period.

Which is the leading region of the market for Electric Car?

North America held a significant global Electric Car market revenue share in 2024.

Which region is projected to detect the fastest growth in the Electric Car market over the forecast period?

Asia-Pacific will witness the fastest growth of the global Electric Car market over the coming years.

Which country will be leading in the Electric Car market in 2024?

The US had the most significant global Electric Car market revenue share in 2024.

What are the key drivers for the growth of the Electric Car market?

The main driver of the growth of the Electric Car market is the major car manufacturers making significant investments in the development of electric vehicles and growing their EV lineups. Better recycling techniques lower battery costs and have a positive environmental impact, which is helping the expansion of the EV market.

Which is the significant Electric Car market segment by top speed?

The 100 to 125 MPH category dominates the market.

The global Electric Car market size will be USD 415422.6 million in 2024.

Name: Global Electric Car Market Analysis 2026
Brand: Cognitive Market Research
SKU: CMR807798
Rating: 4.8 (15 reviews)
Author: Sneha Singh

Data Timeline	Historical Data: 2022–2025 \| Base Year: 2025 \| Forecast Period: 2026–2034
Top Speed Segment	Less Than 100 MPH, 100 to 125 MPH, More Than 125 MPH
Vehicle Class Segment	Mid-Priced, Luxury

Vehicle Drive Type Segment	Front Wheel Drive, Rear Wheel Drive, All Wheel Drive
Range Segment	Up to 150 Miles, 151-300 Miles, Above 300 Miles
Motor Type Segment	DC Motor, AC Motor
Propulsion Technology Segment	Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV)
Regions & Countries	North America (United States, Canada, Mexico) Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Switzerland, Luxembourg, Rest of Europe) Asia Pacific (China, Japan, South Korea, India, Australia, Singapore, Taiwan, South East Asia, Rest of APAC) South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America) Middle East (Saudi Arabia, Turkey, UAE, Egypt, Qatar, Rest of Middle East) Africa (East Africa, West Africa, North Africa, South Africa)

Company	2022 (A)	2023 (A)	2024 (A)	2025 (A)
BMW AG (Germany)	•••	•••	•••	•••
Energica Motor Company (Italy)	•••	•••	•••	•••
Ford Motor (US)	•••	•••	•••	•••
BYD Company Limited (China)	•••	•••	•••	•••
Daimler AG (Germany)	•••	•••	•••	•••
General Motors (US)	•••	•••	•••	•••
Kia Corporation (South Korea)	•••	•••	•••	•••
Lucid Group Inc. (US)	•••	•••	•••	•••
Hyundai Motor Company (South Korea)	•••	•••	•••	•••
Karma Automotive (China)	•••	•••	•••	•••
Mahindra Electric Mobility Limited (India)	•••	•••	•••	•••
Tesla	•••	•••	•••	•••
Inc. (US)	•••	•••	•••	•••
Toyota Motor Corporation (Japan)	•••	•••	•••	•••
Nissan Motors Co.	•••	•••	•••	•••
Ltd. (Japan)	•••	•••	•••	•••
Tata Motors (India)	•••	•••	•••	•••

Research Framework · 70:30 Primary:Secondary

Our Proprietary Methodology

Cognitive Market Research employs "The Full Truth™" methodology — a rigorous triangulation process that combines primary research, secondary validation, and expert calibration. Implemented by Sneha Singh and team for the Global Electric Car Market Analysis Market analysis.

Primary Intelligence Gathering

Direct interviews with 50+ industry stakeholders including manufacturers, distributors, end-users, and regulatory bodies across all six regions.

Secondary Data Triangulation

Cross-referencing against trade databases, customs records, financial filings, patent databases, and verified industry publications.

Expert Validation Protocol

Each data point undergoes validation by minimum two independent domain experts with 15+ years of industry experience.

Athenaeum AI Processing

Our proprietary AI platform aggregates, normalizes, and identifies patterns across 10,000+ data points to surface non-obvious insights.

Editorial & QA Review

Final review by senior analysts ensures accuracy, coherence, and actionability of all insights and recommendations.

Data Assurance Metrics

Data Points Validated 10,400+

Expert Interviews 54

Countries Covered 39+

Company Profiles 17+

Forecast Accuracy (Historical) 94.2%

Report Pages 250+

Analytical Coverage

Market Sizing Revenue Forecast CAGR Analysis Competitor Benchmarking SWOT Porter's Analysis PESTEL Value Chain ESG Analysis Tariff Impact Patent Mapping Tech Trends

To maintain the integrity of our proprietary methodology and protect our elite expert network, specific source disclosures are reserved for full-access partners. Our research framework is anchored by a 70:30 primary-to-secondary ratio, ensuring your strategy is driven by real-time market intelligence rather than recycled, publicly available, or AI-generated data. Every deliverable includes an exhaustive source directory and grants direct analyst access.

Latest News about Electric Car Market

Published At: 27-April-2024

Kia displays EV5 and Sonet SUVs for Chinese market

The Kia EV5, an all-electric compact SUV, is the first dedicated EV platform model produced locally in China. It builds on the success of the EV6 and EV9 and is Kia's third dedicated EV built upon the Electric-Global Modular Platform (E-GMP). The Chinese market will receive three variations of the EV5: standard, long-range, and long-range AWD. The long-range model, with an 88.1-kWh battery and 160-kW motor, is expected to achieve a range of 720km per charge. The EV5 comes with customer-driven features such as relaxation seats, a console-integrated refrigerator/warmer, and a multi-table luggage board. It also comes with Highway Driving Assist 2 (HDA2) and Remote Smart Parking Assist 2 (RSPA 2) systems. The Kia Sonet, also available in China, features a Smart Driving System, Forward-Collision Avoidance Assist (FCA), and Lane Keeping Assist (LKA). The Sonet also offers a 10.25-inch dual color screen and Baidu Connect 3.0 for enhanced passenger engagement. Kia has introduced the Universal Wheel Drive System ('Uni Wheel'), which improves available space inside an EV by moving main drive system components to the vacant space within the wheel hub. The company plans to develop L4 Smart Driving technology for the Chinese market.

Source Link: https://www.autocarpro.in/news-international/kia-displays-ev5-and-sonet-suvs-for-chinese-market-120250

Published At: 27-April-2024

Toyota to invest $1.4 billion in Indiana plant for new electric SUV

Toyota is preparing to build a new three-row battery electric SUV in the US as part of a $1.4 billion investment in its Princeton facility. This move signifies Toyota's commitment to reinvest profits in its US operations and brings total investment in Toyota Indiana to $8 billion. The investment will provide plant infrastructure for the new BEV and add a new battery pack assembly line using lithium-ion batteries supplied by Toyota Battery Manufacturing North Carolina, a $13.9 billion facility slated to begin production in 2025. This announcement comes on the heels of a $1.3 billion investment in Toyota Kentucky for the production of a separate all-new, three-row battery-electric SUV. Toyota Indiana's Indiana facility is home to over 7,500 team members who assemble the Toyota Sienna, Highlander, Grand Highlander, and Lexus TX. The partnership between Indiana and Toyota has cultivated job stability and economic opportunity in Princeton and the surrounding southwest Indiana region for decades. Toyota directly employs more than 63,000 people in North America who have contributed to the design, engineering, and assembly of nearly 47 million cars and trucks at its 13 manufacturing plants.

Source Link: https://www.autocarpro.in/news-international/toyota-to-invest-$14-billion-in-indiana-plant-for-new-electric-suv-120263

Published At: 24-April-2024

PLI: Automobile, auto parts cos invested INR 13,000 cr in past one year in EV, EV parts making

India's Production Linked Incentive (PLI) scheme has seen eight automakers and parts suppliers, including Mahindra & Mahindra, Tata Motors, Bajaj Auto, Ola Electric, Toyota Kirloskar Auto Parts, TVS Motor Company, Sona BLW Precision Forgings, and Delphi TVS Technologies, invest INR 13,000 crore in green vehicles and related parts. The government aims to attract investments worth INR 42,500 crore within the next 2-3 years. The PLI scheme has approved an outlay of INR 25,938 crore to support the local automotive industry in transitioning to eco-friendly technologies. The scheme encourages the development and indigenous production of electric vehicles, hydrogen fuel cell vehicles, and advanced auto technologies to reduce fuel consumption and carbon emissions. The PLI scheme is expected to lead to incremental production of over INR 2.3 lakh crore, creating over 750,000 jobs, and boosting India's share in global automotive trade.

Source Link: https://auto.economictimes.indiatimes.com/news/industry/pli-automobile-auto-parts-cos-invested-inr-13000-cr-in-past-one-year-in-ev-ev-parts-making/109546826

Published At: 23-April-2024

GOI, Maharashtra govt’s social justice department partner with ASDC

The Automotive Skill Development Council (ASDC), supported by SIAM, ACMA, and FADA, has partnered with the Government of India and the Social Justice Department of the Government of Maharashtra to train 50,000 women under the PM EV2Solar Project for Social Justice. The initiative aims to provide access to solar energy and Electric Vehicles (EVs) at 30% of the vehicle cost, with 70% funding supported through state schemes. Union Minister of State for Social Justice & Empowerment Govt. Ramdas Athawale recently established a partnership with ASDC, emphasizing the distribution of vehicles to socially disadvantaged women through government schemes. The Solar2EV initiative aims to foster innovation, inclusivity, and sustainable development, empowering marginalized communities across Maharashtra and beyond. A task force led by Social Justice Commissioner Om Prakash Bhakoria and Former Director at Niti Aayog, Randheer Singh, will focus on creating socially sustainable products through ASDC's skill development programs.

Source Link: https://www.electricalindia.in/goi-maharashtra-govts-social-justice-department-partner-with-asdc/

Published At: 22-April-2024

Tesla's Musk likely to unveil $2-3 billion India investment during visit

Tesla CEO Elon Musk is set to announce an investment of $2-3 billion in India, primarily for building a new factory, during his visit to New Delhi next week. The investment is aimed at entering the world's third-largest auto market, where electric car adoption is still in its infancy. India's EV market is small but growing, dominated by local carmaker Tata Motors. EVs made up just 2% of total car sales in 2023, but the government is targeting 30% of new cars to be EVs starting in 2030. Tesla's visit comes as it battles slowing sales in the US and China, and has recently announced layoffs affecting 10% of its workforce. Musk has opposed India's high import taxes for EVs for years and lobbied for a change. In March, India's government unveiled a new EV policy lowering import taxes to 15% if a carmaker invests at least $500 million and sets up a factory. Tesla has already started scouting for showroom space in New Delhi and Mumbai, and its Berlin factory is producing right-hand drive cars it aims to export to India starting later this year.

Source Link: https://www.business-standard.com/companies/news/tesla-s-musk-likely-to-unveil-2-3-billion-india-investment-during-visit-124041700536_1.html

Published At: 22-April-2024

Ramkrishna Forgings to supply power train components to US' largest EV producer

Ramkrishna Forgings has signed an agreement to supply power train components to the largest electric passenger vehicle producer in the US, marking the company's debut in the electric vehicle market. The deal signifies the company's strong emphasis on powertrain components and its position in the segment. Kolkata-based Ramkrishna Forgings is a manufacturer and supplier of closed-die forgings of carbon and alloy steel, micro-alloy steel, and stainless steel. Shares of the company jumped over 3% after the news was announced. The collaboration reflects Ramkrishna Forgings' commitment to innovation and its capabilities to meet the demands of the EV industry. The company also secured orders worth Rs 270 crore from a consortium led by BHEL to supply bogie frames of Vande Bharat train sets.

Source Link: https://economictimes.indiatimes.com/industry/auto/auto-components/ramkrishna-forgings-to-supply-power-train-components-to-us-largest-ev-producer/articleshow/109391113.cms

Published At: 20-April-2024

Govt kicks off consultations with domestic industry, Tesla reps, to evolve guidelines for new EV policy

The Indian government held its first consultation meeting with automobile industry players, including Tesla representatives, to develop guidelines for the new electric vehicles (EV) policy. The meeting involved officials from the Ministry of Heavy Industries and Finance Ministry, car manufacturers like Tata Motors, Maruti Suzuki, Mahindra & Mahindra, Volkswagen, Mercedes, and Toyota, as well as Tesla representatives. The guidelines aim to provide clarity on investments in EV manufacturing in India, which is at a nascent stage but is expected to grow into a major category in the coming years. Tesla's participation comes after India eased duty for a limited number of EV imports for manufacturers setting up facilities in India. Musk is expected to meet Prime Minister Narendra Modi on March 22 and interact with Indian startups.

Source Link: https://indianexpress.com/article/business/companies/govt-kicks-off-consultations-with-domestic-industry-tesla-reps-to-evolve-guidelines-for-new-ev-policy-9278498/

Published At: 20-April-2024

MG Motor India looks to expand network in tier III, IV to boost growth

MG Motor India plans to establish 100 new touchpoints in tier III and IV cities by the end of the current fiscal year as part of its strategy for growth. The company plans to invest Rs 5,000 crore and sell one million units of passenger electric vehicles in India by 2030. By the end of 2024-25, it aims to have 520 sales and service touchpoints in 270 cities. MG Motor India Chief Commercial Officer Satinder Singh Bajwa has a clear roadmap for MG 2.0, the next phase of growth, and aims to improve its footprint in the Indian market to gain consumer confidence and trust. The company plans to expand its network by onboarding new partners and introducing "tailored" showrooms for rural, Tier III, and Tier III cities. As part of MG 2.0, the company is increasing its annual production capacity from over 1 lakh units to up to 3 lakh vehicles and setting up a second manufacturing unit in Halol, Gujarat.

Source Link: https://www.business-standard.com/industry/auto/mg-motor-india-looks-to-expand-network-in-tier-iii-iv-to-boost-growth-124041700371_1.html

Published At: 20-April-2024

Gujarat’s shift to e-autos: It can clean air, increase incomes

Gujarat, India, has seen a 23% increase in registered auto-rickshaws since 2014, with 66,448 meeting Bharat Stage emission standards. These vehicles account for 17% of the total CO emissions in the state. Electric auto-rickshaws (e-autos) have the potential to transform the transport system by contributing to a cleaner environment and providing long-term economic benefits. A study by WRI India found that e-autos have a lower total cost of ownership (TCO) compared to conventional vehicles. The daily running range of ICE autos in Gujarat is 100-150 km, making them suitable for long-distance travel. However, barriers to widespread adoption include a lack of awareness and inadequate charging infrastructure. Improving the charging infrastructure network, battery swapping facilities and service centers for e-autos is necessary to address difficulties in sourcing spare parts or finding skilled technicians. The Gujarat Electric Vehicle Policy 2021 offers incentives and subsidies to individual vehicle owners, stimulating EV manufacturing and allocating funds for charging infrastructure. Gujarat has a great opportunity to learn from other states' experiences and develop solutions for a just transition to electric vehicles, including e-autos.

Source Link: https://indianexpress.com/article/opinion/columns/gujarat-e-autos-clean-air-income-increase-9271168/

Published At: 19-April-2024

EVs a luxury the Indian rich can’t get enough of

The luxury car market in India has seen a three-fold increase in electric vehicle sales in the past year, with nearly 2,900 high-end electric vehicles sold in the last fiscal year. The adoption rate in the luxury segment is three times that of the mass market, with industry executives expecting half of all luxury vehicles sold in the country to be electric by the end of the decade. Sales of luxury cars in the Indian market are expected to double to about 100,000 units by 2030. Mercedes Benz plans to launch three electric cars this year, while BMW is preparing to introduce two new products, including the all-electric BMW i5 M60 xDrive. Audi aims to bring the all-new Audi Q6 e-tron to India as quickly as possible. The share of electric vehicles in the luxury segment is about 6%, three times that of the mass market. The new EV policy in India is not yet clear, but Elon Musk's announcement of plans for a Tesla plant in the country is expected to lead to an expansion in the overall electric vehicle market.

Source Link: https://auto.economictimes.indiatimes.com/news/industry/evs-a-luxury-the-indian-rich-cant-get-enough-of/109417797

Published At: 17-April-2024

EVs head for junkyard as mechanic shortage inflates repair costs in UK

Global sales of electric cars are falling as a result of higher repair costs and a lack of qualified technicians to perform complex repairs. Electric versions are being prematurely discarded by insurers and repair businesses such as the AA in the UK, who are concentrating on whole autos with relatively minor damage. Of the 236,000 car mechanics in the US, less than 10% are certified to work directly with electric vehicle batteries or their casings. The desire for environmentally friendly vehicles is being stifled by long lead times for deliveries and a lack of operational charging stations. Drivers are worried that collisions may result in EV write-offs. With one million EVs currently on the road, more hardship is anticipated. Although other nations, like Germany, Norway, and Sweden, have handled their issues better, the UK still has obstacles to overcome.

Source Link: https://www.business-standard.com/industry/auto/evs-head-for-junkyard-as-mechanic-shortage-inflates-repair-costs-in-uk-124041300261_1.html

Published At: 16-April-2024

Tesla scouts showroom locations in India ahead of plans to begin sales later this year: Sources

For Indian sales later this year, US electric vehicle manufacturer Tesla is looking into possible store locations in Mumbai and New Delhi. The business intends to open a 3,000–5,000 square foot showroom as well as a service center in each city. At its German facility, Tesla has begun producing vehicles with right-hand drive for export to India. India recently lowered import duties on electric vehicles to 15% for manufacturers who establish a facility and invest at least $500 million. During a two-day visit to India, Tesla CEO Elon Musk is anticipated to meet Prime Minister Narendra Modi and make an investment announcement. To establish showrooms in 2024, the corporation is eager to start building as soon as possible. In its two primary markets, China and the United States, Tesla is experiencing slower development in the electric vehicle industry. In India, the market for electric vehicles is anticipated to grow quickly; by 2023, EV sales will account for just 2% of all automobile sales. The government has declared that by 2030, thirty percent of all new automobile sales should be electric.

Source Link: https://www.cnbctv18.com/auto/tesla-scouts-showroom-locations-in-india-ahead-of-plans-to-begin-sales-later-this-year-sources-19396860.htm

Published At: 16-April-2024

Mahindra-Adani Total Energies Deal To Broaden EV Charging Infra Access

To hasten the adoption of electric vehicles (EVs) in India, Mahindra & Mahindra and Adani Total Energies E-Mobility Limited (ATEL), a division of Adani Total Gas Limited, have inked a memorandum of understanding (MoU). The MoU lays out a plan for building a nationwide network of EV charging stations. It calls for implementing e-mobility solutions that facilitate consumers' easy access to the charging network by taking care of transactional, availability, discovery, and navigation. As a result of this partnership, Mahindra EV drivers will have far greater ease and accessibility to electric car charging with over 1,100 chargers available on the Bluesense+ App. Customers' trust in adopting EV technology as part of the energy transition will be strengthened, according to Suresh P. Manglani, Executive Director and CEO of Adani Total Gas Ltd., because of the partnership with M&M for the charging infrastructure. According to Veejay Nakra, head of M&M Ltd.'s automotive division, the collaboration is essential to improving the infrastructure for EV charging. It guarantees that users have easy access to the network and digital integration for an unmatched EV experience.

Source Link: https://www.ndtv.com/india-news/mahindra-adani-total-energies-deal-to-broaden-ev-charging-infra-access-5283956

Published At: 16-April-2024

IPEF's Clean Economy Investor Forum to showcase India's sustainable infra projects on EVs, solar energy

On June 5 and 6, the Indo-Pacific Economic Framework (IPEF) Clean Economy Investor Forum will be held in Singapore to lure investments in renewable energy, climate technologies, and sustainable infrastructure projects. According to the Indian Ministry of Commerce and Industry, the symposium will highlight India's financially feasible sustainable infrastructure initiatives, with a focus on solar energy and electric vehicles (EVs). Opportunities for the Indian industry will be presented in two tracks at the forum: the Climate Tech Track, where top climate tech companies and start-ups will be identified through an open call; and the Infrastructure Track, where India will present a selection of investible sustainable infrastructure projects in areas such as waste management, energy transition, and transportation and logistics. With 14 participants, the forum was established in May 2022 to foster collaboration, stability, and prosperity in the area through the use of four cooperative pillars: trade, supply chain, clean economy, and fair economy.

Source Link: https://www.cnbctv18.com/energy/ipef-clean-economy-investor-forum-india-sustainable-infra-projects-ev-solar-energy-19394386.htm

Published At: 15-April-2024

Govt approves 11 EV manufacturers for receiving incentives under EMPS

Eleven electric vehicle manufacturers—including Ather Energy, Bajaj Auto, Hero MotoCorp, Ola Electric, and Mahindra—have been approved by the Ministry of Heavy Industries to receive incentives under the Electric Mobility Promotion Scheme (EMPS) 2024. The program, which takes the role of the earlier Faster Adoption and Manufacturing of Electric Vehicles – II (FAME-II) program, attempts to maintain the growth in EV sales. The new program, which has been allocated Rs 500 crore, went into effect on April 1 and will run through July 31. This scheme's certification procedure has been expedited and streamlined by the government. Companies that sell electric vehicles expressed worry that they would lose out on incentives for purchases made after April 1st, but those that have been approved will be qualified starting on the date of their separate approvals. The e2W and e3W categories will be the only emphasis of the EMPS. Approximately 278,000 pure EVs were supported under FAME-I, which provided demand incentives of Rs 343 crore.

Source Link: https://www.business-standard.com/industry/auto/govt-approves-11-ev-manufacturers-for-receiving-incentives-under-emps-124041001044_1.html

Published At: 13-April-2024

Omega Seiki Mobility Join Hands with Exponent, Launches E-3-Wheler with Rapid Charging Option

In collaboration with Exponent Energy, Indian electric vehicle maker Omega Seiki Mobility has introduced the OSM Stream City Qik, a three-wheeled passenger electric car with a starting price of Rs 3.25 lakh. With its 15-minute quick charging capacity, the car is predicted to increase drivers' income by at least 30%. It has an 8.8 kWh unique battery arrangement and a 126 km range, according to ARAI, when fully charged. Additionally, the business provides an industry-best guarantee of 200,000 km or five years. Better financing conditions and lower monthly EMIs are made possible by a longer battery guarantee, while the 15-minute quick charge optimizes flexibility and profits. When compared to other EVs or ICE vehicles, the user may make the most profit from their Exponent-powered EV thanks to the combined benefits of maximum income and reduced cost.

Source Link: https://www.news18.com/auto/omega-seiki-mobility-join-hands-with-exponent-launches-e-3-wheler-with-rapid-charging-option-8849955.html

Published At: 13-April-2024

Citroën becomes the first multinational carmaker to export EVs from India

The French carmaker Citroën has made history by being the first multinational automobile manufacturer in India to sell electric cars (EVs) to other countries. From Kamarajar Port in Chennai, the firm started exporting 500 units of "Made in India" Ñ-C3 electric vehicles to Indonesia, with hopes to extend to Nepal and Bhutan. Stellantis, the parent company of Citroën, is expected to become the first "multinational OEM" in India to do this. The 320 km range certified by ARAI MIDC, 100% DC Fast Charge, and 15 AMP home charging options are available for the Citroën Ñ-C3 four-wheeler hatchback. There are thirteen exterior color variations and forty-seven customization options for the automobile. Additionally, Citroën declared that it will give BluSmart Mobility, an all-electric ride-hailing firm, 4,000 of its e-C3 models.

Source Link: https://www.business-standard.com/economy/news/citroen-becomes-the-first-multinational-carmaker-to-export-evs-from-india-124041100819_1.html

Published At: 09-April-2024

Chinas SAIC Motor plans job cuts at GM VW and EV units amid automotive industry challenges increased competition

SAIC Motor, the state-owned carmaker in China, intends to drastically cut staff at Rising Auto, its electric vehicle business, and its joint ventures with General Motors and Volkswagen. The cuts are planned for 2024; they won't happen all at once. More than half of the cuts will come from raising performance requirements and paying lower-performing workers who leave on their own volition. Offering compensation to underperforming staff is the majority of SAIC-VW's cost-cutting measures. One of the two SAIC EV units, Rising Auto, is similarly paying out bonuses to underperforming staff, but it will also fire some of them and not extend the contracts of others. This is an unusual move for Chinese state-owned businesses, especially given the fierce rivalry the automotive sector faces.

Source Link: https://www.livemint.com/auto-news/chinas-saic-motor-plans-job-cuts-at-gm-vw-and-ev-units-amid-automotive-industry-challenges-increased-competition-11711934570939.html

Published At: 09-April-2024

5% GST benefit should only be for smaller EVs; don't extend it to bigger cars: Skoda Auto India

Skoda Volkswagen India has suggested that the 5% GST incentive should only be applied to compact electric vehicles that are less than four metres. This proposal may put pressure on the exchequer and government budgets. Skoda is getting ready for the next phase of growth after investing INR 8,000 crore in India. Skoda's Indian brand director, Petr Janeba, questioned the rationale for assisting those who spend INR 60 lakh on a car when the existing GST system benefits a greater number of affluent individuals by reducing their taxes. He gave instances of nations like China, the US, and Europe where subsidies are specifically designed for smaller EVs, which hastens the spread of EVs. Janeba proposed that the tax rates on electric vehicles be the same as those on internal combustion engines that run on petrol and diesel, with the exception that benefits be limited to mass-market, smaller cars.

Source Link: https://economictimes.indiatimes.com/industry/renewables/5-gst-benefit-should-only-be-for-smaller-evs-dont-extend-it-to-bigger-cars-skoda-volkswagen-india/articleshow/109153025.cms?from=mdr

Published At: 06-April-2024

Don't burn cash, don't sell cheap: Amitabh Kant, former CEO of NITI Aayog and G20 Sherpa at Ather Energy Community Day

The significance of electric cars and the requirement for India to emerge as Amitabh Kant, the former CEO of NITI Aayog and G20 Sherpa, underscored the world's foremost manufacturer and exporter of electric vehicles. He advised EV producers to concentrate on building electric motorcycles for export as doing so generates larger profits than manufacturing for domestic markets. Kant cautioned Indian producers of electric vehicles (EVs) against making low-cost models and instead concentrate on making EVs for export. By 2030, he projected, the world will switch to electric cars, and he urged India to take advantage of this development. However, given that the national government's budget allocation for the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicle (FAME) project has been cut by approximately 44% to INR 2,671 crore for FY25, Kant's claims align with those expressed by EV producers. This cut could slow down the uptake of electric vehicles in India.

Source Link: https://auto.economictimes.indiatimes.com/news/two-wheelers/dont-burn-cash-dont-sell-cheap-amitabh-kant-former-ceo-of-niti-aayog-and-g20-sherpa-at-ather-energy-community-day/109085433

Published At: 06-April-2024

Telangana govt in talks with Tesla to set up electric car plant

To build a facility in the state, the Telangana administration is actively pursuing talks with Tesla. The state government has been keeping an eye on Tesla's investment plans in India since December 2023. According to Industries Minister D Sridhar Babu, the government is trying to introduce Tesla to Telangana and is striving to provide top-notch infrastructure and a simple permit process so that Tesla may operate in the state. With the help of Telangana's industry-friendly policies, which let corporations like Tesla operate there, the state hopes to foster a dynamic and forward-thinking corporate environment. This comes after BRS chief K T Rama Rao attacked a news article claiming Tesla Motors will send a team to India to look for potential sites for an estimated USD 2-3 billion electric car facility. The Telangana government was encouraged by Rama Rao to make every effort to bring Tesla to the region.

Source Link: https://auto.economictimes.indiatimes.com/news/passenger-vehicle/telangana-govt-in-talks-with-tesla-to-set-up-electric-car-plant/109043248

Published At: 05-April-2024

Tesla gets ready to import German-made EVs to India

As the Centre’s new electric vehicle policy opens the door for Tesla, the American manufacturer of electric vehicles (EVs), it is anticipated that the company will import cars into India from Berlin rather than Shanghai. Within 120 days following the program's introduction on March 14, the government intends to begin accepting applications for its new EV policy and publish comprehensive rules. The application period will open in 60–70 days. The policy will not designate a specific location as the import source nation. At its Berlin facility, Tesla has begun producing right-hand drive vehicles, which it plans to deliver to India during the second part of this year. As long as automakers agree to invest a minimum of $500 million in India over the next three years, the Centre would permit them to import up to 8,000 EVs valued at $35,000 or more annually at a lower import charge of 15%.

Source Link: https://www.livemint.com/auto-news/tesla-gets-ready-to-import-german-made-evs-to-india-11712240739122.html

Published At: 02-April-2024

Yamaha partners Lola Cars to develop and supply powertrains for Formula E

To develop and deliver high-performance electric powertrains for the ABB FIA Formula E World Championship, Yamaha Motor Co. has teamed up with Lola Cars, based in the United Kingdom. As part of the agreement, Yamaha hopes to increase its knowledge in this area, and Lola Cars creates car packages for Formula E racing teams. Together with Lola, Yamaha intends to reach the highest power density and efficiency levels on record. Through the partnership, Yamaha will be able to participate in the ABB FIA Formula E World Championship and open up new potential in international motorsport and zero-emission vehicle technology. Lola Cars' Motorsport Director, Mark Preston, expressed excitement about the collaboration and the 350-kW electric drivetrain that supports the company's Formula E presence.

Source Link: https://www.autocarpro.in/news-international/yamaha-partners-lola-cars-to-develop-and-supply-powertrains-for-formula-e-119820

Published At: 01-April-2024

New Rs 500 crore scheme to promote e-mobility kicks in from Monday

To hasten the adoption of electric vehicles (EVs) in India, the Ministry of Heavy Industries has unveiled the Rs 500 crore Electric Mobility Promotion Scheme 2024 (EMPS 2024). The program, which goes into effect on Monday and runs through the end of July, would fund the purchase of up to Rs 25,000 for small three-wheelers (e-rickshaws and e-carts), up to Rs 50,000 for large three-wheelers, and up to Rs 10,000 per two-wheeler for around 3.33 million EVs. Only vehicles equipped with sophisticated batteries will be eligible for subsidies under the initiative, which intends to promote 3,72,215 EVs. The government's Atmanirbhar Bharat project, which supports an effective, resilient, and competitive EV manufacturing sector in the nation, includes the EMPS 2024. To boost local production and fortify the EV supply chain, the Phased Production Programme was implemented. Along the value chain, the plan will also result in a major increase in employment prospects.

Source Link: https://www.business-standard.com/industry/auto/new-rs-500-crore-scheme-to-promote-e-mobility-kicks-in-from-monday-124033100363_1.html

Published At: 01-April-2024

Back China's SAIC Motor plans job cuts at GM, VW and EV units amid automotive industry challenges, increased competition

SAIC Motor, the state-owned carmaker in China, intends to drastically cut staff at Rising Auto, its electric vehicle business, and its joint ventures with General Motors and Volkswagen. The cuts are planned for 2024; they won't happen all at once. More than half of the cuts will come from raising performance requirements and paying lower-performing workers who leave of their own volition. Offering compensation to underperforming staff is the majority of SAIC-VW's cost-cutting measures. One of the two SAIC EV units, Rising Auto, is similarly paying out bonuses to underperforming staff, but it will also fire some of them and not extend the contracts of others. This is an unusual move for Chinese state-owned businesses, especially given the fierce rivalry the automotive sector faces.

Source Link: https://www.livemint.com/auto-news/chinas-saic-motor-plans-job-cuts-at-gm-vw-and-ev-units-amid-automotive-industry-challenges-increased-competition-11711934570939.html

Published At: 27-March-2024

MG 2.0: JSW MG Motor India sets wheels rolling to give India another 'Maruti moment'

To build electric and internal combustion engine cars for the Indian market, which is dominated by Maruti and Tata Motors, JSW Group and MG Motor India have formed a joint venture. By releasing a newly designed vehicle every three to four months, the joint venture hopes to generate a Maruti moment. To increase production capacity, JSW MG Motor India plans to invest Rs 5,000 crore. The company also plans to build a second facility in Gujarat close to its current Halol unit. It is anticipated that approximately Rs 5,000 crore will be invested overall by all stakeholders in capacity expansion and new product launches. Over the next ten years, it is anticipated that India will sell 10 million cars, up from 4 million currently. Beginning this holiday season, MG Motor India intends to introduce new products, including NEVS, every three to six months. By 2028, the business wants electric vehicles to account for 65–75 percent of its sales.

Source Link: https://economictimes.indiatimes.com/industry/auto/auto-news/mg-2-0-jsw-sets-wheels-rolling-for-jsw-mg-motor-india-to-give-india-another-maruti-moment/articleshow/108639803.cms

Published At: 26-March-2024

Chinese EV makers take centre stage at Bangkok motor show, to unveil new models

Chinese car makers, including Zeekr and Xpeng Motors, are set to unveil their latest electric vehicles at the Bangkok International Motor Show. These newcomers will compete with Japanese auto giants like Toyota Motor, which currently dominates Thailand's vehicle market. Zeekr plans to launch two EV models in Thailand in June and open 10 showrooms in the country this year, positioning itself in the premium segment. Chinese automakers have committed to investing over $1.44 billion in production facilities in Southeast Asia's largest auto manufacturing hub. Thailand aims to convert 30% of its annual vehicle production into EVs by 2030, despite intensifying domestic competition. In 2023, This bought 73,500 battery EVs or about 9% of domestic car sales, and this is expected to double by the end of 2024. Local EV production capacity is expected to reach 100,000 cars by the end of 2024.

Source Link: https://economictimes.indiatimes.com/industry/renewables/chinese-ev-makers-take-centre-stage-at-bangkok-motor-show-to-unveil-new-models/articleshow/108763622.cms

Published At: 26-March-2024

Maximizing performance with automotive AI

Dealers and OEMs confront new difficulties as the auto industry stabilizes, including growing inventory levels, shrinking profitability, fragile supply chains, and a labor crisis. However, to optimize performance and prepare their businesses for the future, more dealers are implementing AI technology. Results of a successful AI implementation include a rise in scheduled service appointments of 18–25%, a rise in sales appointments of 30–50%, and an average monthly gain in repair order income of more than $100,000. Since Chat GPT, Impel, a firm specializing in generative AI technology, has recognized obstacles to the successful use of AI and created best practices for both successful deployment and enhanced business outcomes. A wide range of AI apps that offer fundamental support for each aspect of their operation are adopted by successful dealers. Enhancing car image quality, providing 360-degree walkarounds, and engaging customers in highly tailored discourse across several channels are just a few of the many touchpoints that AI can intelligently manage and handle across the whole customer lifetime. Dealers wishing to begin using AI should prioritize security and control, select an AI trained in automotive retail, plan for change management, go with a platform rather than point solutions, and think about tactics for incentives and rewards.

Top Speed	Less Than 100 MPH, 100 to 125 MPH, More Than 125 MPH
Vehicle Class	Mid-Priced, Luxury
Vehicle Drive Type	Front Wheel Drive, Rear Wheel Drive, All Wheel Drive
Range	Up to 150 Miles, 151-300 Miles, Above 300 Miles
Motor Type	DC Motor, AC Motor
Propulsion Technology	Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV)
List of Competitors	BMW AG (Germany), Energica Motor Company (Italy), Ford Motor (US), BYD Company Limited (China), Daimler AG (Germany), General Motors (US), Kia Corporation (South Korea), Lucid Group Inc. (US), Hyundai Motor Company (South Korea), Karma Automotive (China), Mahindra Electric Mobility Limited (India) , Tesla, Inc. (US), Toyota Motor Corporation (Japan), Nissan Motors Co., Ltd. (Japan), Tata Motors (India)

Global Electric Car Market Analysis 2026

Global Electric Car Market Analysis from 2022 to 2034 Containing Market Size, Share along with its CAGR, Forecast and Trends

Top Countries — Revenue

Share Distribution

Market Dynamics of Global Electric Car Market Analysis

↑ Growth Drivers

↓ Restraints

~ Trends

Access the full forecast model.

Global Electric Car Market Analysis — Presence

Interactive World Map

Regional and Country Analysis

Segmentation Analysis

Competitive Landscape of the Electric Car Market

Report Scope & Analysis

Introduction of the Electric Car Market

Global Electric Car Market Analysis Insights Video

Analyst Conclusion

Frequently Asked Questions

Global Electric Car Market Analysis — Table of Contents

Report Scope

Chapter 1. 2026 Geopolitical Outlook - Electric Car Market Detailed Analysis

Chapter 2. AI's Impact on Market - Detailed Qualitative Analysis

Chapter 3. Global Market Analysis

Chapter 4. North America Market Analysis

Chapter 5. Europe Market Analysis

Chapter 6. Asia Pacific Market Analysis

Chapter 7. South America Market Analysis

Chapter 8. Middle East Market Analysis

Chapter 9. Africa Market Analysis

Chapter 10. Competitor Analysis (Subject to Data Availability (Private Players))

Chapter 11. Qualitative Analysis (Subject to Data Availability)

Chapter 12. Market Split by Top Speed Analysis 2022 - 2034

Chapter 13. Market Split by Vehicle Class Analysis 2022 - 2034

Chapter 14. Market Split by Vehicle Drive Type Analysis 2022 - 2034

Chapter 15. Market Split by Range Analysis 2022 - 2034

Chapter 16. Market Split by Motor Type Analysis 2022 - 2034

Chapter 17. Market Split by Propulsion Technology Analysis 2022 - 2034

Chapter 18. Gap Analysis

Chapter 19. Strategic Insights

Chapter 20. Profitability and Gross Margin Analysis

Chapter 21. Research Findings

Chapter 22. Research Methodology and Sources

Athenaeum AI Dashboard

Our Proprietary Methodology

Primary Intelligence Gathering

Secondary Data Triangulation

Expert Validation Protocol

Athenaeum AI Processing

Editorial & QA Review

Data Assurance Metrics

Analytical Coverage

Latest News about Electric Car Market

Kia displays EV5 and Sonet SUVs for Chinese market

Source Link: https://www.autocarpro.in/news-international/kia-displays-ev5-and-sonet-suvs-for-chinese-market-120250

Toyota to invest $1.4 billion in Indiana plant for new electric SUV

Source Link: https://www.autocarpro.in/news-international/toyota-to-invest-$14-billion-in-indiana-plant-for-new-electric-suv-120263

PLI: Automobile, auto parts cos invested INR 13,000 cr in past one year in EV, EV parts making

Source Link: https://auto.economictimes.indiatimes.com/news/industry/pli-automobile-auto-parts-cos-invested-inr-13000-cr-in-past-one-year-in-ev-ev-parts-making/109546826

GOI, Maharashtra govt’s social justice department partner with ASDC

Source Link: https://www.electricalindia.in/goi-maharashtra-govts-social-justice-department-partner-with-asdc/

Tesla's Musk likely to unveil $2-3 billion India investment during visit

Source Link: https://www.business-standard.com/companies/news/tesla-s-musk-likely-to-unveil-2-3-billion-india-investment-during-visit-124041700536_1.html

Ramkrishna Forgings to supply power train components to US' largest EV producer

Source Link: https://economictimes.indiatimes.com/industry/auto/auto-components/ramkrishna-forgings-to-supply-power-train-components-to-us-largest-ev-producer/articleshow/109391113.cms

Govt kicks off consultations with domestic industry, Tesla reps, to evolve guidelines for new EV policy

Source Link: https://indianexpress.com/article/business/companies/govt-kicks-off-consultations-with-domestic-industry-tesla-reps-to-evolve-guidelines-for-new-ev-policy-9278498/

MG Motor India looks to expand network in tier III, IV to boost growth

Source Link: https://www.business-standard.com/industry/auto/mg-motor-india-looks-to-expand-network-in-tier-iii-iv-to-boost-growth-124041700371_1.html

Gujarat’s shift to e-autos: It can clean air, increase incomes

Source Link: https://indianexpress.com/article/opinion/columns/gujarat-e-autos-clean-air-income-increase-9271168/

EVs a luxury the Indian rich can’t get enough of

Source Link: https://auto.economictimes.indiatimes.com/news/industry/evs-a-luxury-the-indian-rich-cant-get-enough-of/109417797

EVs head for junkyard as mechanic shortage inflates repair costs in UK

Source Link: https://www.business-standard.com/industry/auto/evs-head-for-junkyard-as-mechanic-shortage-inflates-repair-costs-in-uk-124041300261_1.html

Tesla scouts showroom locations in India ahead of plans to begin sales later this year: Sources

Source Link: https://www.cnbctv18.com/auto/tesla-scouts-showroom-locations-in-india-ahead-of-plans-to-begin-sales-later-this-year-sources-19396860.htm

Mahindra-Adani Total Energies Deal To Broaden EV Charging Infra Access

Source Link: https://www.ndtv.com/india-news/mahindra-adani-total-energies-deal-to-broaden-ev-charging-infra-access-5283956

IPEF's Clean Economy Investor Forum to showcase India's sustainable infra projects on EVs, solar energy