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As Tesla, Foxconn eye India's EV space, here are the major players

India has two major players in the two-wheeler EV segment – Ola Electric and Ather Energy
Last Updated : 23 October 2021, 06:30 IST
Last Updated : 23 October 2021, 06:30 IST

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India's ambition of complete electrification of vehicles by 2030 appears to be headed on the right track.

Taiwanese tech giant Foxconn on Wednesday became the latest among a growing number of firms who have set their sights on India's electric vehicles (EVs) market, which could be worth $206 billion according to a CEEW-CEF study if it successfully meets its above target.

Earlier this year, Tesla announced its India foray, registering itself as "Tesla India Motors and Energy Private Ltd" with the Registrar of Companies at its Bengaluru branch.

While Tesla is yet to announce any further details on the location of its factory and sale of its vehicles, it has urged the Union government to reduce import taxes on EVs.

Until then, here's an overview of the big players in India's expanding EV market:

India has two major players in the two-wheeler EV segment – Ola Electric and Ather Energy.

Ola, more popular for its ride-hailing app, launched two scooters last month. The S1 is priced at Rs 99,999 while the higher-end S1 pro costs Rs 1,29,999. Having kept sales open only for two days, Ola managed to sell Rs 1,100 crore worth of units.

Ather, which has been around for longer than Ola, also has two models – the 450X and 450 Plus. Like Ola, they too have a factory in Tamil Nadu. The factory located in border town Hosur is able to push out a fully assembled electric scooter every four minutes.

In the more affordable bracket within this segment lies Hero Electric, with up to 12 models on offer.

Mahindra, which gave India's first EV – Reva – is another major player in the Indian EV market, albeit in the three-wheeler and van segment. It also has two passenger vehicles on offer — E2O (a rebranded Reva) and the eVerito. The eVerito is in fact used as a cab in five cities across India, including Bengaluru, by Lithium Urban Technologies Pvt Ltd.

India's four-wheeler EV segment is dominated by Tata Motors, who earlier this month raised Rs 7,500 crore to invest in its electric passenger vehicle business. Tata currently offers an electric version of its mini SUV Nexon and compact sedan Tigor. It plans to launch 10 more EVs by 2025.

Other players in the market include Hyundai, which sells the Indian-manufactured Kona EV and MG, which sells the ZS-EV, also an SUV. In the luxury segment lies Mercedes Benz's EQC compact SUV and Audi's performance car e-Tron G. Also in this segment are hybrid cars Maruti Suzuki Ciaz and Toyota Camry and Prius.

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Published 21 October 2021, 19:53 IST

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