In what spells good news for car manufacturers looking to make inroads in India’s nascent premium e-passenger vehicle market, buyers in India are willing to fork out more across points for owning a premium model, shows Deloitte’s Global Auto Consumer Survey (GACS) 2023.
It’s therefore not surprising that all global and Indian car makers – from Kia Motors, Hyundai Motors, and BYD to MG Motor and Tata Motors are betting big on a trend that will find greater traction in the years to come.
India has traditionally been known as a price-sensitive small car market. But the latest trend shows that Indian consumers are upgrading year-on-year not only in fossil fuel driven vehicles but also for EVs, Rajeev Singh, automotive sector leader at Deloitte India told ET. “Earlier lot of EVs would come in the Rs25 lakh plus bracket but now Rs15-25 lakh has emerged as the sweet spot,” he said.
To be sure, a better-than-expected response to the premium models launched in India in the recent past have boosted confidence of global carmakers. Kia’s EV6 that went on sale in June 2022 at a price of Rs59.95 lakh saw all the 100 units allocated for the market being sold out in no time, prompting the company to ask its headquarters for more. It got a total of 500 units.
BYD, the world’s largest e-car maker by sales for instance, expects one in every third car to be electric in India by the end of this decade. While BYD that sells the E6 and will soon commence deliveries of the Atto 3 in the Indian market took wraps off the SEAL and other models, Tata Motors showed the electrified version of the Harrier and Sierra. Both the models are expected to be priced above Rs25 lakh. Even the upcoming launches from Mahindra & Mahindra, Ola Electric will be targeted at the premium segment.
Read more at: https://economictimes.indiatimes.com/industry/renewables/indians-willing-to-pay-a-premium-for-owning-pricier-evs-survey/articleshow/97252999.cms
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