In a recent Gujarat Vibrant Summit, glimpses of the challenges Tesla might face in India, the world’s largest EV company, surfaced. Another player making consistent investments in the EV sector is the Tata Group, with Hyundai also stepping into the competition. A notable example was showcased at the Auto Expo, where Hyundai revealed its commitment to enter the EV sector in India. The company plans to launch its first EV in India by the end of this year, manufactured in Gujarat.
According to Toshihiro Suzuki, Chairman of Suzuki Motors Corporation, the group aims to export these EVs from India as well. In a bid to enhance EV production, the group is planning to inaugurate its fourth production line and increase annual production capacity to over 4 million units by 2030-31. The commencement of the new plant is expected in the financial year 2028-29, although specific details about the plant’s location and the models to be produced remain undisclosed.
The automotive market has undergone significant changes, affecting companies like Maruti, which later influenced fuel prices for cars. If Maruti manages to provide relief to the general public in terms of fuel costs, it could pose a challenge not only to Tesla but also to Tata, Mahindra, and Honda. This development could be unsettling news for other players in the industry.
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