New Delhi: Domestic auto makers are grabbing the export opportunity presented by a growing preference for cleaner mobility in developed markets, as well as government support, to supply electric vehicles (EV) at competitive costs.
Maruti Suzuki is set to start shipments of its first electric SUV to Europe early next year, while Hero MotoCorp is readying for launch of its VIDA V1 electric scooter in France, Spain and the UK over the next few months. TVS Motor, which is exporting electric scooter iQube to a few Asian countries, is preparing to head to the European Union.
With large-scale, developed EV supply chain and ecosystems, these companies are leveraging proven abilities in frugal manufacturing to sell in Europe, where electric is projected to account for a quarter of car sales this year.
“We should not look at just selling (EVs) in India. We should look at how India can sell EVs to the world,” Hero MotoCorp chief executive Niranjan Gupta had said during a recent interaction with ET.
The government is keen to develop India as an export hub for EVs.
On a Par with Global Standards
India has a INR 25,938-crore production-linked incentive (PLI) scheme to enable local automakers and component suppliers to compete overseas for clean mobility options, challenging Chinese dominance. Beijing accounted for 68% of battery electric vehicles produced worldwide in 2023 and exports worth USD 34.1 billion. While some EV makers have finalised plans to start exports, several others are weighing the option.
With its upcoming ‘Born Electric’ range, Mahindra & Mahindra is among those looking to enter the European market. The company, which has partnered Volkswagen for components from its MEB platform to develop a global EV portfolio, has said that it was looking to start e-vehicle exports to Europe in 2027. Honda Cars India is developing a full electric version of SUV Elevate and plans to export it, industry executives said.Commercial vehicle makers also see an opportunity in the export market for electric vehicles.
