INDIA IN NEED TO STEP UP ITS EV GAME

Last week, elon musk confirmed that tesla inc will be entering the Indian market soon, much to the excitement of its fans, who had been waiting for this moment for years. Tesla has been planning to enter India through launch of Model 3 which would be ranging upto Rs.55 Lakhs.

Analysts claim that there will be an EV revolution in India as time passes, but one of the major factor ie affordability, may dampen the spirits and excitement of the major chunk of customers. Battery pricing may play a crucial role in the overall pricing of the EV. There is ambiguity about the mode of manufacturing at the present as well.

India is the third biggest economy in the world and country of the working class, it still lacks certain factors which could welcome EVs, unlike China, which is the first country where the US based company set up its factory in Shanghai. According to the figures provided by Bloomberg New Energy Finance, EVs account for about 5% of China’s annual car sales whereas it stands at 1% in India. The Chinese are able to bloom in this field due to the generous government subsidies, a population yearning for eco friendly and green vehicles. The country is heading toward disrupting the current global auto industry landscape by rolling out new EV models and a suitable, diverse ecosystem. 75% of the auto sales in India take place under the $10000 bracket, which basically means Tesla would only appeal to 1% market in India, which is equivalent to half the price in China. India launched a Faster Adoption and Manufacturing of Hybrid and EV (FAME) plan, which offers subsidies and encourages EV purchases, cut GST on EVs and much more. But this won’t do much to help lower the price for would-be Tesla customers, since the upper limit for an EV to qualify for subsidies is 1.5 million rupees. Teslas will cost more than that and therefore won’t be eligible.

By educating people about sustainable energy, stepping up the manufacturing plants and provision of subsidies may prove success for TESLA in India.

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