This Japanese company’s eye on India’s EV market, prepared strategy
This Japanese company’s eye on India’s EV market, prepared strategy
The trend of electronic vehicles ie EV is increasing rapidly in India. Although, its contribution to the total vehicle sales may not be much yet, but the pace has been faster than before. This is the reason why vehicle makers are busy in formulating a strategy to capture this market. Japanese company Toyota has prepared a big plan for this. The company is going to launch 10 new electric models in the Indian market. That is, in the coming times, customers will have more options for EVs. Please tell that right now Tata Motors is dominating this market.
The market can grow so much
It is believed that by 2030, sales in the EV segment will account for 30% of new vehicles in the personal automobile sector, 70% for commercial vehicles and 80% for two-wheelers and three-wheelers. Obviously, in such a situation, there will be a reduction in the amount of oil import in India and it will also help in cleaning the environment. For some time, there has been a steady rise in the sales of the EV segment. In 2020-21, 48,179 electric vehicles were sold. This figure increased to 2,37,811 units in 2021-22 and 4,42,901 units by December 9, 2022 in 2022-23. In the last month i.e. March, 8,566 electric cars have been sold, which is much more than last year’s March (3,718 units).
This is Toyota’s plan
This is the reason why Toyota Motor Corp has prepared a big plan for India. The company aims to introduce 10 new battery electric vehicle models. This Japanese company has been trying to capture the electric segment for a long time. It has been told in media reports that Toyota will launch 10 new battery EV models by 2026. However, the company has not yet clarified in which segment it will launch new models, 4-wheeler, two or three wheeler. In addition, Toyota will also set up a new, specialized unit to focus on next-generation battery EVs.
changing strategy
Toyota is believed to have not been quick enough in developing a battery operated two wheeler line-up. That’s why now the company is working under the new strategy. The company will ramp up production of battery electrics vehicles, but hybrids will remain an important pillar of its business. Some time ago, the Chinese giant BYD (Build Your Dreams) launched its EV in the Indian market. The company sees a huge market for EVs in India. BYD wants a major share of the EV market in India. It is preparing to open its centers in 30 cities of the country. BYD plans to have 40 percent share of the Indian vehicle market by 2030 and the company has started working fast in this direction. The company wants to sell 10 to 15,000 vehicles by the end of this year.
BYD is a Chinese company
BYD has a wide range of electric cars across hatchbacks, sedans and SUVs. Build Your Dreams is already selling electric buses and electric vehicles for corporate fleets in India. Apart from this, the company also sells electric cars and plug-in electric hybrids in many countries of the world. These include Norway, Singapore, Brazil, New Zealand, Costa Rica and Colombia. At present, more than 300 Chinese companies are making EVs. China’s electric vehicle company SAIC and BYD are behind only Elon Musk’s Tesla in global market share. BYD also manufactures batteries for electric vehicles. China’s CATL and BYD are considered the biggest players in battery manufacturing.
China is the biggest EV market
China is the largest EV market in the world. Many of his companies are growing rapidly in this sector. Half of the world’s top-10 best-selling EV brands are Chinese. At present, more than 300 Chinese companies are making EVs. The Chinese government is promoting companies to make more and more electric cars and people to buy them. That’s why it spends a considerable amount on subsidy as well. In fact, China had thought long ago that it has to become the world leader in the electric market and accordingly it approved its plans. Charging EV in a country like India is currently a big problem. The government is working in this direction, but the speed is slow. At the same time, there are about 1.15 million public charging stations in China and their number is increasing continuously. Apart from this, it has focused on developing advanced technology and subsidies to reduce the cost of EVs. About 33% subsidy of sales has been given to all three automakers, suppliers and consumers.
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