In expansion drive, top Indian EV makers look to power ahead

The global shift toward cleaner transportation, combined with government incentives to position India as a top electric vehicle (EV) manufacturing hub, has supercharged several Indian automakers’ plans to grow internationally.

Currently, China is the world’s largest exporter of vehicles at 4.9 million, of which 1.2 million are EVs, according to China Association of Automobile Manufacturers data.

India’s northern neighbor is, however, encountering growing resistance from Western nations, which are looking to impose sky-high tariffs on imports from China, which is home to a heavily subsidized EV sector, in a bid to shield their respective local industries.

The US last month rolled out steep tariff increases on Chinese imports, including EVs. The European Commission followed, with plans to impose additional duties of about 38% on Chinese producers such as BYD, SAIC, and Geely, apart from Chinese-built Tesla and BMW cars.

This week, Canada joined the fray by saying that it is weighing imposing tariffs on Chinese EVs. The growing global backlash against Chinese EVs has opened yet another window of opportunity for Indian automakers.

Indian two-wheeler firm TVS Motor Co. already exports its electric scooter, iQube, to Nepal, Sri Lanka, and the Philippines.

Other automakers such as Maruti Suzuki India Ltd and Hero MotoCorp are targeting the European markets, with plans to start exports as early as next year.

A look at India’s top EV makers and their export plans:

Maruti Suzuki

Maruti Suzuki in March announced that it is planning to export its made-in-India electric-sport utility vehicle (E-SUV) eVX, which boasts a range of up to 550 km, to the European and Japanese markets. This electric SUV is designed and developed by its parent, Suzuki Motor Corp., in Japan.

Maruti will roll out the EV, which will come strapped with a 60kWH battery pack, through its upscale sales platform, NEXA.

The automaker that commands a 65% share in the non-SUV market aims to corner a 50% share of the SUV segment, which is popular among Indian car owners.

The company launched Jimny, Fronx, Brezza, and Grand Vitara in 2023 and has contributed to expanding the company’s SUV market share to 22%.

Hero MotoCorp

Hero MotoCorp is gearing up to roll out its Vida VI electric scooter in France, Spain, and the UK in the next few months.

The automaker plans to start commercial operations in the region soon and offer a premium range of internal combustion engine (ICE) bikes and scooters to European countries.

Hero MotoCorp chief executive officer Niranjan Gupta said the company plans to start commercial operations in the UK, Spain, and France by mid-2024, “partnering with reliable local firms.”

Mahindra and Mahindra

Mahindra and Mahindra, which has an ambitious plan to launch seven EVs by 2030, is planning to enter the European market with its ‘Born Electric’ range of vehicles.

The company’s EV lineup, which currently features the XUV.e and BE series, will also include upcoming electric versions of the Thar, Scorpio, and Bolero.

The automaker already has an impressive footprint with its ICE and commercial vehicles across Australia, New Zealand, Latin America, SAARC, Africa and the Middle East.

It has already set up a design center–‘Mahindra Advanced design Europe’–in Oxfordshire, England.

Mahindra recently entered into a tie-up with Volkswagen to use components from the German automaker’s MEB platform to develop a global EV portfolio, and is planning to enter the European market by 2027. The MEB (Modularer E-Antriebs Baukasten, or modular electric drive matrix) is a platform developed specifically for EVs.

In an interview to Press Trust of India, group MD and CEO Anish Shah said EVs will comprise up to 30% of the overall portfolio by 2027 as charging infrastructure develops.

TVS Motor

TVS Motor, which has launched its premium electric scooter, TVS iQube, in Sri Lanka and the Philippines, has announced plans to enter the European market with a distribution partnership.

It already has a presence in Southeast Asia, Africa, and Latin America, with exports contributing 25% of its business.

The company is aiming for a bigger share of the EV market and plans to ramp up the capacity of iQube and also offer TVS X, its latest EV, in Latin America, the Middle East, Europe, and other regions.

The company has a production capacity of over 5.5 million 2-wheelers and 250 thousand 3-wheelers annually.