The Japanese carmaker Suzuki Motor Corp has hinted at entering the EV car models’ platform by 2025. Suzuki’s four-wheeler business is being operated by Maruti in India and is reportedly working on introducing an all-electric compact model for the Indian market.
According to a report by Nikkei Asia, the EV will probably be priced around Rs. 11lakh ($13,700) after taking the government subsidies into account. Suzuki will launch the EV initially in India and then go to Japan and European markets.
While other competitors have already moved towards electrification, Maruti Suzuki has taken its time to get into the segment. The electrified version of the most popular car Wagon R was spotted testing in India; there was no official statement on the timeline of its launch.
Even though India is the fifth-largest automaker in the world, EV car sales have been slow in India. Owning 50% of this market share, Maruti Suzuki hopes to move on with the competitive edge they have maintained with the introduction of Electric vehicles.
As far as electrification is concerned, India has not seen any push in customer behaviour. The slow growth of EVs could be a result of lack of infrastructure, range anxiety and the initial cost of the vehicles.
The Indian Government has set a goal of making 30% of the newly sold vehicles to be electric by 2030. In order to achieve the shift, the centre has decided to offer incentives for all EV buyers from 2019 that would cost nearly 100 billion rupees over the next three years starting.
As part of electrification, Maruti Suzuki has been offering mild hybrid cars in India. For the R&D in the field of EVs, the company has plans of investing $ 9 Billion by 2026. Suzuki has partnered with Denso, a car parts maker for a battery plant in India and Toshiba is expected to start producing Lithium-ion batteries for their hybrid cars.
Maruti Suzuki is known for its cheap, reliable and efficient cars. But electric cars are not cost-friendly and scare away few buyers. With a price tag of Rs. 11lakh ex-showroom, Maruti Suzuki could have the edge over other carmakers and attract more customers.