Posted 2/24/2024, 8:00:11 AM
Indian EV Makers Slash Prices to Stay Competitive Before Tesla's Entry into Fast-Growing Market
- Indian EV makers like Tata and Ola cut prices ahead of Tesla's entry to boost demand in the world's 3rd largest auto market
- EV penetration in India is currently only 5% but projected to hit 40% by 2030, with electric car share reaching 15-20%
- Lower battery prices globally and production incentives in India are helping to reduce EV costs and price gap with conventional cars
- Issues remain around subsidy programs ending, need to develop affordable India-specific models, build out charging infrastructure
- Successful EV adoption in India could provide template for growth globally while reducing high oil import dependency