EV Sales Set For Rapid Growth; Penetration To Touch 12-13%

New Delhi: The electric vehicle segment is set for rapid growth as its penetration in the domestic passenger vehicle segment may touch 12-13 per cent over the next 4-5 years amid favourable government policies and mainstream OEMs driving in models to cater to diverse customer needs, Hyundai Motor India Whole Time Director and COO Tarun Garg said.

There is now clarity in the industry that electric vehicles are the way forward in the country, he added. "Clarity was lacking earlier whether it would be EVs or hybrid or any other technology. Now, it is clear that all the policies favour the EVs," Garg told media in an interaction. Mainstream OEMs like Hyundai, Mahindra and Tata Motors are already there in the sector, and now with Maruti Suzuki entering the vertical, it is now clear that the EV penetration is set to rise, he added.

Garg said the EV penetration is now expected to grow steadily till 2030. "We expect that the EV penetration will grow from 2.5 per cent to around 12-13 per cent in the next four to five years. The segment will see continuous growth from now on," he added. Garg said that with favourable government policies and growing charging infrastructure, it now seems "all the voices now are towards EVs". Elaborating on the steps being taken by the company, he stated that the automaker plans to introduce three new battery electric models and is also working towards enhancing charging infrastructure. "We are very committed towards the EV segment from the supply chain localisation point of view and charging infrastructure point of view as well.