With An Enabling Policy Environment, India’s Electric Vehicle Market Set To Witness Several New Vehicle Launches; Here’s A List

In the latest Union Budget, Finance Minister Nirmala Sitharaman has unveiled a slew of incentives for electric vehicles (EVs). The government is providing a fillip to the fledgling EV industry by offering fiscal incentives and working towards a favourable regulatory environment.

The Union Budget announced income tax rebates of up to Rs 1.5 lakh to customers on interest paid on loans to buy electric vehicles, with a total exemption benefit of Rs 2.5 lakh over the entire loan period. In addition to this, customs duty exemption will be provided for lithium-ion cells, which will help significantly in lowering the cost of lithium-ion batteries in India, as they are not produced locally.

Manufactures of components such as those required for the development of solar-electric charging infrastructure, lithium-storage batteries and such others have been offered investment-linked income tax exemptions under Section 35AD of the Income Tax Act, and other indirect tax benefits.

The Finance Minister also announced that the government has proposed to the Goods and Services Tax (GST) council to lower the GST rate on EVs from 12 per cent to 5 per cent.

The second phase of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME 2) scheme has also been introduced from 1 April 2019, with an outlay of Rs 10,000 crores.

Given an encouraging policy landscape, India is set to witness the launch of many new EV vehicles. We have listed a few here.

Hyundai Kona

The car, manufactured by Hyundai Motors, was launched today (9 July). With a 64 kWh lithium-ion battery that offers a peak power of 201.2 bhp, Kona has a driving range of around 482 km on a single charge. It will cost the buyer between Rs 25 lakh to Rs 30 lakh.

The ‘Lite’ version of the car, equipped with a 39.2 kWh lithium-ion battery that offers peak power of 134.13 bhp, has a driving range of 312 km.

Reports say that a 100 kW DC fast charger will be able to charge the car’s battery, which comes with a 3 years/160,000 km warranty, up to 80 per cent in 54 minutes.

Maruti Wagon R EV

Maruti Suzuki, the largest carmaker in India, is set to launch its first electric car — WagonR Electric — in the country by next year. The car was first revealed at the inaugural MOVE Global Mobility Summit in Delhi last year.

According to reports, the car will have a range of around 200 km on a single charge, and is likely to be priced at Rs 7 lakh. A prototype of the car, which was being used for testing, was spotted on roads in 2018.

Mahindra eKUV100

Mahindra’s eKUV100, likely to be priced between Rs 7 to Rs 9 lakh, will hit the market around the festival season this year. The manufacturer has retained all the design features of the original vehicle except for that of the mirror.

The car will be powered by a three-phase AC induction electric motor of 31 kW. It is likely to have a range of about 140 km. With an option for fast charging, users will be able to power the battery to 80 per cent in less than an hour.

Revolt RV400

Bookings for Revolt Motors’ RV 400 electric motorcycle have opened this month. The price of the vehicle will be revealed later this month, but the company has promised the price will be a “pleasant surprise”. Reports say it will cost users Rs 1 lakh.

The bike will have a range of 156 km and a top speed of 85 km per hour. While the users will have convenient options to charge the battery of the bike, they will also be able to change it at battery swap centres being set up by Revolt.

Nissan Leaf

Leaf, Nissan’s successful experiment at making viable electric vehicles, is being launched in India this year. With a range of up tp 400 km on a single charge, it is the highest selling electric vehicle in the world.

The 40 kWh battery of the vehicle takes between 8 to 16 hours, depending on power capacity, to charge fully. It also comes with a fast charging option, using which the vehicle can be charged 80 per cent in just 40 min.

In India, the car will be priced between Rs 30-35 lakh.

MG eZS

The first electric car of MG Motors, eZS, will be launched in December this year. It is powered by a 150 horsepower battery which can push the car from zero to a speed of 50 km per hour in just 3.1 seconds. New European Driving Cycle has said that the SUV comes with a driving range of 335 km on a single charge.

The vehicle will be produced at MG Motor’s plant in Gujarat’s Halol, which was set up with an investment of Rs 2,200 crore. It is likely to be priced around Rs 25 lakh.

The vehicle, various reports say, will be equipped with over-the-air technology which allows the use of a SIM card for connectivity.

Ather 450

Built by Ather Energy, the scooter was launched in Chennai. The on-road price of the scooter is Rs 1.31 lakh. According to the company, Ather 450 has a range of 75 km and a top speed of 80 km per hour. The company has opened bookings in the city at a refundable token amount of Rs 5,000.

To promote the adoption of EVs, the company has started building a grid of charging stations in the city for two-wheeler and four-wheeler vehicles. According to reports, it will provide free charging till December 2019.