Jeep to produce and Export EVs from India | Aligning with “Make in India”
H. Karan Kumar
Updated on Sept 19, 2023 | 6 min read
A confusing trend was observed last month when electric car sales dropped amid the heavy discounting that the companies gave on electric vehicles. On February 19th, Tata Motors gave away discounts of up to 1.2 lakh on their electric cars, and it was confirmed that Tata Electric’s EV sales are gonna shoot up and they’ll witness their best-ever sales in the month of Feb 2024. Surprisingly enough exact opposite happened and instead to rising the EV sales dropped in the month of FEB.
By capitalizing on the “Make in India” initiative, Jeep is poised to bolster its prese
About the Tata’s discount offering:
Tata Motors has successfully reduced the prices of both the Tata Nexon EV and the Tata Tiago EV, citing a drop in global battery cell costs as the main reason. Let’s take a closer look at the new prices and the difference compared to the previous pricing structure:
Tata Nexon EV Price Reduction:
Variant | Old Price (in lakh) | New Price (in lakh) | Price Drop |
Creative + MR | 14.74 | 14.49 | 25,000 |
Fearless MR | 16.19 | 15.99 | 20,000 |
Fearless + MR | 16.69 | 16.49 | 20,000 |
Fearless + S MR | 17.19 | 16.99 | 20,000 |
Empowered MR | 17.84 | 17.49 | 35,000 |
Fearless LR | 18.19 | 16.99 | 1,20,000 |
Fearless + LR | 18.69 | 17.49 | 1,20,000 |
Fearless + S LR | 19.19 | 17.99 | 1,20,000 |
Empowered + LR | 19.99 | 19.29 | 70,000 |
nce in the Indian market. This initiative, championed by the government, encourages domestic production and fosters economic growth. Jeep’s commitment to increase localization by 40% from the current 70% level underscores its dedication to this visionary program.
Electric Car Sales Report:
The overall electric car sales have dropped in February. Here’s how;
In Jan 2024 where the overall electric car sales were about 6,336 in February those numbers are dropped and stood at 5,923 units only.
Vehicle Type | January | February | MoM Change |
Electric Cars | 6,336 | 5,923 | -7% |
In the electric car market, Tata holds the 80% monopoly, and there are very few companies working on electric cars so, the failure or success of one company can either dip or boost the whole market, and the same impact is seen in this case also.
Brand Wise EV Sales Report:
EV Brand | February Sales |
Tata Motors | 5404 |
Mahindra & Mahindra | 904 |
BYD | 168 |
Volvo | 43 |
BMW | 125 |
As you can see, Tata Motors constitutes almost 77% of all the electric cars sold in Feb 2024. This drop is an anomaly; overall, the electric vehicles market is growing positively.
Mahindra & Mahindra:
Everyone had high hopes with Mahindra that it’ll compete with Tata’s monopoly significantly, but they aren’t looking in good enough condition to do that. The only formula to penetrate the Indian market is offering affordable options with a higher range, and Mahindra is failing to do the same.
Here’s a comparison between Nexon EV and Mahindra EV:
Feature | Nexon EV (XM+) | Mahindra XUV400 (XE) |
Price (ex-showroom) | ₹ 14.49 Lakh | ₹ 15.49 Lakh |
Motor Power | 96 kW (130 PS) | 130 kW (178 PS) |
Torque | 240 Nm | 310 Nm |
Battery Capacity | 30.2 kWh | 34.5 kWh |
Range (ARAI) | 315 km | 375 km |
0-100 kmph | 9.9 sec | 8.3 sec |
Fast Charging Time (0-80%) | 60 mins | 80 mins |
Boot Space (L) | 350 | 378 |
Sunroof | No | No |
Ventilated Seats | No | No |
360° Camera | No | No |
Unless Mahindra offers an affordable electric scooter with a sufficient range, it’s never going to be able to break Mahindra’s monopoly.
Conclusion:
The overall share of electric vehicles in the automobile market was 7%, which grew by 3.3% from last month’s EV market. The legacy players aren’t making any phenomenal changes; they’re the legacy brands and they target a very niche market of India. Rest, everyone is doing great, and hopefully next month we see a higher number.
