Electric Vehicle, Hybrids, Plug-in Hybrids, CNG, etc are the future of mobility. The world is working for clean, green, and sustainable energy sources. India is not far behind and in this, our automobile sector is trying to contribute through minimizing the use of fossil fuel in their upcoming vehicles. Many manufacturers like Tata Motors, Maruti, and Mahindra are already working and have even introduced their various models of alternate fuel vehicles on Indian roads.
Maruti Suzuki revealed intentions to introduce its first electric vehicle this financial year and promote diverse eco-friendly technologies like hybrid, biogas, and CNG to reduce emissions. Chairman RC Bhargava highlighted a diversified strategy to meet national objectives.
To produce and promote affordable small cars, the company aims to satisfy different market segments.
The country’s largest car maker Maruti Suzuki said it would launch its first electric vehicle in the local market in the ongoing financial year, and will simultaneously encourage customers to adopt eco-friendly technologies like a strong hybrid, biogas, flex fuel, and CNG which are available at varied price points to reduce emission and fuel consumption in the country.
Maruti Suzuki chairman RC Bhargava said in the annual report release, that a policy framework to accelerate the move towards these alternate technologies will help minimize sales of petrol and diesel vehicles and thereby reduce emission and fuel consumption.
Tax on Electric Vehicle In India:
In India, a reduced GST rate of 5% on Electric Vehicles is applied, compared to 28% (plus Cess) on hybrids. Several state governments extend additional incentives including waiver of registration charges on EVs.
The government has also accepted that in India there is a need to use different technologies, he said, adding” Some states like UP, have already taken steps in this direction. We now await a policy framework that would lead to the promotion of all technologies that result in petrol and diesel cars being replaced by cars using other technologies.”
Maruti’s Plan for Electric Vehicles:
Maruti Suzuki currently sells two strong hybrid vehicles- SUV Grand Vitara and MPV Invicto. The company has scheduled to launch its first EV later this fiscal and plans to have half a dozen models in the space by FY31.
During January 8-14, the second week (W2) of the year 2024, China’s electric vehicles market showed mixed development, with some brands continuing to decline while others already started growing, especially the major manufacturers like Li Auto, Aito, and Tesla. BYD was down by 09%, Tesla was up by 130%, and Nio was down by 43% from the week before. A surprise lift and lead over Li Auto was held by the electric vehicle startup Aito.
Source: Li Auto, Based on Insurance registration
A weekly sale data published by Li Auto based on the weekly insurance registrations of the cars sold. The numbers present new energy vehicles i.e. BEVs, PHEVs, and EREVs (Range extenders electric vehicles).
BYD Electric Vehicles:
BYD got the first spot, registering 40,300 electric vehicles, and is still lagging by 9.23% from 44,400, the week before. In the first half of the month i.e. during 1st-14th January, BYD sold 84,700 in China.
The sole model on sale of BYD’s Brand was YangWang, a 1.089 million yuan i.e 153,000 U.S dollar, dedicated SUV YangWang U9, registered 1060 vehicles and was 16.9% less than the week before.
Another brand of BYD, Fang Cheng Bao (FCB), also has a sole model known as Bao5 was on sale, it was registered for 1060 vehicles and was 5% less than the week before. Fang Cheng Bao is also a premium brand but is much cheaper than the number one brand YangWang. Bao 5 UV is priced around 300,000 yuan i.e. 42,000 U.S dollars.
The third brand of BYD is Denza, which was formerly a joint venture with Mercedes-Benz, which came into control of BYD in 2021. It ranked above BYD Badged cars but is below the brand Fang Cheng Bao (FCB). A total number of 1500 cars were registered Denza which was 6.25% lower than the 1600 cars the week before. In the first half, i.e. during 1st-14th January, Denza sold 3100 cars in China.
Source: Li Auto, Based on Insurance registration
Tesla Electric Vehicles market In China:
The total number of EVs registered by the Brand Tesla was enormously high and was a total of 7400 electric vehicles, up by 131.25% from 3,2000 the week before. In the first half of January 2024 i.e in the period 1st to 14 January, Tesla sold a total number of 10,600 electric vehicles in China.
Source: Li Auto, Based on Insurance registration
Nio EVs Manufacturer:
The other manufacturer Nio, registered a total number of 1,700 EVs, and was less by 43.33% from 3000 the week before. In the first half of the month of January 2024, Nio sold only 4,700 EVs in China.
Source: Li Auto, Based on Insurance registration
Huawei’s Aito:
Huawei’s Aito, got a second-time first spot among the startups for Electric Vehicles, registering a total number of 6,800 vehicles which is 15.25% up from 5900 vehicles the week before. In the first half of the month of January 2024, i.e. from 1st to 14th, Aito sold a total number of 12800 vehicles in China. Aito manage to sell both battery electric vehicles (BEVs) and Range extenders electric vehicles (EREVs).
A big surprise of 2023 is the sales figure of Aito, as Huawei got tired of its struggling sales and used its deep pocket to introduce radical price cuts and various benefits, and surprisingly it worked. Aito jumped from 2K-3K monthly sales to almost 25000 vehicles sold in the month of December 2023 and became a relevant player in the tight China Electric Vehicle race.
Source: Li Auto, Based on Insurance registration
Li Auto:
Li Auto gave a very close fight to Huawei’s Aito, as it was closely second in electric vehicles startup sales and it registered 6800 vehicles which is around 58.14% from 4300 the week before. From the 1st to the 14th of January, in the first half of the month, li Auto sold 11,000 vehicles in China. Li Auto sells only Range Extenders electric vehicles (EREVs).
The third position was grabbed by Changan’s Deepal, which makes 3300 vehicles and is less by 2.94% from 3400 the week before. From the first to 14 January, in the first half of the month, Deepal sold 6700 vehicles in China. The two models SL03 sedan and S7 SUV of Deepal comes in battery electric vehicles(BEVs), Range Extenders electric vehicles (EREVs), and Fuel cell electric vehicles(FCEVs).
Volkswagen sold 3500 electric vehicles and is down by 7.89% from 3800, the week before. From the first to 14 January, in the first half of the month, Volkswagen sold 7300 electric vehicles in China.
Conclusion:
The electric vehicles market in all around the world is booming and the China market is all time high for alternative fuel vehicles specially for the electric vehicles manufacturing and the sells. in the first half of the month January 2024 , the Chinese manufacturer BYD response is comparatively good and is the major seller of all electric vehicles. And Li auto is just behind the BYD.
