Maruti Suzuki’s Shashank Srivastava says EVs will become mainstream in India | The Financial Express

Maruti Suzuki’s Shashank Srivastava says EVs will become mainstream in India

Maruti Suzuki India is working on reducing the cost of battery and aims to launch 6 electric vehicles in different segments by 2030.


“Electric vehicles will become mainstream but when they will become that is unpredictable. The cost of the acquisition is one of the important factors impeding EV adoption in India,” said Maruti Suzuki India’s Senior Executive Officer (Marketing & Sales), Shashank Srivastava, at a media event in Mumbai.

He said that a cost of an electric vehicle is higher than its IC-counterpart due “to the high cost of batteries. Maruti Suzuki is trying to bring down battery costs. We will have 6 EVs in different segments by 2030. Our estimate is this market which is 1 percent today will be around 3 percent in 2024-25, and 17 percent in 2030.”

This translates to a million EVs sold of the total 6 million cars sold in 2030.

Srivastava further added, “I think the attitude of trying to be better and that’s also something we have learnt from the Japanese system of Kaizen, which is you have to improve continuously and competition in one way helps that Kaizen and the desire to improve continuously and that is why we welcome the competition. One of the biggest strengths Maruti Suzuki has is its market share and we are looking forward to strengthening our SUV space.”

He further stated that at present Maruti Suzuki India’s sales makes up for around 60 percent of the overall sales for Suzuki Motor Corporation. “It is a great achievement of India. It shows the upswing in the Indian economy. Our demography is very young. In consumption terms, we expect car consumption in India will continue to increase. Our projections show almost 6 million by 2030 from current 3.8 million in 2022″

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First published on: 24-02-2023 at 13:41 IST
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