Maruti will have six EVs by 2030, working to bring down battery costs

Senior exec says cost of acquisition is a key factor impeding EV adoption in India

Maruti Suzuki India (MSIL) plans to bring six electric vehicles (EVs) by 2030, said a senior company executive.

Speaking at the ABP’s Ideas of India Summit, Shashank Srivastava, senior executive officer (marketing and sales) said that the cost of acquisition is one of the important factors impeding EV adoption in India.

“If a normal car is Rs 100 then EV is Rs 160 due to the high cost of batteries. Maruti Suzuki is trying to bring down battery costs. Also, we will have six EVs in different segments by 2030. Our estimate is this market which is 1% today will be around three per cent in 2024-25, and will be about 17 per cent in 2030 which means out of about six million cars, one million will be EVs in 2030.”

Srivastava further added, “I think the attitude of trying to be better is 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. That is why we welcome the competition. One of the biggest strengths Suzuki has is its market share and we are looking forward to strengthening our SUV space.”

Speaking on the growth and market demand, Srivastava said, "Maruti is 60% by volume for the overall Suzuki Motor Corporation, it's a great achievement of India. It shows the upswing in the Indian economy. Our demographic is very young. In consumption terms, we expect car consumption in India will continue to increase. Our projections show almost six million by 2030 from current 3.8 million in 2022."