Business Standard

EV market surprises

Tesla has had a win in the EV charging market, but new entrants could redefine the landscape

In a sharp contrast to the fanfare surrou­n­ding EVs, Maruti, which controls more than half of India’s passenger vehicle mark­et, is conspicuous by its absence.
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Vandana Gombar

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The news in the electric vehicle (EV) market this week was all about Tesla’s record deliveries of 466,140 cars over the second quarter of 2023, 83 per cent more than the same period last year. If plug-in hybrid electric vehicles are included in the count, China’s BYD would be ahead of Tesla, with sales of 700,244 from April to June. BYD is backed by Warren Buffett’s Berkshire Hathaway.

The EV market is still evolving, with a host of new models in the pipeline from companies that have been leading sales of conventional internal combustion engine (ICE) vehicles. A number of
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