On October 2, Elon Musk, the high-profile Chief Executive of Tesla, the world’s most valuable automobile company, created a flutter in India when he hinted the company could be on its way to the country next year.
“Next year for sure,” Musk tweeted in response to a query by a Twitter account, Tesla Club India, on the long-anticipated entry in the Indian market. The Twitter account was started in March 2019 by electric vehicle (EV) enthusiasts Nikhil Chaudhary and Arun Bhat S. and has over 4,400 followers till date.
Barely a week later, Mercedes Benz, India’s largest luxury car maker, launched EQC, the country’s first luxury EV. Given that electric mobility in India is still at a nascent stage, and issues such as high cost, lack of charging infrastructure and range anxiety — due to which Maruti Suzuki and other mass market companies are yet to launch EVs — the move may seem a bit premature.
Yet, luxury car makers are ready to foray into the electric segment in In-dia. Mercedes will soon be joined by compatriot Audi with its e-tron and Jaguar Land Rover with I-pace later this year. This will be followed by BMW bringing in Mini Cooper SE EV and Volvo introducing the electric version of its compact SUV XC40 in the second half of next year. As indicated by Musk, Tesla’s high-octane entry into India, with possibly its Model 3, could happen around the same time.
Global automotive history is replete with examples of luxury car industry coming out with innovations that later trickled down to mass market segments. It will be no surprise if it happens in electric mobility as well.
This story is from the November 15, 2020 edition of Business Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 15, 2020 edition of Business Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Look Before You Leap
In 2025, Investors Will Need To Factor In Volatility Across Asset Classes
"Focus on the challenge of each customer"
SHASHANK KUMAR MD & CO-FOUNDER I RAZORPAY Razorpay is India's first full-stack financial solutions company
PEDAL ON THE FUTURE
THE MG WINDSOR EV, WITH ITS FUTURISTIC AND MINIMALIST DESIGN, COMBINES THE BEST OF BOTH WORLDS-COMFORT AND TECHNOLOGY
BREATHE EASY
Whether you're battling allergies, looking to remove pollutants, or simply want to breathe easier, the right air purifier can make a difference
The Taste of India in a Glass
FROM ROYAL LIQUEURS TO DISTILLED MAHUA, INDIAN HERITAGE ALCOHOLIC BEVERAGES ARE HAVING THEIR DAY IN THE SUN
MISSING ADVISORS
INDIA HAS JUST ONE INVESTMENT ADVISOR FOR NEARLY EVERY 200,000 INVESTORS. AT A TIME WHEN RETAIL PARTICIPATION IN THE STOCK MARKETS IS BOOMING, THIS ASSUMES SIGNIFICANCE
TURNING A CORNER
SHARED ELECTRIC MOBILITY START-UP YULU'S SHIFT TO SERVICING THE QUICK COMMERCE SECTOR IS HELPING IT GROW FAST. IT IS NOW FOCUSSING ON IMPROVING ROAD SAFETY FEATURES AS IT TURNS EBITDA POSITIVE
REALITY CHECK
INDIAN STOCK MARKETS PLUNGED BEGINNING OCTOBER FOR A HOST OF REASONS, INCLUDING A FALL IN FII OWNERSHIP. HOW DEEP WILL THE CORRECTION BE?
TRUMP'S TRADE TANGO
The return of Donald Trump as the 47th President of the US has put the global economy on edge. India, too, is unlikely to remain unaffected. How will policymakers meet this latest challenge?
"The essence of the Trump administration will be transactional”
Global investor, analyst, and best-selling author Ruchir Sharma decodes why Donald Trump won the elections, what India should do, the risks, and more
