Maruti Suzuki is in no hurry to join the electric vehicle race in the Indian market. At a time when the government is also pushing for EVs, the company says it will enter the space only when it makes it feasible for customers in terms of affordability.
Addressing shareholders at the company's annual general meeting held virtually on Tuesday, Chairman RC Bhargava said the country's largest carmaker is looking at the electric vehicle (EV) space but will enter it only when it makes it feasible for customers in terms of affordability and also for the company to operate without making a loss.
Talking about the company's plans for EVs, he said that India EVs will be able to penetrate in large numbers only when these become affordable to consumers.
"Maruti will be in the electric vehicle sector. We will introduce electric vehicles, but we will do that at an appropriate time when it will be feasible to sell these electric vehicles in reasonable numbers and when it will be feasible to sell them without making a loss on the whole operation," Bhargava asserted, PTI quoted.
The automobile industry has already started preparing for a transition to electric mobility with companies like Tata Motors, Mahindra and Mahindra, Bajaj Auto, TVS Motor Co and others launching their respective electric vehicles across segments.
The Indian government has extended the second phase of the Faster Adoption and Manufacturing of Hybrid and Electric vehicle (FAME) scheme by two years to March 31, 2024, to push sales of electric vehicles.
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