Drop in GST rate and tax sops on EVs can soon see a rollout of Electric vehicles as international carmakers see clarity in policy
Finance Minister Nirmala Sitharaman during her budget speech announced the reduction of GST on electric vehicles from 12% to 5%. She said that the government has already moved GST council to lower the GST rate on electric vehicles (EV) from 12% to 5%.
The benefits under the FAME II scheme and the announcement in the budget of an additional income tax deduction of Rs 1.5 lakh on the interest paid on loans taken to buy EVs will surely raise the interest in this segment and the Indian market will soon see a series of EV launches in a couple of months.
Here is a list of some of the upcoming electric vehicles in India that can change the dynamics of the automobile sector:
Maruti Suzuki recently confirmed that it will be ready with its first electric car for India by next year. The country’s largest carmaker has been already working on the Maruti Suzuki WagonR Electric, which was first showcased last year at the inaugural MOVE Global Mobility Summit in Delhi. The electric Wagon R will use a Lithium-ion battery pack. The EV will have a range of approximately 200 km on a single charge. However, Maruti hasn’t revealed if the car will get a fast charging solution. Maruti is expected to launch the Wagon R EV in 2020 and price the car around Rs 7 lakh.
Mahindra will launch the eKUV100 in India near to the festive season this year and is expected to price the car at around Rs 7-9 lakh. The electric version of the KUV100 looks similar to the regular version except for minor design changes. Power will come from a 3-phase AC induction 31 kW electric motor coupled to a lithium-ion battery. This setup will have a range of about 140 km while with fast charging, users can charge the battery to 80% in less than an hour.
Hyundai Motor India Ltd is set to launch Kona Electric in India on 9 July. According to Hyundai, the Kona Electric will be ‘India’s first real electric SUV’. The Kona Electric is expected to be priced between Rs 25 lakh to Rs 30 lakh (ex-showroom) in India. The Kona will come to India with a 39.2 kWh lithium-ion battery that offers peak power of 134.13 bhp and 395 Nm. It will have a driving range of 312 km on a single charge. A 100kW DC fast charger will charge the SUV up to 80% in just 54 minutes.
The Revolt RV400 is the first electric motorcycle from Revolt Motors. It is an entry-level commuter electric motorcycle which will have several unique features like artificial intelligence, synthesised sounds and a swappable battery location network. The Revolt RV400 will be launched in July 2019. The company said Revolt RV400 will be affordable for everyone, and promised the price will be a “pleasant surprise”.
Nissan India confirmed in January 2019 that the brand will be bringing their highly successful electric hatchback, the Leaf, to India this year. The Nissan Leaf is in its second generation now and has become the highest selling electric vehicle in the world. The Nissan Leaf gets a 40 kWh battery which offers a range of up to 400 kms on a single charge. Charging time of the battery is from 8 to 16 hours, depending on power capacity. The Leaf also gets a quick charging feature which charges the battery to 80% in just 40 minutes. The Nissan Leaf will be one of the premium offerings in the EV segment and will cost around Rs 30-35 lakh.
MG Motor India announced that it will launch its first electric SUV called eZS in India by December 2019. The MG eZS that retails in international markets features a 150hp electric motor which is capable of pushing the SUV from 0 kmph to 50 kmph in 3.1 seconds. According to the NEDC (New European Driving Cycle), the SUV offers a total range of 335km from a single charge. The British automaker is scheduled to launch the eZS in India somewhere around December 2019 at a price point of somewhere around Rs 25 lakh.