Rising oil prices and clean energy concerns are the major drivers in the quest for more fuel-efficient and eco-friendly vehicles. The Indian government's aggressive push along the same lines is getting a warm reception.
Carmakers have embraced the idea of switching to vehicles that use alternative fuel. The green bandwagon seems to be the narrative the auto industry is holding on to.
As of now, Mahindra and Mahindra (M&M), the home-grown UV maker, is the only electric car brand in the Indian market with models like eVertio and eSupro. But if emerging reports are to be believed, the firm plans to add more vehicles to its electric car portfolio.
A report in MoneyControl claims Mahindra Electric, the electric vehicle division of M&M, is working on the electric versions of Scorpio and XUV500. Mahindra is reportedly estimating an additional spending of Rs 500 crore to develop electric SUVs.
Mahindra-owned Italian car design firm Pininfarina is also working on electric sports car while SsangYonng is said to be readying a premium electric SUV.
Considering the pricing of the eclectic version of Verito sedan of Mahindra, the Scorpio and XUV500 electric version is rumoured to get a price tag of above Rs 12 lakh and Rs 15 lakh respectively.
The automakers like Maruti Suzuki, Toyota, Tata and Hyundai are also expected to soon start working on electric cars. India's push for electric cars received a major boost when Maruti Suzuki - the country's largest carmaker - announced its plans to make electric cars. Suzuki, the Japanese parent company of Maruti, will invest a whopping Rs 3,900 crore and add a third manufacturing unit in Gujarat.