Maruti Suzuki, India’s leading car manufacturer, is set to introduce its first electric vehicle (EV) in January 2024. The midsize SUV, expected to offer a 500 km range on a single charge, will be unveiled at the Bharat Mobility Global Expo.
The launch details were confirmed by Partho Banerjee, head of marketing and sales, during the annual convention of the Society of Indian Automobile Manufacturers (SIAM) in Delhi. The EV, tentatively named eVX, is likely to be priced above ₹15 lakh and will compete with models like the Tata Curve.ev, the upcoming Hyundai Creta EV, and Mahindra & Mahindra’s Born EV series.
Maruti Suzuki’s MD & CEO, Hisashi Takeuchi, also revealed plans to export the electric SUV to international markets, including Europe and Japan. Although Maruti Suzuki has long held a dominant position in India’s automotive market, the company has been slower to enter the EV sector, which is currently led by smaller competitor Tata Motors.
Banerjee mentioned that the company has conducted extensive research to address key customer concerns about electric vehicles. “We are developing a complete ecosystem to tackle issues like range anxiety, inadequate EV infrastructure, and concerns about the residual value of EVs,” Banerjee said.
Range anxiety, where consumers worry about running out of battery power, has been a significant factor for potential EV buyers. Most current electric vehicles offer ranges of around 300 km, but driving conditions, such as traffic and extreme temperatures, can reduce battery life. Banerjee stressed that 95% of EV owners charge their vehicles at home, but public charging infrastructure remains crucial for peace of mind during long trips or unforeseen delays.
In response to concerns about low resale value for EVs, Maruti Suzuki is exploring options such as a buyback program to give customers more confidence. Banerjee added, “With every new technology, there are always early adopters. We believe addressing these issues will ensure sustainable growth, and we aim to be a significant player in the EV market.”
Banerjee noted that the company will remain flexible with technology, allowing customers to choose the type of vehicle that suits their preferences. Regarding the possibility of a separate retail chain for EVs, he said the company has yet to finalize any decisions on that front.
