EV Future: ₹4,000 Crore Investment Fuels Expansion

A significant investment of ₹1,400 crore is being deployed this year, with an additional ₹4,000 crore earmarked for the near future. This capital will primarily focus on enhancing localization efforts, developing new products, and expanding manufacturing facilities.

Plant capacity is set to significantly increase, with the first phase concluding by March 2027, raising annual production from 120,000 to 260,000 units. Following this, further expansion will target a capacity of approximately 300,000 units.

Localization efforts have already tripled, and the company aims to achieve 70% localization by the close of 2027. The new ADAPT platform will underpin future models, starting with a battery electric vehicle and a plug-in hybrid launching this fiscal year.

Addressing the supply-side issue of model availability, rather than demand, is identified as key to increasing EV adoption. The introduction of more models across various price points is expected to mirror the growth seen in the SUV market.

While charging infrastructure remains a concern, it is viewed as a market-driven issue that will improve with consumer choice. Plug-in hybrids are considered an effective bridge technology between ICE vehicles and BEVs, offering the benefits of both.

Retail network expansion is also planned, with outlets projected to grow from 550 to over 1,200 within five years, focusing on markets outside Tier-I cities to drive new energy vehicle adoption.