Tatsat Chronicle Magazine

Mercedes-Benz Overtakes Tesla to Launch India’s First Locally Produced Luxury EVs

Uttar Pradesh has maximum monthly registered EV sales with a 23% share in overall sales in India in December 2021
January 13, 2022
Mercedes-Benz EQC

German luxury carmaker Mercedes-Benz on Wednesday announced that it will launch 10 new cars in India in 2022, including its flagship electric sedan, Mercedes-Benz EQS, which will be assembled in India. The launch is expected in the fourth quarter of 2022. Mercedes-Benz was also the first company to introduce a premium electric car, Mercedes-Benz EQC, in India.

India’s electric vehicle (EV) market is expected to grow at a compounded annual growth rate (CAGR) of 90 per cent in this decade to touch $150 billion by 2030, says a report by consulting firm RBSA Advisors. The Indian EV market is currently in its infancy. In terms of penetration, EV sales account for barely 1.3 per cent of total vehicle sales in the country during 20-21. However, the market is growing rapidly and is expected to be worth more. India’s shift to shared, electric and connected mobility could help the country save nearly one giga-tonne of carbon dioxide emissions by 2030.

“EV sales are likely to increase exponentially in the coming days. With the only certainty over the future prices of diesel/petrol being that they are unlikely to reduce soon, more choices being made available to the consumer in terms of electric vehicles and initiatives by the Central and State Governments, the sector is expected to attract huge investments as well. Each of the last three years has seen double-digit deals and we expect this trend to continue,” Rajeev R. Shah, Managing Director and CEO, RBSA Advisors, said.

The overall electric vehicle (EV) sales continue to grow in December 2021 as well, clocking 50,866 units, signifying an m-o-m increase of 21% and a y-o-y jump of 240%. This is the first time that EV registrations have crossed the 50,000-mark in a month, as per a report by JMK Research & Analytics.

Among all the states and UTs, Uttar Pradesh continues to have maximum monthly registered EV sales with a 23% share in overall sales in India in December 2021, clocking over 10,000 units in EV sales making it the first state to witness so. Maharashtra has the 2nd highest sales at 13%, followed by Karnataka (9%), Rajasthan (8%), and Delhi (7%), and Tamil Nadu (7%).