EV sales to surge, penetration likely to hit 12-13% in 5 years: Hyundai COO

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EV sales to surge, penetration likely to hit 12-13% in 5 years: Hyundai COO - Business Standard

Quick Summary:

The electric vehicle segment is set for rapid growth as its penetration in the domestic passenger vehicle segment may touch 12-13 per cent over the next 4-5 years amid favourable government policies and mainstream OEMs driving in models to cater to diverse customer needs, Hyundai Motor India Whole Time Director and COO Tarun Garg said.

Mainstream OEMs like Hyundai, Mahindra and Tata Motors are already there in the sector, and now with Maruti Suzuki entering the vertical, it is now clear that the EV penetration is set to rise, he added.

Garg said the EV penetration is now expected to grow steadily till 2030.