The EV Race Heats Up With The Confirmed Launch Of MG Air EV MG confirmed the launch of its new EV called "Air EV" which will be based on the Wuling Air EV that is available in Indonesia. Air EV would be MG's second EV launch after the success of ZS-EV
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
The electric vehicle sector has been a sunrise sector for a very long time, potentially being the automobile solution for the future. The pollution levels have consistently risen in the last few years. The rise of sustainability has been considered as the solution to the impending carbon emission problem that has been persistent for the last few years.
MG confirmed the launch of its new EV called "Air EV" which will be based on the Wuling Air EV that is available in Indonesia. MG will make a few changes to the car especially the battery thermal management. Air EV would be MG's second EV launch after the success of ZS-EV.
The race for the top EV manufacturer in India is heating up. Chinese manufacturer BYD also entered the passenger EV market with the unveiling of ATTO 3. The ATTO 3 will be competing against Kona-EV and the ZS-EV. Warren Buffet-backed Build Your Dreams (BYD) is aiming for a global push with its latest foray in India. BYD has been an active contributor for the corporate fleets in India.
Tata had been the front runner in the electric four-wheeler (E4W) space. Tata Motors had announced an astonishing growth of 326 per cent in the electric vehicles segment, selling a record-breaking 11, 522 units in Q2 FY23. Tata also recently launched Tiago-EV which would be the first hatchback EV launched by Tata Motors.
The numbers signify that there is a significant increase in the adoption of EVs. The government is also actively promoting the usage of EVs. Electric buses have been introduced in DTC fleets. The government is also providing concessions for buying EVs under the FAME-I and FAME-II schemes. The Uttar Pradesh government recently launched the Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy for 2022. The EVMM policy was first launched in 2019 but was revised for 2022.
According to the UP EVMM 2022, the purchase subsidy of E4W is approximately 15 per cent of ex-factory cost up to INR 1 lakh per vehicle subject to a maximum budget outlay of INR 250 crore to a maximum of 25000 electric vehicles.
As the race tenses up in the EV segment, the adoption is growing by leaps and bounds. According to a report by Deloitte Touche Tohmatsu India, the overall sales of EVs are expected to jump to 1.6 million units in 2025 and 15 million in 2030.
