four by four
Accountant-Vinay Sahu
Published: Tuesday, July 25, 2023, 11:00 am [IST]
Luxury car maker BMW is about to start local production of electric vehicles in India. A senior BMW official has revealed plans to locally produce electric vehicles in India.
He attributed this to the increasing popularity of the company’s electric vehicles in the Indian market. According to a report, BMW’s electric vehicle sales will account for 9% of its total sales in the first half of 2023. The company is going to increase it to 25% by 2025.
BMW Group India President, Vikram Pahwa, said in an interview that as the demand for EVs increases and volumes increase, the company will localize the EV and produce it in India. This is a good news for Indian customers.
He further added that the localization process will consider the sales volumes in the Indian market and the required technical stability. BMW has sold more than 500 electric vehicles in the first six months of 2023.
The company currently sells electric cars like the i7, ix, i4 and Mini SE in the Indian market. Pahwa stressed that there is still a lot of room for growth and stability. The company has been at the forefront of the development of EV technology.
BMW has been rolling out electric models since 2013 and is currently working on the fifth generation battery. Electric vehicle sales currently account for only 8-9% but Pahwa is optimistic about the future.
He believes that EVs will further increase the share of the company’s sales, aiming to reach 15% by next year and 20-25% by 2025. The company has sold a total of 5867 luxury cars in the first half of 2023, including both BMW and Mini.
Now that BMW is bringing the global lineup to India, Pahwa believes that the share of EVs in total sales could increase. Pahwa said that we have delivered 500 cars of four models in the first six months, it is growing very fast.
The electric car segment in India is growing rapidly but the luxury EV segment has seen a different boom. At present, most of the luxury car manufacturers such as BMW, Mercedes Benz, Audi, etc. have brought electric models.
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Story First Published: Tuesday, July 25, 2023 11:00 am [IST]
