Hyundai & Skoda Set to Cash In on India’s EV Boom – But Where Are Tesla & VinFast?

[{"selector":"#anim-3b27b7f0-43fa-434b-a7b9-2edd1c4fb293","keyframes":{"opacity":[0,1]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-04425be8-a7ae-445c-a29c-1ea51052cca9","keyframes":{"transform":["rotate(-270deg) translate3d(0px, 4624.78608%, 0) rotate(270deg)","rotate(-270deg) translate3d(0px, 0px, 0) rotate(270deg)"]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Written by: Tabish Sultan Credits: hyundaiindia, Instagram EV Spotlight

India’s EV Market is Growing

[{"selector":"#anim-ac6188c5-4e83-4e47-ba1f-9875385bb087","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-75b81d79-5367-4325-818a-c3c7d72a31c7","keyframes":{"transform":["translate3d(-115.18988%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bda0e184-d47e-45aa-b6a4-5e9044a1003f [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-04bb4b1d-2cf0-4c41-b524-86232218bd9e","keyframes":{"opacity":[0,1]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3d1bed89-eb6a-4b12-abd1-7248e90ace09","keyframes":{"transform":["translate3d(-255.55556%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f857b364-9a3e-4f7f-b9fc-83ef5287d0f2","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-87066c2b-39ce-4d3c-a4f1-6610203401f2","keyframes":{"transform":["translate3d(-116.05352%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Hyundai and Skoda are not the only companies eager to profit off India's growing demand for electric vehicles, as the Indian government is incentivizing the manufacturing of locally built EVs. Credits: skodagram, Instagram

Hyundai is Investing Big

[{"selector":"#anim-47e4433c-31d6-476d-bc45-c2cfaed9843f","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3deb2e72-cece-46df-96f7-2743116b4725","keyframes":{"transform":["translate3d(115.18987%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c2f91c5d-ab29-4f26-8343-8aef41b4e1e8","keyframes":{"opacity":[0,1]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-25bb3d09-1639-4b86-ace2-97887194b785","keyframes":{"transform":["translate3d(87.98077%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b4f5ca1f-681a-44f2-b39d-1d1a464dda16 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-58e6793c-ad40-46d2-8c1b-ecb77bc7e179","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f8094d3a-5555-4d02-90c0-4b5748836f41","keyframes":{"transform":["translate3d(115.18987%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] To establish a strong foothold in the Indian EV market, Hyundai plans to invest over 32,000 crores into building new factories, improving existing technology, and developing new EVs. Credits: hyundaiindia, Instagram

Skoda Wants a Strong Presence

[{"selector":"#anim-ac4ac549-4979-442f-b896-8c6790a58364","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1bd15c44-d2b8-4eef-9f7e-32f9260d0fdf","keyframes":{"transform":["translate3d(-115.18988%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9870b55e-97b0-4193-ac8c-2b58fd534d58 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-368576bc-6fd9-450e-844c-8d330de37e8d","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c03fdf07-495e-4913-a2eb-cc815847ee67","keyframes":{"transform":["translate3d(-116.05352%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-06a81b38-d8c3-4072-90e3-5323666c19b9","keyframes":{"opacity":[0,1]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-109765e2-46df-4999-bd70-540ba105114a","keyframes":{"transform":["translate3d(-257.23686%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Skoda is aware that India is a crucial market. It focused on selling more SUVs and electric vehicles, making India a crucial part of its plan for global expansion. The company is developing new model plans for the Indian customs. Credits: skodaindia, Instagram

Tesla is Not Responding

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VinFast is Unsure

[{"selector":"#anim-76fb1cb9-1c66-4d49-aed5-522a05a405e1","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f98bd4dd-6020-4cdf-8cff-5fa87252060e","keyframes":{"transform":["translate3d(-115.18988%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a5d5875c-805e-48dd-8169-dbf11a4b8def [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-d7850db3-f8d0-4205-9821-34f921c4eeeb","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-353b4c7a-39f6-48b7-b82f-e4b7cee5a80a","keyframes":{"transform":["translate3d(-116.05352%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-adf373e8-c6a4-4980-a7a3-a9a5c4d83cf8","keyframes":{"opacity":[0,1]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f54cf54c-9bbc-4e57-becd-d7d6a575a70e","keyframes":{"transform":["translate3d(-239.8773%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Vietnam’s VinFast was predicted to step into India’s EV industry, but the company has yet to affirm any commitment which puts into perspective their willingness to either enter or evade India and concentrate on different regions Credits: vinfastofficial, Instagram

India’s Government is Giving Benefits

[{"selector":"#anim-bb84a1b8-2929-47d4-9797-b5be5c409bc2","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ab02ae12-24ea-48ff-ac93-e1b587f675c6","keyframes":{"transform":["translate3d(115.50632%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a9674b14-6f8b-4d96-9096-93e8ea9f0f53 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-fa5a98ec-ac5c-413f-91e6-82b5b361c517","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ec1ebe2c-8e1c-404a-b45a-38e30a2f8a07","keyframes":{"transform":["translate3d(115.18987%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2c80c334-1e8e-419d-83b0-3aed2cda613e","keyframes":{"opacity":[0,1]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7e75a317-3603-4f01-884a-eb3da20be8a9","keyframes":{"transform":["translate3d(87.80488%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] To attract EV makers, India is reducing import taxes on expensive EVs from 70-100% to just 15%. Companies must invest Rs 4,150 crore and meet local production targets to get these benefits. Credits: nsitharaman, Instagram

More Companies Are Joining the Race

[{"selector":"#anim-fb2f33e2-1108-4f25-a173-8081c381516a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9688bd9c-6049-417c-9078-4eb11cef614d","keyframes":{"transform":["translate3d(-115.50632%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2e9b0da1-024a-40d1-b4c8-135038678f68 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-8b634579-2485-45dd-80ab-aba3b89c4af0","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-32f4a494-8380-4ca4-b53c-7ec62e7b0e9d","keyframes":{"transform":["translate3d(-116.05352%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-56211f24-797a-41c7-8e63-1e04e130c0b3","keyframes":{"opacity":[0,1]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4e0c3e91-df2e-4d10-bdff-3df59de2d0c3","keyframes":{"transform":["translate3d(-200.51282%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] With Hyundai and Skoda ready to invest, competition in India’s EV market is increasing. Indian companies like Tata and Mahindra are also growing, making the EV space more exciting. Credits: mahindraelectricsuvs, Instagram

The Future of EVs in India

[{"selector":"#anim-166570b2-182f-4c5e-94b2-9fd364e850e6 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-c239eff0-3b17-4af7-b63e-c44b110d52b8","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7ff355a7-0b27-407c-81ed-a7764462e802","keyframes":{"transform":["translate3d(114.87342%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9bd21e48-0887-43d0-8749-ee2772d2a039","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8a354bdb-e698-4ebf-9961-82d46505d9ea","keyframes":{"transform":["translate3d(115.18987%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f65d33cc-4f4f-4f4e-8939-e4b9bfc206d7","keyframes":{"opacity":[0,1]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bd30bb1c-dfff-4323-8931-63d52e68d940","keyframes":{"transform":["translate3d(84.56790%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] India aims to become the world's leader in electric vehicle production. The upcoming years will reveal whether Hyundai and Skoda's advancement pays off, or if Tesla and VinFast's indecision is fruitful. Credits: FLUX-schnell

Folks Motor Eyes ₹200Cr Boom, Jumps into EV & Finance Game

[{"selector":"#anim-4a64bea7-0c7f-4c33-9e56-5e9a333edfe1","keyframes":{"opacity":[0,1]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b9bd8c56-334e-48d0-92b3-a1b134c20ce5","keyframes":{"transform":["rotate(-270deg) translate3d(0px, 4494.01681%, 0) rotate(270deg)","rotate(-270deg) translate3d(0px, 0px, 0) rotate(270deg)"]},"delay":700,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Thanks for Reading Credits: Nikhil Anand Khurana, Linkedin Read Next!