EVs will become mainstream in India: Shashank Srivastava, Maruti Suzuki India

“EVs will become mainstream but when they will become that is unpredictable. Cost of the acquisition is one of the important factors impeding EV adoption in India,” Maruti Suzuki India Limited Senior Executive Officer (Marketing & Sales), Shashank Srivastava said at the second edition of ABP’s Ideas of India Summit on Friday.

“If a normal car is 100 then EV is 160 due to the high cost of batteries. Maruti Suzuki is trying to bring down battery costs. Also, we will have six EVs in different segments by 2030. Our estimate is this market which is 1% today will be around 3% in 2024-25, and will be about 17% in 2030 which is about out of 6 million cars, 1 million will be EVs in 2030.”

Srivastava further added, “I think the attitude of trying to be better and that's also something we have learnt from the Japanese system of Kaizen, which is you have to improve continuously and competition in one way helps that Kaizen and the desire to improve continuously and that is why we welcome the competition. One of the biggest strengths Suzuki has is its market share and we are looking forward to strengthening our SUV space.”

Speaking on the growth and market demand, Srivastava said, "Maruti is 60% by volume for the overall Suzuki Motor Corporation, it's a great achievement of India. It shows the upswing in the Indian economy. Our demography is very young. In consumption terms, We expect car consumption in India will continue to increase. Our projections show almost 6 million by 2030 from current 3.8 million in 2022."

The ABP Network’s “Ideas of India” Summit 2023 was discussing the topic of “Brand India-Ready for the World.” The summit has brought together policymakers, cultural ambassadors, industry experts, celebrities, and business leaders to discuss the critical role of India during the global churn and changing dynamics. ABP Network is a leading multi-language channel reaching 535 million individuals in India therefore this summit provides one of the biggest platforms for the brightest minds across various sectors to express their views.

Meanwhile, at the summit, former British PM Liz Truss spoke of the greater role for India as a key player internationally. “In India, we see the greatest hope for our future, a free democracy that is growing rapidly, a country of pluralism, a country where free speech and the ability to get things done are improving all the time,” former British Prime Minister Liz Truss said on Friday.

She said she supported a greater role for India as a key global player and that India should become a permanent member of the UN Security Council.

Commenting on India’s role in the new power play, Truss said, “India and UK need to back each other more closely on trade, and investment and need to make sure both the countries work together on critical supply chains. We are investing more in green energy, like solar panels. These economic decisions will affect freedom and democracy in future. We are looking forward to the India-UK trade deal finishing as soon as possible.” She further added that the next few years will be very crucial for our security and democracy and India’s economic clout is equally important. India has grown significantly in past years and security is a very critical part of it.

Expressing her confidence on India’s capabilities, Truss said, “India has a huge cultural and economic influence on Britain. I want India to do even more using the dynamism and opportunity this country is creating.”