Stellantis, the entity formed following the merger of Fiat and PSA Group, will explore the electric vehicle category in India using the SUV-specialist Jeep brand as demand for battery-powered cars continue the upward surge in the country.
Jeep’s first all-electric but yet unnamed SUV is expected to make its global debut in 2023. While details of whether the same vehicle will come to Jeep’s India showrooms is not yet shared by Stellantis, the EV manufacturing ecosystem and charging network in the country is expected to clock significant growth by that time.
Jeep presently sells SUVs under the brands Compass, Meridian and Wrangler with prices starting at ₹18 lakh. These vehicles are made at Stellantis’ manufacturing plant near Pune.
Roland Bouchara, CEO and Managing Director, Stellantis India, said, “EV development is a key pillar of our strategy and without a doubt it applies to India as well. Jeep has the technology and we are ready to go. For sure we are going to develop the EV in India but we will follow the market trend. We will adapt and within our segment we will be a key player.”
Stellantis India is among the 20 applicants who have been granted approval under the Champion OEM Production Linked Incentive (PLI) scheme announced by the Government.
Citroen, which is the other automotive brand in the Stellantis India portfolio, is also planning to have electric vehicles part of its line-up. Citroen’s upcoming launch in India, however, will be compact petrol/diesel powered SUV C3, that could be introduced around September-October.
EV sales tripled
India’s passenger electric vehicle portfolio presently is dominated by SUVs. Tata Nexon EV, MG ZS EV, Hyundai Kona, Mercedes EQC, BMW iX and the upcoming Volvo XC40 Recharge are sports utility vehicles. Despite their steep prices EVs sales have grown by more than three times last year.
According to data shared by the Federation of Automobile Dealer Association (FADA), passenger electric vehicles saw sales of 17,802 units during FY22, a growth of 257 percent compared to 4,984 units clocked in FY21. These numbers do not have data from four markets including Telangana, Andhra Pradesh and Madhya Pradesh.
Near monopoly by Tata Motors
Tata Motors has a near monopoly in the passenger EV segment with a share of slightly over 85 percent. Besides the Nexon EV, Tata Motors has the Tigor EV in its portfolio. MG Motor is the second biggest passenger EV maker with a share of 11 percent. Both companies are working on adding more EV products including some that will be in the below ₹15 lakh price bracket.