Maruti Suzuki is preparing to introduce its first electric vehicle, the eVX, in the Indian market in 2024. The ground-up electric SUV will be manufactured at the carmaker’s Gujarat plant and will also be exported to various international markets.
The eVX is being developed in collaboration with Toyota, which will also launch its own version of the SUV in 2025.
To achieve an aggressive price point, the eVX will have a high degree of localized content, including batteries.
Rahul Bharti, Executive Director of Corporate Affairs at Maruti Suzuki, stated, “Simply launching a model with imported batteries and motors is not enough. Our goal is to manufacture the EV locally with localized batteries and motors. We will also export the model from India to achieve scale.”
However, it remains to be seen how competitively Maruti Suzuki will price the eVX against its rivals, such as the Tata Nexon EV and the MG ZS EV.
The eVX will also face stiff competition from the upcoming Creta EV, which is expected to be released around the same time.
Maruti Suzuki is already producing batteries for hybrid vehicles at its Gujarat plant and is expected to expand its production to include batteries for electric vehicles.
Exports to other countries are already underway and are anticipated to reach Rs 1,000 crore by next year.