Honda Motor [HDM:GR] has announced its plans to introduce an electric vehicle (EV) in India within the next three years, as reported by Nikkei Asia on June 7. This move is part of Honda’s strategy to tap into the growing demand for EVs in one of the world’s major auto markets. The announcement was made by Honda Cars India, the local subsidiary, during the launch event of their new gasoline-powered Elevate sport utility vehicle in New Delhi. However, Honda aims to release an EV version based on the Elevate SUV in the coming three years.

India has now become the third-largest auto market globally, surpassing Japan, with a total of 4.85 million vehicles sold in the last fiscal year. While Suzuki Motor subsidiary Maruti Suzuki India leads the passenger vehicle market with a 41% share, Honda currently holds a modest 2% share. To address overcapacity issues, Honda consolidated its two Indian four-wheeler plants into one in 2020. Looking ahead, Honda has set a goal for EVs and fuel cell vehicles to comprise all its new-vehicle sales worldwide by 2040. In the Indian EV market, local automaker Tata Motors currently dominates with an almost 90% share. Suzuki has also revealed its plans to introduce an EV in India by the end of the fiscal year in March 2025.

Sources:

https://asia.nikkei.com/Business/Automobiles/Honda-to-roll-out-EV-model-in-India-within-3-years

https://asia.nikkei.com/Business/Automobiles/India-tops-Japan-to-become-world-s-No.-3-auto-market