Japanese automaker Toyota has announced that it will launch Toyota to Launch its First EV in India next year. The company revealed its plans to introduce over 10 EV models globally by 2025, one of which will be launched in India in 2025.
This marks Toyota’s foray into the EV segment in India at a time when the government is pushing for wider EV adoption through various incentives under the FAME-II policy. Several automakers like Tata Motors, MG Motors, Hyundai, and Mahindra & Mahindra already offer electric cars in the country.
According to Vikram Kirloskar, Vice Chairman, Toyota Kirloskar Motor, “We have been pioneers of electrified technologies & have sold over 20 million electrified vehicles globally. In line with our global vision, we will soon launch our first EV in India based on an e-TNGA philosophy.”
Toyota plans to utilize e-TNGA, one of the company’s dedicated BEV platforms, for its upcoming EVs. The first India-bound EV is expected to be an electric SUV based on the global bZ4X model.
Toyota bZ4X EV Globally
The bZ4X is Toyota’s first car based on the e-TNGA platform. It made its global debut in 2022 and will go on sale in Europe, Japan, North America, and China this year. Some key highlights of the bZ4X are:
- Modern tech-heavy interior with infotainment screen and digital instrument cluster
- 300 km – 500 km range on a single charge depending on the battery pack
- All-wheel drive capabilities with dual electric motors
- Advanced driver assistance and safety features
- Fast charging support – 80% charge in 30 minutes
Toyota is expected to launch the bZ4X EV in India sometime next year in the Rs 25 lakh – Rs 30 lakh price bracket. It will compete with the likes of the Hyundai Kona, MG ZS EV, and Tata Nexon EV.
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“The Indian market is ready for EVs to grow at a rapid pace and we aim to drive in our globally proven electrified technologies including Hybrid Electric Vehicles, Plug-In Hybrid Electric Vehicles & Battery Electric Vehicles on Indian roads,” said Mr. Kirloskar.
Toyota has been selling hybrid electric vehicles like the Camry Hybrid and Vellfire Hybrid in India which have received a good response so far. The company feels there is momentum building up for EVs in India with more and more customers considering going electric for their next purchase. Toyota aims to be present across EV segments with viable products to help drive adoption in the country.
EV Market in India
The EV segment is still at a nascent stage, contributing to less than 1% of total annual vehicle sales in India. But it is expected to grow at a fast rate with projections of EV sales reaching 30% by 2030.
The FAME II scheme with its demand incentives has given some fillip to EVs. Added to that are the steps taken by state governments like Delhi, Maharashtra, and Gujarat which have rolled out EV policies including purchase incentives, subsidies, and tax exemptions.
But EVs still face challenges like high acquisition costs, lack of charging infrastructure, and range anxiety. However, the situation is improving with more affordable EV options entering the market and the charging network also expanding across India.
Toyota’s foray is expected to further spur EV adoption going ahead. The brand’s renowned reliability and dependability factors could convince more customers to switch to electric. Toyota also aims to ally concerns around driving range, charging, and safety for first-time EV buyers in India.
“As a global leader in electrification, we aim to enhance & accelerate our BEV plans for India in line with the government’s vision for carbon neutrality by 2070,” said Hisashi Takeuchi, Associate Vice President, of Toyota Kirloskar Motor.
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Toyota has outlined an investment of Rs 4,800 crore towards local manufacturing of EVs and their components in India. The company already manufactures its Hybrid Electric powertrain locally and will leverage this capability to ‘Make in India’ for its upcoming EVs as well.
Partnership with Suzuki Motor Corporation
Toyota has also tied up with Suzuki Motor Corporation in this EV push. Both companies have agreed to collaborate on EV technologies and marketing strategies. They aim to launch an affordable EV for the Indian mass market based on vehicles from each other’s portfolio.
Suzuki will supply EVs to Toyota while benefitting from the latter’s electrification technologies. This synergy will allow both automakers to bring EVs faster to the Indian market.
Outlook on Toyota’s EV Plans
Industry experts feel Toyota’s entry could be a game-changer for EVs in India. The brand commands immense respect and trust amongst Indian buyers. Toyota launching an EV will inspire confidence in this new technology.
The company is expected to price the bZ4X competitively while leveraging its vast sales and service network across India. This will allow more buyers to consider EVs thanks to Toyota’s reputation and after-sales support.
Toyota has the resources and tech expertise to develop advanced and well-engineered EVs for Indian conditions. Overall, the company’s EV lineup promises to offer reliability, durability, safety, and practicality – aspects that are crucial for our market.
Toyota’s long-awaited entry into the EV space will provide a fillip to EV adoption in the country. It can also motivate other automakers to accelerate their electrification plans seeing the response from customers. This will result in buyers getting more options and drive growth in the eco-friendly mobility segment going forward.
