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New Indian Express
6 days ago
- Automotive
- New Indian Express
Tesla's entry and why manufacturing scene is not quite electric for India
US automaker Tesla's entry into India last week is an unpleasant reminder about how India keeps missing the manufacturing bus, again and again. This time, we've lost the race to produce and consume Electric Vehicles (EV), yet again, to China and the US. What makes the loss even more agonising is that, like China, India too started its EV journey pretty much at the same time around 2015. A decade later, or what now seems like between sundown and sunrise, China emerged as the leading EV market. Its conveyor belts simply seem unstoppable, while India stands still. Consider some more enviable statistics. China's annual EV sales rose from just 2,344 units in 2015 to a staggering 1.7 million in 2024. Over 50% of new cars sold were electric models in 2024 and it currently has over 41.3 million EVs on road. As many as 300 companies are manufacturing EVs there and four of the world's top 10 EVs sold worldwide are from China. In contrast, India has just a handful of producers. Total registered EVs stood at about 2 million as on 2024, accounting for 7.5% of India's total vehicle sales. But electric two-wheelers lead the pack, comprising 60% of total EV sales. The good news is India is expected to have an estimated 50 million EVs on the road by 2030, but then, China would have scaled another unbeatable milestone by then. In short, India is still warming up to the idea of large-scale EV adoption, while China is out to get another bite of meat, this time from global markets as it moves to the next stage of the consumption value chain. One of the reasons for such aggressive adoption of China-made EVs is the significant state-sponsored subsidies for consumers, and the availability of adequate charging infrastructure. India lacks both the charging infrastructure and suitable incentives. What's concerning now is how Beijing is flooding the global markets with its low-priced electric cars. China has subsidised EVs since 2009, but those incentives were phased out officially in 2022. Market watchers, however, believe that Beijing is artificially keeping prices low, as local governments are continuing to offer cash subsidies. Take for instance, the pricing of China's MG Motors and BYD, which are on par with Indian models, notwithstanding the high import tariffs of about 70%-100%. This has been the case with other markets too, which is why, the European Union recently opened an anti-subsidy investigation against China to know if it's gaming the pricing structure with unofficial state-sponsored incentives. Now, in this backdrop, the one thing that's upsetting about Tesla's much-awaited India foray is its seemingly half-hearted interest to tap India, touted to emerge as the world's third largest auto market. Moreover, the US automaker is grappling with excess capacity and declining sales, while China's BYD is at a threatening distance of dethroning Tesla as the world's largest EV maker. Given the circumstances, a large growing market like India offer a promising opportunity, but Tesla isn't as excited. Its India foray was low key and marked by the absence of its celebrated founder Elon Musk. This is quite different from other large MNCs like Apple, Microsoft, Amazon and Google, which saw the respective billionaire bosses descending down on India to script history. Besides, Tesla's limited number of model launches and their pricing at over Rs 60 lakh each also makes its India journey uninspiring. Currently, Tesla imports fully assembled vehicles into India, which are subject to import duties as high as 70% to 100% if the car's cost, insurance, freight value exceeds $35,000. That said, India does offer attractive tariff rates of just 15% for willing companies under its EV policy launched last year. But to avail these lower tariffs, companies have to invest at least half-a-billion dollars in local production. The policy also sets a three-year timeline to set up manufacturing facilities and starting commercial production, with a goal of achieving 50% domestic value addition within five years. Besides, to ensure the progress of domestic manufacturing ecosystem, the government also opened another lifeline via its Production-Linked Incentive scheme, encouraging foreign auto companies to localise production. Then there's the other flagship scheme Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME), which too offers the much needed impetus to EV sales with state governments chipping in. It's not that India lacks the scale and strategic depth to emerge as a global leader in the automotive value chain. In 2022, India overtook Germany to emerge as the world's fourth largest automotive market and is set to reach a record 50 lakh units in the next few years. The automobile market contributes nearly 7% to the GDP, and the EV market in India is expected to touch $48.6 billion, creating 50 million direct and indirect jobs. But one reason that's deterring potential buyers and therefore prospective manufacturers is that fast-charging solutions remain scarce. Currently, India has only one public charging station per 135 EVs, significantly lower than the global average of one station for every 6-20 EVs, according to CareEdge research report. As per estimates, India now has over 12,000 public EV-charging stations and needs at least 1.3 million charging stations by 2030. Recognising the need, the government is also prioritising charging infrastructure. Among the notable initiatives are the setting up of 72,000 public charging stations with an investment of Rs 2,000 crore across the country by 2026. Above all, India imports over 90% of the EV batteries, which makes the end product expensive and also remains vulnerable to supply shocks. The question is, if and how the government will overcome these multiple challenges to restart the EV journey.
Auto Express
23-07-2025
- Automotive
- Auto Express
MG IM5 gets mega range, but there's a catch
Our first experience of the new MG IM5 has left us rather impressed. The numbers are class-leading, with range and charging figures to embarrass the likes of Tesla and Hyundai. It's a slight pity the IM5 can't quite replicate the magic of the MG4's driving dynamics, although the performance is pretty serious in the 100kWh versions. Refinement is a positive too. Advertisement - Article continues below MG's recent rise has been well documented and the Chinese-owned British firm has become a significant player in the electric-car market. In the past six years MG has been the second biggest-selling EV maker here in the UK for private retail customers, with only Tesla ahead – impressive stuff considering that MG is also selling petrol and hybrid cars. Even MG concedes that its rapid growth rate was always going to slow down, although it still has a target of five per cent market share to achieve; the brand is currently at four per cent so far in 2025. To help the firm expand, it's looked to its home market of China and in particular fellow SAIC-owned brand, IM Motors. Standing for 'Intelligence in Motion', IM Motors was only founded in 2020 and since then has launched the LS7 and LS6 in China. We saw them at the Geneva Motor Show in 2024 and those two cars have now morphed into the IM6 SUV and this, the new IM5 saloon. Skip advert Advertisement - Article continues below View Compass View Bayon View Range Rover Sitting above MG's regular model line-up – the MGS5 EV and MG4 – the more premium IM5 is pitched as a rival to the Hyundai Ioniq 6, BMW i4, Polestar 2 and Tesla Model 3. And the latter's styling drew plenty of comparisons when the IM5 was unveiled at the Goodwood Festival of Speed this summer. Advertisement - Article continues below Pricing for the IM5 backs up those premium aspirations with the Standard Range model costing £39,450, the Long Range (which we're testing here) coming in at £44,995 and the Performance range-topper priced at £48,495. The trim structure is fairly self explanatory. The IM5 Standard Range comes with a 75kWh battery and a 291bhp rear-mounted electric motor for a maximum range of 304 miles. The Long Range gets the larger 100kWh battery and a more powerful 402bhp motor on the rear axle with an outstanding range of 441 miles - five miles more than a Tesla Model 3 Long Range Rear-Wheel Drive. The Performance variant gets the same 100kWh battery and a dual-motor system that bumps power to a frankly insane 741bhp, while losing some range in the process, to a 357-mile maximum. Can't wait for the new MG IM5 to hit UK showrooms? Configure your perfect MG4 through our Find a Car service now. Alternatively, check out our top prices on used MG4 models... While the IM5's dimensions are actually closer to a BMW i5's than those aforementioned rivals', it's incredibly efficient. Having a huge 100kWh battery helps massively towards the IM5's overall range, but the car's drag coefficient is only 0.226Cd and it sits on an EV-dedicated platform. We weren't quite able to mirror the claimed 4.5 miles per kWh on the more sedate part of our driving route, but we did manage 4.1 miles per kWh - which translates to a still fantastic 410-mile range. Advertisement - Article continues below Skip advert Advertisement - Article continues below The platform that underpins the IM5 is the same as the MG IM6's, and the IM5 Standard Range with its 75kWh lithium iron phosphate battery has a 400V architecture; a maximum recharge rate of 152kW will see a 10 to 80 per cent top-up take 26 minutes. Despite the battery's bigger capacity, models with the 100kWh NMC (nickel, magnesium cobalt) pack get an 800V base, which allows the same recharge to take just 17 minutes with a maximum 396kW charging speed. Unlike the IM6, which gets adaptive air suspension in its range-topping Launch Edition trim, the IM5 saloon is fitted with passive springs and dampers whatever specification you choose - although we were told the suspension is tweaked in line with the changes in weight and power between the single-motor, rear-wheel-drive models and the dual-motor variant. Beyond this, the IM5 and IM6 were subject to further chassis development at Longbridge in the West Midlands to make them more suited to the driving styles of UK customers than the Chinese market. To get the full picture, we tried both the single-motor and dual-motor IM5. Starting with the single-motor IM5 Long Range, the first thing we noticed after testing the IM6 was the ride. It felt no worse than the IM6's air suspension, possibly a side effect of the IM5 weighing around 200kg less than the SUV and sitting on smaller 20-inch wheels (though the IM5 dual-motor gets 21-inch rims). The IM5 can sometimes thump into big potholes, although at high speeds the damping felt very well set up, erring just on the right side of comfortable without being too floaty. Low-speed comfort is decent too, with speed bumps smothered successfully. Even when we jumped into the dual-motor car with its larger wheels, we couldn't sense much of a change in the ride quality. Advertisement - Article continues below Skip advert Advertisement - Article continues below The IM5 is a quick car in any trim and most buyers will be perfectly happy with the performance in the single-motor version. The 75kWh-battery model's sub-seven-second 0-62mph time is nothing to be sniffed at, although our car's 402bhp motor enabled some properly quick progress, with enough power to sometimes break traction at the rear even with the electronic stability control turned on. There's a little bit of squatting as the single-motor version puts its power down, however it feels pretty natural in the IM5, with a steady build-up of torque rather than an immediate lump. If you're heavy with your right foot, the dual-motor model can be much more frantic, as you might expect, but overall, traction is far better than in the rear-wheel-drive model. While we were mesmerised by the MG4's surprisingly good driving dynamics when it was launched, the IM5's rivals include the Tesla Model 3 and entry-level BMW i4 eDrive35, so a certain level of engagement is expected. The IM5 drives better than the IM6 for starters thanks weighing less and having a lower centre of gravity, although it's not the electric sports car you might hope it would be - especially with up to 741bhp on tap. Advertisement - Article continues below Skip advert Advertisement - Article continues below You sit lower in the IM5 than in the IM6, but the driving position is very good. Visibility to the front is excellent, too, but the view to the rear is a joke, thanks to a tiny window and miniature rear-view mirror. For everyday use, the steering is perfectly acceptable, and the shape and size of the steering wheel are spot on. But what immediately makes you realise this is no sports car is the steering feel. We're told it has been specially calibrated by MG's UK development team, but that just makes us wonder how vague and light it must be in the Chinese cars. Push hard and you'll struggle to enjoy guiding the car through bends, which is a shame because there's precious little body roll, and the double-wishbone front suspension and multi-link rear combine to make the car extremely keen to change direction. MG has also taken measures to give the IM5 the refinement you'd expect of an executive saloon. Open the front doors and you'll spot sound-deadening material wedged into the front wing, for example. There's also double-layer soundproof glass and a double-glazed panoramic sunroof to cut wind and road noise at speed, which the IM5 does effectively. Like the polished suspension set-up, the seats are geared more towards comfort than sporty driving. Advertisement - Article continues below Skip advert Advertisement - Article continues below The selection of driving modes includes Comfort, Eco and Sport settings with an additional Custom mode to tweak things such as the steering weight and throttle response – but we'd recommend keeping the steering in Sport, because it's far too delicate in other modes. You can also adjust the brake regeneration, but the IM5 doesn't offer a one-pedal mode, although MG says it may consider adding it later on. The IM5's interior is pretty much the same as the IM6's. As in the SUV, there's a choice of a white or grey colour palette with a faux-leather upholstery for both. We were quite shocked to open the IM5's door for the first time and be greeted with bespoke crushed velvet floor mats, but we're told they're here to stay. With the same dashboard as the IM6, the IM5 comes with a 10.5-inch touchscreen on the centre console, which is tilted too far backwards - this isn't an issue in the SUV where you sit a little more upright. The infotainment system's screen (like the 26.3-inch dashtop-mounted screen) is impressive, with quick response and loading times. The design of the menus is also simple to understand and the customisable features for lighting and displays are decent too. But we're less impressed by the integration of climate controls into the screen, because they're not readily available. The interior space doesn't feel too dissimilar to the SUV's, with plenty of headroom all round. Kneeroom for rear-seat passengers is good too, although there's less room under the front seats for feet than in the IM6. Back-seat passengers don't get too much in the way of features - there's a USB-C port on the back of the centre console, a flip-down central armrest with cup-holders, and a pouch on the back of the front seats, but that's about it. MG has given the IM5 a 'frunk', but its capacity is only 18 litres, so it's good for charging cables and little else. The 457-litre boot has a fairly narrow opening but is pretty deep and comes with a flat floor. Model: MG IM5 Long Range Price: £44,995 On sale: Now Powertrain: 100kWh battery, 1x e-motor Power/torque: 402bhp/500Nm Transmission: Single-speed auto, rear-wheel drive 0-62mph: 4.9 seconds Top speed: 136mph Range: 441 miles Max charging: 396kW (10-80% in 17 mins) Dimensions (L/W/H): 4,931/1,960/1,474mm Share this on Twitter Share this on Facebook Email
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Business Standard
14-07-2025
- Automotive
- Business Standard
Landmark Cars stock jumps 6% as B&K Sec initiates coverage, 60% upside seen
Landmark Cars share price: Shares of premium automotive retailer Landmark Cars were in focus on Monday, July 14, 2025, rising as much as 6 per cent to hit an intraday high of ₹539.65 after domestic brokerage B&K Securities initiated coverage on the stock with a bullish outlook, driven by strong growth potential and improving profitability over the next two years. The brokerage initiated coverage on Landmark Cars with a 'Buy' rating and a target price of ₹820 per share, implying a 60 per cent upside from Friday's closing levels. At 3 PM, the stock was trading at ₹531, up 4.5 per cent from its previous day's close of ₹507.85. In comparison, the benchmark NSE Nifty50 was trading lower by 73.55 points or 0.3 per cent at 25,080.3 levels. According to analysts at B& Securities, while Landmark Cars' proforma and reported revenues grew at a compound annual growth rate (CAGR) of 11 per cent and 9 per cent, respectively, from FY23 to FY25, the company's Ebitda, PBT, and PAT declined by 3 per cent, 20 per cent, and 55 per cent, respectively. However, the company's sales growth of 11 per cent was double the Indian passenger vehicle sales CAGR of 5 per cent over FY23 to FY25. During FY25, the older outlets and workshops contributed ₹70 crore to PBT, and the newly opened ones incurred PBT-level losses of ₹40 crore. As these facilities ramp up, they are expected to break even starting Q1FY26, with most turning profitable by the end of FY26, the brokerage said. The company has also tied up with three new brands - Mahindra & Mahindra (M&M), Kia and MG Motors - over the past two years. Landmark Cars is the first multi-brand, multi-location auto dealer operating in the premium and luxury car segment in India with 70 showrooms and 61 workshops as of FY25. "While the after-sales mix for old brands is 17 per cent for the new brands, it is 9 per cent. As the after-sales mix improves for these new brands and new outlets scale up, we expect the margin of the company to improve from 5.5 per cent to 7.5 per cent over FY25-27E," B&K Securities said. Analysts at B&K Securities believe that Landmark Cars remains a highly moated business with pan-India reach, high switching costs for OEMs, and market leadership with many OEMs, including Mercedes Benz, BYD, Jeep, Volkswagen, Honda and MG Motors. While the high capital requirements prevent smaller players from entering this segment, the intricate nature of the business is driving consolidation in the industry.
Business Recorder
13-07-2025
- Automotive
- Business Recorder
Hybrid Electric Vehicles in Pakistan: ‘Industry must think seriously about affordability'
As Pakistan unveils its long-awaited New Energy Vehicle (NEV) Policy 2025–30, aimed at reducing emissions and fuel dependence, voices from within the auto industry are calling for a shift in how new technologies are priced and positioned in the market. In a recent interaction with media in Lahore, Syed Asif Ahmed, General Manager Marketing Division at MG Motors, said that while the policy is a step in the right direction, the local Hybrid Electric Vehicle (HEV) market remains largely unaffordable and does not pass on the benefits of technological advancements to the average Pakistani consumer. 'HEVs in Pakistan have become a luxury for a niche market,' Ahmed remarked. 'Despite policy support, the real advantages have not trickled down to car buyers.' He noted that the most expensive HEV SUV in Pakistan, a seven-seater, carries an ex-factory price tag of Rs 16 million, while five-seater variants range from Rs 9.6 to 12 million. 'The industry must think seriously about affordability,' he added, 'and consider shifting toward Plug-in Hybrid Electric Vehicles (PHEVs), which are better suited for urban use and offer real electric range.' Unveiled by the Ministry of Industries, the NEV Policy 2025, 30 introduces official classification for EVs, PHEVs, and hydrogen-powered vehicles as 'New Energy Vehicles', in line with global standards. Ahmed was also critical of how earlier tax incentives were structured, allowing traditional hybrids to be labelled as 'New Energy Vehicles', primarily to benefit large automotive players. 'Unfortunately, these subsidies neither helped the environment nor the people. They only benefited the principal companies and their local partners.' In contrast, PHEVs offer a more meaningful alternative, with pure EV driving capabilities for daily urban commutes and hybrid flexibility for long routes, helping tackle the range anxiety often associated with EVs. MG Motors has taken the lead with the introduction of Pakistan's first locally assembled Plug-in Hybrid SUV, the MG HS PHEV. It features a 16.6kWh lithium-ion battery offering over 52 km of electric-only range, combined with a 1.5L turbocharged engine to deliver 260 HP and 370 Nm of torque, achieving 0–100 km/h in just 7.1 seconds. Priced under Rs 10 million, Ahmed described the MG HS PHEV as 'the best value-for-money vehicle in its class,' offering advanced tech, performance, and fuel economy. Asif informed that MG has sold more than 16,000 vehicles in the Pakistani market so far, out of which approximately 2000 were Plug In Hybrid vehicles (PHEV), as Pakistani customers are realising the true economic benefit of PHEV as it's a perfect urban mobility option for urban consumers. He says, despite the changing trend of converting to PHEV from HEV, Pakistani consumers have just one choice in the shape of MG HS PHEV, although having better technology, but still placed lower than most hybrids in Pakistan. Asif said that MG leads specification leadership in Pakistan. All automakers now follow the global specs MG introduced in MG HS in both CBU & CKD. MG vehicles have crossed approximately 350 million miles since its launch in Pakistan in 2021, and MG HS has successfully tested for Pakistan's fuel, terrain (road), and weather conditions, he added. Asif said the vehicles in Pakistan are still expensive. Globally, hybrid vehicles deliver financial value when their purchase price does not exceed more than 10% of the cost of an equivalent petrol vehicle. However, this benchmark is not practised in the Pakistani market. Here, the price gap between hybrids and their petrol counterparts is significantly wider averaging around 45%. For example, a C SUV hybrid vehicle costs up to Rs 12 million, while similar C SUV conventional petrol cars cost Rs 8.0 million. In Pakistan, the difference in price between hybrid and conventional petrol cars is approximately 4.0 million in the C SUV category. While Pakistan's NEV policy sets a progressive roadmap, industry execution remains key. With more PHEV models expected to enter the market, the question remains will automakers use these incentives to empower consumers, or repeat the hybrid playbook of high margins and minimal environmental gains? 'The potential is enormous,' Ahmed concluded. 'But only if we prioritize real consumer value and environmental impact, over short-term profits.'
Express Tribune
12-07-2025
- Automotive
- Express Tribune
Industry demands shift in hybrid vehicle market
Listen to article As Pakistan unveils its long-awaited New Energy Vehicle (NEV) Policy 2025-30, aimed at reducing emissions and fuel dependence, voices from within the auto industry are calling for a shift in how new technologies are priced and positioned in the market. In a recent interaction with media in Lahore, Syed Asif Ahmed, General Manager Marketing Division at MG Motors, said that while the policy is a step in the right direction, the local Hybrid Electric Vehicle (HEV) market remains largely unaffordable and does not pass on the benefits of technological advancements to the average Pakistani consumer. "HEVs in Pakistan have become a luxury for a niche market," Ahmed remarked. "Despite policy support, the real advantages have not trickled down to car buyers." He noted that the most expensive HEV SUV in Pakistan – a seven-seater – carries an ex-factory price tag of Rs16 million while five-seater variants range from Rs9.6 to Rs12 million. "The industry must think seriously about affordability," he added, "and consider shifting towards Plug-in Hybrid Electric Vehicles (PHEVs), which are better suited for urban use and offer real electric range." Unveiled by the Ministry of Industries, the NEV Policy 2025-30 introduces the official classification for EVs, PHEVs and hydrogen-powered vehicles as "New Energy Vehicles", in line with global standards. Ahmed was also critical of how earlier tax incentives were structured, allowing traditional hybrids to be labelled as NEVs, primarily to benefit large automotive players. "Unfortunately, these subsidies neither helped the environment nor the people. They only benefited the principal companies and their local partners." In contrast, PHEVs offer a more meaningful alternative, with pure EV driving capabilities for daily urban commutes and hybrid flexibility for long routes, helping tackle the range anxiety often associated with EVs. MG Motors has introduced Pakistan's first locally assembled Plug-in Hybrid SUV – the MG HS PHEV. It features a 16.6 kWh lithium-ion battery offering over 52 km of electric-only range, combined with a 1.5L turbocharged engine to deliver 260 HP and 370 Nm of torque, achieving 0-100 km/h in just 7.1 seconds. Priced under Rs10 million, Ahmed described the MG HS PHEV as "the best value-for-money vehicle in its class," offering advanced tech, performance and fuel economy. He informed the media that MG has sold more than 16,000 vehicles in Pakistani market so far out of which approximately 2,000 were PHEVs.
