Electric vehicles (EVs) have gained high traction recently as an environment-friendly alternative to gasoline-powered cars. In terms of sales, India is the third-largest automobile market for many car manufacturers, ahead of Germany and Japan. The Indian government has implemented several initiatives to promote the adoption of EVs.
The Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme provides incentives for EV purchases and encourages the development of charging infrastructure. FAME-II, launched in 2019, focuses on the electrification of public transportation and building charging infrastructure. The Indian government aims to achieve 30 percent electrification of the country’s vehicle fleet by 2030.
As the market transitions to electric vehicles (EVs), there’s rising competition in the luxury EV car segment too. While India’s luxury electric car market is still in its nascent stages, the entry of prominent automakers and the growing infrastructure indicate a positive trajectory for the segment.
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BMW: Over 50% Market Share
Despite being easy on the global scene with EVs, BMW Cars was the last luxury carmaker to enter the premium EV segment in India. Launching the BMW iX at the end of 2021 and the BMW i4 in the middle of 2022, the company captured over 50 percent market share in just 12 months.
BMW mentioned that they have successfully sold 46 percent more EVs in the first six months of 2023 than it has in the entire of 2022. This increase in sales has resulted in an 11 percent year-on-year growth in the EV car segment. Currently, the company has 3 EVs in its portfolio - the BMW iX, BMW i4 and the BMW i7.
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BMW: Reasons for Success
Apart from the sales figures, there are several other factors that contribute to the success of the BMW brand in the EV car segment. BMW comes with a promising brand recognition and reputation in the automotive industry and it speaks for its quality, performance, and innovative engineering, which clearly translates into the EV market.
Moreover, the diverse lineup including i7, i4, and iX allows BMW to cater to different customer preferences and needs. BMW's electric vehicle lineup in India has been positively impacted by the government's push for electric mobility. Subsidies, tax benefits, and favourable policies have made EVs more appealing to consumers, and BMW has seized this opportunity to establish a strong foothold in the Indian EV market. With an eye toward the future, BMW continues to monitor the evolving regulatory landscape and adapt its strategies accordingly.
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BMW: Local Production Plans
BMW's dedication to the Indian market goes beyond mere vehicle offerings. The brand has been exploring the potential of local production for its electric models. By manufacturing EVs within the country, BMW aims to reduce costs and contribute to the government's "Make in India" initiative. Furthermore, BMW has been partnering with charging infrastructure providers to alleviate range anxiety and enhance the overall ownership experience for its customers.
As India embraces the electric revolution, BMW's electric vehicle lineup stands as a testament to the brand's commitment to innovation, luxury, and sustainability. With its offerings, BMW is not only catering to the preferences of Indian consumers but also contributing to the nation's transition towards greener mobility solutions. As the Indian EV market continues to evolve, BMW's journey promises to be both electrifying and inspiring.
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