The India Watch
Buisness

Global manufacturers shift their focus from electric cars to hybrids

<p>According to a research by JM Financial Institutional Securities, global electrification—which was previously propelled by robust sales of electric vehicles—is now exhibiting signals of growth slowdown, despite supply chain normalization and OEM price reductions.<img decoding=”async” class=”alignnone wp-image-452886″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-global-manufacturers-shift-their-focus-from-electric-cars-to-hybrids-img-5505-750×500.jpeg” alt=”theindiaprint.com global manufacturers shift their focus from electric cars to hybrids img 5505″ width=”996″ height=”665″ title=”Global manufacturers shift their focus from electric cars to hybrids 3″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-global-manufacturers-shift-their-focus-from-electric-cars-to-hybrids-img-5505-750×500.jpeg 750w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-global-manufacturers-shift-their-focus-from-electric-cars-to-hybrids-img-5505-1024×683.jpeg 1024w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-global-manufacturers-shift-their-focus-from-electric-cars-to-hybrids-img-5505-768×512.jpeg 768w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-global-manufacturers-shift-their-focus-from-electric-cars-to-hybrids-img-5505-150×100.jpeg 150w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-global-manufacturers-shift-their-focus-from-electric-cars-to-hybrids-img-5505.jpeg 1200w” sizes=”(max-width: 996px) 100vw, 996px” /></p>
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<p>Because of issues including inadequate and sluggish charging infrastructure growth, as well as changing customer tastes, global manufacturers like Mercedes, Ford, GM, and VW are moving their focus from electric vehicles (EVs) to hybrids. The experts said, “We think the situation is the same in India.”</p>
<p>Citing similar obstacles, Tata Motors recently lowered its projection of EV sales and pricing in an effort to increase acceptance. The research said that MSIL is well-positioned (& hedged) against the slower rate of electrification due to its tech-agnostic strategy (Hybrids, EVs, CNG, Flex-fuel, etc.). According to reports, MSIL plans to offer five hybrid cars in the next two to three years. It also said that tax rationalization on hybrid vehicles may serve as a catalyst to encourage consumers to choose this kind of drivetrain.</p>
<p>Due in part to a lack of semiconductors, worldwide sales of electric vehicles surpassed supply up until last year, pushing orderbooks from original equipment manufacturers to all-time highs. Nonetheless, the rate of electrification seems to have slowed down despite the supply chain being more normalized. More acceptance isn’t being aided by EV pricing being lowered (by Ford, Tesla, and other companies). Global manufacturers like Mercedes, Ford, GM, and VW have lowered their sales projections for EVs and postponed expenditures connected to EVs, suggesting a future slowing in EV growth, according to the report.</p>
<p>Because customer preferences are changing, not many of these car manufacturers are refocusing on hybrid vehicles. The situation with regard to domestic PV demand remains the same. In an effort to promote broader adoption, market leader Tata Motors, which has a 73% market share, recently lowered its FY24 EV sales prediction by 20%, to 75–80K units, and also slashed pricing by up to Rs 125K per car. The study concluded that the main causes of the delayed adoption of EVs are inadequate charging infrastructure and reluctant consumers who are unwilling to pay more for EVs than ICE automobiles.</p>
<p>In addition to ICE and CNG, MSIL is now working on a variety of technologies, including biogas, flexfuel, hybrid electric vehicles, and EVs. The business feels that these technologies can coexist in the medium-to-long term. According to the paper, its present tech-agnostic strategy is once again a well-considered defense against allocating resources to a particular technology.</p>

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