By Maruti Suzuki is gearing up to challenge the electric vehicle market with a new hatchback set to launch by 2026-’27. This move is seen as a direct response to the success of Tata Motors’ Tiago EV, which has attracted a significant number of first-time electric vehicle buyers. Maruti Suzuki’s upcoming electric hatchback is expected to be based on the eWX concept, initially presented by Suzuki Motor Corporation at the Japan Mobility Show in 2023. To address past challenges faced in the Wagon R EV project, Maruti Suzuki is embarking on a new EV architecture for compact vehicles, known internally as K-EV.
This platform, codenamed YY8, draws inspiration from the Toyota 40PL global platform, emphasizing the importance of having multiple platforms to optimize efficiency and performance. Crucially, the K-EV will depart from the traditional internal combustion engine (ICE) platform, adopting a ground-up skateboard approach. Maruti Suzuki aims for all its future EVs to be ‘born-electric,’ a strategy emphasized by CV Raman, the Chief Technology Officer. Achieving cost-effectiveness is pivotal, and the company plans for a high level of localization, potentially including the localization of battery cells.
Maruti Suzuki’s commitment to the electric revolution extends beyond the hatchback, with an imminent electric SUV reaching the final stages of market roll-out. The company’s diverse approach involves two distinct architectures, allowing for a broader range of EV options at varying price points. This strategy aims to promote higher adoption rates in the electric vehicle segment. Suzuki Motor has already announced a substantial investment exceeding Rs 10,000 crore for the localization of electric vehicles in India, covering both vehicle manufacturing and cell localization. The company envisions introducing six electric vehicles by the end of the decade, targeting 15% of its total sales to be electric by FY31.
With the Tiago EV setting the benchmark in the Indian electric vehicle market, Maruti Suzuki’s highly localized hatchback is poised to stimulate further growth when it hits the market. The government’s supportive measures, including a 5% GST for electric vehicles and incentives under the production-linked incentive scheme, provide an encouraging backdrop for the electric vehicle industry’s expansion in India. As the automotive landscape rapidly transforms, falling battery prices and increasing production volumes are expected to bring electric car prices to close par with traditional internal combustion engine vehicles. Maruti Suzuki’s strategic entry into the electric vehicle space positions the company to ride the wave of this evolving market, despite the global challenges faced by the segment.
