Honda To Enter Indian EV Space With Its First EV Likely In March 2024

Automobile manufacturer Honda Motorcycle and Scooter India (HMSI) is coming up with multiple EV products along with the first electric vehicle launching in March 2024, said HMSI’s managing director and CEO Atsushi Ogata.

HMSI also looks to set up a charging station to help the EV users. It will be using its existing sales infrastructure of more than 6K outlets and later expand its charging infra depending on the market situation, said a PTI report.

“We are looking to launch the first electric model in March 2024… it is being developed on a completely new platform and is based on the requirements of the Indian market,” Ogata said.

As per Ogata, the company’s debutant EV model will have a fixed battery while the second EV model will have a swappable battery.

In addition to that, the company is also looking to roll out an electric version of its famous two-wheeler Activa. 

Talking about the EV business, Ogata stated that the automotive company has made a major amount of investment in developing motor systems. However, he did not disclose the investment amount. 

The development comes at a time when HMSI’s archrivals Hero MotoCorp, TVS Motor and Bajaj Auto are already selling electric scooters in the Indian market. 

Okinawa, Ola Electric, Yolo and Tork are some other EV players operating in the Indian market.

The EV segment in the country has been gaining traction lately owing to supporting factors such as increasing fuel prices, soaring carbon emission levels, and the growing shift towards green and sustainable living. As a result, various startup founders have entered the EV space in turn, building two and three-wheeler electric vehicles and other auto parts for EV vehicles. 

Besides this, the central government along with state governments are supporting EV adoption by updating related policy and creating supporting funds, schemes and policies. 

For example, in October 2022, the Uttar Pradesh government rolled out an EV policy ‘New Electric Vehicle Manufacturing and Mobility Policy, 2022’ to promote the adoption of electric vehicles and also build a conducive environment for EV adoption.

Notably, as per the Vahan website, 10 Lakh EV units were registered in 2022 alone, up 300% from 3.2 Lakh EV units registered in the previous year. 

On the other hand, the Centre also claims to have subsidized more than 7.4 Lakh EVs amounting up to INR 3,200 Cr until December 7, 2022.

Last year, as a part of INR 18,000 Cr PLI scheme, the Indian government also inked contracts with Ola Electric, Reliance New Energy Ltd and Rajesh Exports to manufacture advanced cell chemistry (ACC) batteries, which are used in electric vehicles.