Having launched its electric car ‘e2o’ in the UK, Indian auto major Mahindra & Mahindra (M&M) is now keen to drive into other advanced European markets including Sweden and Norway as part of its business expansion plans for this new vehicle segment.
The company is bullish on advanced countries in terms of electric vehicle markets on account of affordability and other issues. To cash in on opportunities available, e2o was launched just two months after rolling out GenZe electric scooter in California (USA).
“When you look at countries which are going to be early adopters, those are countries which are more advanced because the affordability is the key issue given battery costs are high at this stage. So by definition, electric cars will be more affordable in affluent economies,” Mahindra Group Chairman Anand Mahindra told PTI .
“Secondly, the concerns over climate change and the regulations concerning climate change are also much more stringent in the Western countries. So by that logic, the markets in the West and affluent countries will move faster towards electric vehicle than the Indian market,” he said.
Thus, M&M is looking at northern European markets including the Netherlands for launching its electric vehicle offering.
“Once we see traction here (in the UK) we certainly want to expand the market to other European countries. Some of the priority markets are the Netherlands, Norway, Sweden,” he said.
M&M recently launched ‘e2o’ in the UK market priced up to 15,995 pounds (over Rs. 15 lakh) designed specifically for urban commuting.
“Electric vehicle is exempt from congestion surcharge and road tax that immediately provides a competitive advantage which offsets some of the cost disadvantages in India and that is why the UK was the right place to foray into Europe,” he said.
The entry-level e2o City is priced at 12,995 pounds, while the higher-spec TechX version would retail at 15,995 pounds and includes a host of features like touchscreen infotainment centre with reversing camera, telematics, leather seats, alloy wheels and a rapid charging port.
The interesting part is that the e2o involves a complete online buying bypassing dealership network. At 12,995 pounds, it is competitively priced vis-is models such as the Nissan Leaf.
The new vehicle is an innovative combination of advancements in automotive, electronics and information technology paired with minimal running costs and zero tailpipe emissions, he said.
“This makes it the ideal urban runabout or second car for the two-and-a-half-million UK households that can charge the car at home in a driveway or garage,” he added.
