Top Maruti Executive Explains Why People Are Buying More Hybrid Cars Than EVs
When it comes to hybrid cars, the country’s largest carmaker, Maruti Suzuki India Limited, has numerous times stated that it is very bullish on their future. And recently, highlighting this view, Shashank Srivastava, Senior Executive Director at Maruti Suzuki India, provided key insights shedding light on the rising trend of hybrid cars. He stated that hybrid vehicles are overshadowing electric vehicles (EVs) in the Indian automotive market. Srivastava also listed the factors driving this shift, emphasizing the crucial role of affordability, convenience, and reliability in the decision-making process of Indian car buyers.
Srivastava highlighted the primary obstacles hindering the widespread adoption of EVs in India, primarily revolving around the higher cost of acquisition and prevalent range anxiety among consumers. He pointed out that despite government efforts to incentivize local production of EV components and infrastructure development, EVs have struggled to gain momentum due to these factors.
Hybrid sales figures in India
Srivastava’s insights have also been validated by the recent sales figures that have revealed a significant surge in the demand for strong hybrid vehicles compared to EVs. According to data from the past months, strong hybrid cars have consistently outsold EVs for consecutive months of last year. In the months of August, September, and October 2023, strong hybrid vehicles recorded a total sales of 24,062 units, surpassing the 21,445 units of EVs sold during the same period.
Highlighting the benefits of hybrid vehicles, Srivastava also stated, “Hybrids offer advantages such as no requirement for charging, relatively lower costs compared to EVs, and alleviation of range anxiety for consumers. Moreover, shared powertrain components aid in localization efforts, which can also benefit EV production.”
How are hybrids better than EVs?
Apart from Shashank Srivastava from Maruti Suzuki, a lot of other industry experts also believe that hybrids are better than electric vehicles. There are several factors that have contributed to the rising popularity of hybrid cars over EVs. Some of them are listed below.
Cost Advantage
Despite the government’s efforts to incentivize EV adoption through lower GST rates, strong hybrids remain more affordable options for consumers. The relatively lower acquisition costs of strong hybrids compared to EVs make them a more attractive choice for budget-conscious buyers. On the contrary, the government has levied heavy taxes of around 43 percent on hybrid cars and yet they have still managed to beat EVs in terms of sales.
Flexibility and Convenience
Strong hybrids offer a more flexible and convenient driving experience. And one of the biggest advantages of hybrids is that there are no concerns such as range anxiety and the challenges associated with locating charging points. This aspect holds particular significance for car buyers residing in urban areas or apartments where charging infrastructure is generally limited.
Diverse Options
The availability of diverse options in the strong hybrid segment, including sedans, MPVs, and compact SUVs, caters to a wider range of consumer preferences. Models such as the Toyota Innova HyCross and Maruti Suzuki Grand Vitara appeal to different segments of the market, contributing to the overall popularity of strong hybrids.
Proven Technology and Reliability
With years of refinement and rigorous testing, hybrid technology has established a reputation for reliability. In a market like India, where consumers prioritize reliability and durability, the proven track record of strong hybrids has become a contributing factor in the popularity of hybrid vehicles in the country.
Resale Value
Indian car buyers are very farsighted and give huge importance to the resale values of cars. And over the years, hybrids have proved to offer higher resale values which have enhanced their appeal among Indian car buyers, who prioritize long-term cost-effectiveness and value retention.
The post Top Maruti Executive Explains Why People Are Buying More Hybrid Cars Than EVs first appeared on Cartoq.
When it comes to hybrid cars, the country’s largest carmaker, Maruti Suzuki India Limited, has numerous times stated that it is very bullish on their future. And recently, highlighting this view, Shashank Srivastava, Senior Executive Director at Maruti Suzuki India, provided key insights shedding light on the rising trend of hybrid cars. He stated that hybrid vehicles are overshadowing electric vehicles (EVs) in the Indian automotive market. Srivastava also listed the factors driving this shift, emphasizing the crucial role of affordability, convenience, and reliability in the decision-making process of Indian car buyers.
Srivastava highlighted the primary obstacles hindering the widespread adoption of EVs in India, primarily revolving around the higher cost of acquisition and prevalent range anxiety among consumers. He pointed out that despite government efforts to incentivize local production of EV components and infrastructure development, EVs have struggled to gain momentum due to these factors.
Hybrid sales figures in India
Srivastava’s insights have also been validated by the recent sales figures that have revealed a significant surge in the demand for strong hybrid vehicles compared to EVs. According to data from the past months, strong hybrid cars have consistently outsold EVs for consecutive months of last year. In the months of August, September, and October 2023, strong hybrid vehicles recorded a total sales of 24,062 units, surpassing the 21,445 units of EVs sold during the same period.
Highlighting the benefits of hybrid vehicles, Srivastava also stated, “Hybrids offer advantages such as no requirement for charging, relatively lower costs compared to EVs, and alleviation of range anxiety for consumers. Moreover, shared powertrain components aid in localization efforts, which can also benefit EV production.”
How are hybrids better than EVs?
Apart from Shashank Srivastava from Maruti Suzuki, a lot of other industry experts also believe that hybrids are better than electric vehicles. There are several factors that have contributed to the rising popularity of hybrid cars over EVs. Some of them are listed below.
Cost Advantage
Despite the government’s efforts to incentivize EV adoption through lower GST rates, strong hybrids remain more affordable options for consumers. The relatively lower acquisition costs of strong hybrids compared to EVs make them a more attractive choice for budget-conscious buyers. On the contrary, the government has levied heavy taxes of around 43 percent on hybrid cars and yet they have still managed to beat EVs in terms of sales.
Flexibility and Convenience
Strong hybrids offer a more flexible and convenient driving experience. And one of the biggest advantages of hybrids is that there are no concerns such as range anxiety and the challenges associated with locating charging points. This aspect holds particular significance for car buyers residing in urban areas or apartments where charging infrastructure is generally limited.
Diverse Options
The availability of diverse options in the strong hybrid segment, including sedans, MPVs, and compact SUVs, caters to a wider range of consumer preferences. Models such as the Toyota Innova HyCross and Maruti Suzuki Grand Vitara appeal to different segments of the market, contributing to the overall popularity of strong hybrids.
Proven Technology and Reliability
With years of refinement and rigorous testing, hybrid technology has established a reputation for reliability. In a market like India, where consumers prioritize reliability and durability, the proven track record of strong hybrids has become a contributing factor in the popularity of hybrid vehicles in the country.
Resale Value
Indian car buyers are very farsighted and give huge importance to the resale values of cars. And over the years, hybrids have proved to offer higher resale values which have enhanced their appeal among Indian car buyers, who prioritize long-term cost-effectiveness and value retention.
The post Top Maruti Executive Explains Why People Are Buying More Hybrid Cars Than EVs first appeared on Cartoq.
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