Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
By 2027, at the latest, Czech automaker Skoda Auto will start building electric cars in India, a senior company executive stated. The company is testing the electric SUV Enyaq for this year's prospective debut in India. "We are deep in e-mobility. In the next three years, we will expand to six models, and out of this, one specific model we should bring to India as well," SkodaAuto India Brand Director Petr Janeba told PTI.
In response to a question concerning EV manufacturing plans locally, he stated, "(The) ultimate target is that by 2027 at the latest, we will be assembling full battery electric vehicles here in India." Until then, Janeba said, "There are various scenarios depending on the regulation, but we will probably start with (import of) CBU (completely built unit)... we think that something should come even in 2024."
The focus on electric mobility is also in alignment with the government of India's push for EVs, targeting 30% new car sales by 2030, he added. Commenting on Skoda's growth strategy in India, he said it is based on two main pillars: the compact SUV announced on Tuesday and electric mobility.
"The compact SUV is next year. E-mobility strategy will probably start this year, but it will be more or less 'testing the waters' strategy for us with CBU imports, and then we have to go deeper (regarding local assembly)," Janeba added.
On the compact SUV, he said, "63% of the new car buyers in India choose a sub-four meter, and we were not present in this segment, and if we want to start in this segment, it's absolutely logical that we take the most desirable and the fastest growing segment which is the SUVs."
When asked about sales expectations from the compact SUV, he said, "In the addressable market in India, out of last year 4 million sold cars we saying that the potential for our compact SUV is anywhere between 60,000 and 90,000 cars." He added that it can even go higher to 1 lakh "if the market surprises us". "Whatever happens, this car (compact SUV) will double the Skoda volumes in India," Janeba said, adding it would also help Skoda to tap tier III and IV cities in India, for which the company would expand its sales network.
Also Read : Kalyani Steels hits all-time high as Q3 PAT jumps 67% YoY Jindal Stainless to divest entire 26% stake in Jindal Coke by September
✅ Domestic steel prices rise by ₹2,000–₹3,000/MT due to strong demand and higher costs.✅ Tra...
Business 19-Mar-2025
India’s steel stocks rose on Tuesday after reports emerged that the government is considering...
Business 19-Mar-2025
✅ India plans 12% tariffs on select steel imports to curb market glut.✅ Measure follows Trump&rsqu...
Business 19-Mar-2025
The Centre intends to transfer additional mineral blocks to State governments for auction to lower i...
Raw Material 24-Jan-2024
Adani Green Energy Limited (AGEL), the green arm of the Adani conglomerate, successfully secured fun...
Large Corporate 29-Jan-2024
China's solar capacity growth could slow in 2024 to 31%, a solar manufacturing association said on W...
China 29-Feb-2024