By Aditi Shah
NEW DELHI (Reuters) -The Volkswagen Group is looking to introduce an entry-level electric vehicle (EV) in India by the second-half of this decade, the chief executive of its local unit said at an event on Thursday.
“We are actively working on an entry level EV. It needs large investment. To justify a three-figure million dollar investment for the new product we need the volumes,” Piyush Arora, CEO of Skoda Auto Volkswagen India, said. “Penetration of EVs in India will not be as fast, so we are looking at the possibility of exporting that product.”
The carmaker is looking at exporting the new EV to southeast Asia, Gulf Cooperation Council (GCC) countries and North Africa, he said.
The firm is extensively testing the Skoda Enyaq electric SUV for a possible launch in India, Arora said, but did not disclose a timeline.
India is aiming for EVs to form at least 30% of passenger vehicles sales by 2030, which include small cars to sedans and sport utility vehicles (SUV), up from a mere 2% so far this fiscal.
(Reporting by Aditi Shah in New Delhi, Writing by Nandan Mandayam in Bengaluru; Editing by Jacqueline Wong and Mrigank Dhaniwala)
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