While Elon Musk-led Tesla still hasn’t made up its mind about entering India’s emerging electric vehicle market, US-based startup Fisker has announced that it will launch an electric SUV in India in 2023. Fisker, which competes with Tesla, said the company’s Ocean vehicles will hit the Indian market in the coming year. Fisker chief executive Henrik Fisker said the company could explore local production within a few years, giving it an edge over Tesla, which has been at a standstill with the government over incentives.
Fischer told Reuters that it wants to achieve a first-mover advantage by launching its electric cars at the same time when sales of electric cars in India are expected to pick up, i.e. 2025-26. “Eventually, India will go completely electric. It may not go as fast as the US, China or Europe, but we want to be one of the fastest to come here, Fisker was quoted as saying. The EV company opened its office in Hyderabad earlier this year and, unlike Tesla, has around 50 employees working there.
in one Interview Along with moneycontrol.com, Fisker said the company will begin production of its Ocean SUV at Magna Steyr in Austria in November. But these will be focused on the US market. Right-hand drive ones for markets like India will go into production in Austria after six months. Fisker plans to bring “some of the cars” to India “in July of next year”. Fisker is also planning to open a showroom in India under the name Fisker Lounge to “help build the Fisker brand”. The Ocean SUV will be “a true luxury vehicle”.
Musk’s Tesla, the leading EV company in the US, shelved its plans to enter India as it could not convince the Indian government for an incentive on import duty. India has a 60 percent import duty on fully imported cars that cost $40,000 or less, and 100 percent on vehicles that cost more than $40,000. Tesla wants lower charges to assess whether sales in India will be in its favor.
Fisker is optimistic that its initial move will allow it an upper hand in a market that lacks in the form of competition Tesla. And even though it has the same import duty problem, the company’s chief executive said the Personal Electric Automotive Revolution (PEAR) would allow it in the maximum amount. With local production of electric cars in India, Fisker expects the company to be able to reduce the cost to around $20,000 in India from $29,000 in the US. “And I think we can get to a fairly large amount,” Fisker was quoted as saying in the report.
Tesla rival Fisker to launch an electric SUV in India next year may be considering local production, which first appeared on BGR India.