Fisker Inc., an American EV maker, recently indicated a desire to enter the Indian EV market. The Tesla rival plans to enter the Indian EV industry early and invest in the country’s expanding EV market.
The company plans to import its Ocean EV SUV into the nation, perhaps, before localising assembly and production to cut expenses.
EVs will be built by Fisker in India?
The American EV manufacturer Fisker, a rival to Tesla, is considering entering the Indian EV market. Henrik Fisker, CEO of Fisker, highlighted the potential of the Indian EV market and predicted that the country would eventually switch to all-electric vehicles.
We want to be among the first people to enter here, even though it might not move as quickly as the US, China, or Europe. The business wants to enter India first to get an edge.
The company aims to export India’s Ocean EV SUV. The car costs about $37,500 on the American market. If the automobile is imported to India, there would be a 100% duty, which will cause the price to increase dramatically.
The majority of sales on the Indian market right now hover around the $15,000 USD mark. However, the government anticipates that by 2030, EV sales will have a 30 percent market share, which presents a significant opportunity for businesses like Fisker.
Thus, It intends to localise manufacture and perhaps even assembly during the course of its stay in India. To reach a wider audience, the business might possibly introduce the five-seater Fisker Pear, a more compact electric vehicle.
In 2026 or later, the corporation also intends to manufacture the vehicle in India. The CEO believes that the company should aim for a price range of about US $ 20,000.
Fisker and Magna International have a production agreement. The business will produce the Ocean SUV for India’s market in Austria and send it there.
Additionally, the business has drafted a contract with Foxconn to manufacture the Pear EV. According to reports, Fisker is also seeking for a location in Delhi for a showroom as part of its offline presence launch in India.
Tesla, a major American EV company, too made an attempt to break into the Indian EV market and generated a lot of interest.
However, did not move on with its India aspirations because to the high import taxes in the nation. Thus, it arrival will have a big impact on smaller worldwide EV makers who want to establish themselves in the nation without having a production line there.