Charged Up: Luxury auto companies are set to drive in more EVs in FY24

Eleven electric luxury cars and SUVs are set to launch in India this fiscal year, out of a total of 48 passenger vehicle launches. Luxury carmakers such as Audi, BMW, Lexus, Mercedes-Benz and Volvo are all expected to release models from their global portfolios in the country this year. Petrol vehicle sales in the luxury segment fell by 8% over the past year, compared to electric luxury vehicle sales which grew by 142%. Automotive companies are therefore aiming to sell up to 15% of their vehicles in India as electric cars within the next two to three years.

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