CORPORATE WINDOW: The rich eye EVs, HEVs

The country’s elite class are gearing up to purchase hybrid electric vehicles (HEV) and electric vehicles (EV) despite the uncertain political and economic environment amid the highly depressed sales scenario of fossil fuel vehicles. Will the buyers of petrol and diesel-driven SUVs and pickups shift to HEVs and EVs, or will a new wealthy class rise to acquire these costly electrified vehicles? The rich class usually seems less concerned than the masses about the rising cost of living triggered by soaring food inflation, utility bills, and petroleum prices. However, the auto data shows a 59 per cent drop in total car sales during FY23 to 96,811 units from 234,180 during FY22. The fall in jeeps and pickup sales was 36pc, from 45,087 during FY22 to 30,067 in FY23. Total car sales during 5MFY24 shrank by 53pc to 25,746 from 55,132 in the same period last fiscal year, while jeep and pickup sales came down by 36.6pc to 7,594 from 11,972.