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Tesla’s top sales executive in North America has left the company, marking the latest in a string of senior departures as the electric vehicle maker contends with slowing sales and intensifying competition. Troy Jones, vice president of sales, service and delivery for Tesla’s largest market, exited after 15 years at the company, The Wall Street Journal reported on Tuesday, citing people familiar with the matter.

<a href="https://www.storyboard18.com/how-it-works/tesla-spends-big-on-mumbai-showroom-making-it-indias-costliest-auto-center-74698.htm">Read more: Tesla spends big on Mumbai showroom, making it India's costliest auto center</a>

Shares of Tesla fell more than 1 percent following the report, adding pressure to a stock already facing headwinds amid declining demand in North America and Europe. The company’s aging vehicle lineup and a wave of affordable electric vehicle alternatives from rivals have strained Tesla’s once unchallenged position in the market.

Since early last year, Tesla has seen a series of high-level departures, including Omead Afshar, a close adviser to Chief Executive Elon Musk; Drew Baglino, Tesla’s top battery engineer; and Rohan Patel, head of global public policy. In recent months, Milan Kovac, who led Tesla’s Optimus humanoid robot project, and Vineet Mehta, a senior battery executive, also announced their exits.

<a href="https://www.storyboard18.com/brand-marketing/tesla-debuts-in-india-with-mumbai-showroom-and-a-flood-of-memes-74672.htm">Read More: Tesla debuts in India with Mumbai showroom - and a flood of memes</a>

The turnover within Tesla’s executive ranks, including key figures in legal and supply chain roles, has raised questions about stability at the company as it shifts focus toward robotics and autonomous driving technology while navigating a sales downturn in its core automotive business.

In a striking juxtaposition to its domestic challenges, Tesla on July 15 unveiled its first showroom in Mumbai’s Bandra Kurla Complex, marking its official debut in India’s rapidly growing, but still nascent, electric-vehicle market. The experience centre, which prominently displays two variants of the Model Y, marks the opening salvo of an India strategy built on importing Shanghai‑built vehicles before any local manufacturing plans crystallize. The Model Y, priced above ₹60 lakh, reflecting steep import duties, will initially target affluent urban buyers, supported by a rollout of Supercharger sites across Mumbai and Delhi. 

<a href="https://www.storyboard18.com/brand-makers/tesla-the-electrifying-rise-controversies-and-the-legacy-behind-the-name-74575.htm">Read More: Tesla: The electrifying rise, controversies, and the legacy behind the name</a>

<a href="https://www.storyboard18.com/brand-marketing/from-dog-mode-to-dual-screens-teslas-model-y-promises-a-smarter-drive-for-india-74671.htm">Read More: From Dog Mode to Dual Screens! Tesla’s Model Y promises a smarter drive for India</a>

Tesla’s top North America sales executive departs amid broader executive exodus

Tesla’s official entry into the Indian market has come with a high-voltage real estate play, as Elon Musk’s electric vehicle (EV) giant has leased premium properties in Mumbai, making its Bandra Kurla Complex (BKC) showroom the costliest automobile retail center in the country.

According to property registration documents accessed by CRE Matrix, Tesla has rented 4,000 sq ft of showroom space at Maker Maxity Mall in BKC for ₹23.38 crore over five years. The lease, signed in February 2025, comes with a staggering rate of ₹881 per sq ft — a national record for auto showroom rentals — and includes two parking spaces.

This high-profile investment was inaugurated on July 15 by Maharashtra Chief Minister Devendra Fadnavis, who hailed Tesla’s choice of Mumbai as a sign of confidence in the state. “The inauguration of the Tesla Experience Centre is a statement that Tesla has arrived in the right city and the right state — Mumbai and Maharashtra,” he said, while also extending an invitation to the EV major to set up R&D and manufacturing operations in the state.

In addition to the showroom, Tesla has taken up two more properties within a 10-km radius of BKC, further solidifying its presence in India’s most expensive commercial hub. These include:

A Vehicle Service Centre: Tesla has leased a 24,565 sq ft facility at Lodha Logistics Park in Kurla for ₹24.38 crore over five years. The deal includes a monthly rent starting at ₹37.53 lakh with a 5% annual escalation, ₹1.62 crore in common area maintenance charges, and a security deposit of ₹2.25 crore.

A Flex Office Space: Tesla has also rented 30 seats in a co-working space at Phoenix Market City near BKC, paying ₹3 lakh per month under a one-year lease with a three-month lock-in period.

Combined, these Mumbai leases reflect Tesla’s aggressive real estate strategy, totaling over ₹50 crore in commitments — a significant statement of intent in what is poised to become one of the world's fastest-growing EV markets.

Separately, Tesla is also eyeing Delhi, with reports claiming that that the company has finalized a 4,000 sq ft showroom in Aerocity, near Indira Gandhi International Airport. The monthly rent is pegged at around ₹25 lakh, indicating another high-value addition to Tesla’s expanding India portfolio.

With flagship properties in Mumbai and Delhi, Tesla appears to be building a premium presence in India from day one — and doing so at a record-breaking price point.

<a href="https://www.storyboard18.com/brand-marketing/tesla-debuts-in-india-with-mumbai-showroom-and-a-flood-of-memes-74672.htm">Read More: Tesla debuts in India with Mumbai showroom - and a flood of memes</a>

<a href="https://www.storyboard18.com/brand-makers/tesla-the-electrifying-rise-controversies-and-the-legacy-behind-the-name-74575.htm">Read More: Tesla: The electrifying rise, controversies, and the legacy behind the name</a>

<a href="https://www.storyboard18.com/brand-marketing/from-dog-mode-to-dual-screens-teslas-model-y-promises-a-smarter-drive-for-india-74671.htm">Read More: From Dog Mode to Dual Screens! Tesla’s Model Y promises a smarter drive for India</a>

Tesla spends big on Mumbai showroom, making it India's costliest auto center

Tesla has officially plugged into the Indian market, opening its first showroom at Maker Maxity Mall in Mumbai's Bandra Kurla Complex (BKC).

The milestone moment for Elon Musk's EV giant was met with a warm welcome from Anand Mahindra, Chairman of the Mahindra Group.

Also Read: <a href="https://www.storyboard18.com/brand-marketing/tesla-debuts-in-india-with-mumbai-showroom-and-a-flood-of-memes-74672.htm">Tesla debuts in India with Mumbai showroom - and a flood of memes</a>

Taking to X, Mahindra shared a screenshot of a tweet exchange from 2017 where he had invited Musk to bring Tesla to India. In his latest post, Mahindra wrote: "Welcome to India @elonmusk and @Tesla. One of the world's largest EV opportunities just got more exciting. Competition drives innovation, and there's plenty of road ahead. Looking forward to seeing you at the charging station."

<blockquote class="twitter-tweet">Welcome to India, <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> and <a href="https://twitter.com/Tesla?ref_src=twsrc%5Etfw">@Tesla</a>. One of the world’s largest EV opportunities just got more exciting. Competition drives innovation, and there’s plenty of road ahead. Looking forward to seeing you at the charging station. <a href="https://t.co/7Uh2ziV0fp">pic.twitter.com/7Uh2ziV0fp</a>&mdash; anand mahindra (@anandmahindra) <a href="https://twitter.com/anandmahindra/status/1945051459940172143?ref_src=twsrc%5Etfw">July 15, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

The screenshot he posted featured his original 2017 tweet reacting to Musk's comment about India planning to sell only electric cars by 2030. At the time, Mahindra had playfully remarked: "Time you got out here, Elon. You don't want to leave the whole market to Mahindra, do you? The more the merrier and greener."

To which Musk had replied, "Good point."

Now, eight years on, that light-hearted invitation has turned prophetic. Tesla's India debut includes the launch of the Model Y SUV, available in two variants: Real-wheel drive at Rs 60.1 lakh, Long-range variant at Rs 67.8 lakh.

Despite the excitement, Tesla faces a price disadvantage in India due to steep import duties, making the Model Y significantly costlier than in the US, China, or Germany.

Also Read: <a href="https://www.storyboard18.com/brand-marketing/fadnavis-welcomes-tesla-to-mumbai-says-not-just-a-car-but-a-symbol-of-sustainability-74554.htm">Fadnavis welcomes Tesla to Mumbai; says ‘not just a car, but a symbol of sustainability’</a>

'Welcome to India': Anand Mahindra resurfaces old tweet to Elon Musk after Tesla's India debut

Tesla’s much-anticipated entry into the Indian market is finally here and it’s not just bringing an EV, but a whole new way of thinking about cars. With the launch of the Model Y, Tesla isn’t just targeting tech-savvy enthusiasts or premium buyers, it’s offering a compelling lifestyle upgrade that blends smart mobility, sustainability and cutting-edge innovation.

Accessible Premium Pricing

Starting at Rs 59.89 lakh, the Model Y Rear-Wheel Drive variant places itself smartly against rivals like the BMW iX1 (Rs 56.35L), Kia EV6 (Rs 65.9L) and Hyundai Ioniq 5 (Rs 46L). For those seeking premium performance without an over-the-top price tag, it’s a serious contender.

High-Tech, Inside and Out

From its signature 15.4-inch touchscreen dashboard to the 7.2-inch rear display, Tesla’s interface is a digital playground for drivers and passengers alike. And with Tesla Arcade, long charging stops become entertainment breaks.

FSD & Range for the Long Haul

While India may not be FSD-ready, Tesla’s Full Self-Driving suite still brings enhanced ADAS features that reduce fatigue. With a real-world range of up to 622 km, long drives between cities become worry-free.

Interior That Feels First-Class

Tesla’s updated interiors bring improved materials, better comfort and practicality, including a powered recliner and over 2,100L of cargo space, making road trips and family drives both classy and convenient.

Features That Fit Modern Life

Whether it’s ‘Dog Mode’ for pet parents or top-tier safety tech for families, Tesla adapts to the needs of India’s evolving consumers. The upcoming Supercharger network in key metros only adds to the promise of convenience.

Read More:

From Dog Mode to Dual Screens! Tesla’s Model Y promises a smarter drive for India

Electric vehicles (EVs) are powering a dramatic shift in India’s automotive advertising landscape. In 2023 alone, EVs accounted for Rs 1,862 crore, or 38% of the Rs 4,900 crore auto advertising market, according to Madison, and this share is projected to surpass 50% by FY26. As consumer awareness grows and more players enter the space, industry-wide ad budgets for EV product launches are seeing year-on-year spikes of 25–30%, with individual campaigns touching Rs 150 crore. 

Despite the growth in marketing monies, the electric vehicle manufacturers continue to face several key challenges, including critical supply chain vulnerabilities, import dependency for over 85% of battery components, and tightening global trade restrictions. 

Together, these challenges are threatening to undercut the very momentum that aggressive advertising is helping build and to blunt the sector’s growth curve.

Read more: <a href="https://www.storyboard18.com/brand-marketing/maruti-suzuki-and-hyundai-see-export-growth-as-domestic-market-softens-69275.htm">Maruti Suzuki and Hyundai see export growth as domestic market softens</a>


According to Dev Arora, Founder & CEO of Alt Mobility, EVs commanded a staggering 38% share of the Rs 4,900 crore spent on auto advertising in 2023. “We expect this to surpass 50% by FY26. Marketing isn’t slowing down, but the industry’s ability to deliver on its promises is at risk,” he said.

Echoing this momentum, Bharat Rao, Co-Founder and CEO of EMOBI, pointed out that EV launch marketing spends are projected to grow by 25–30% year-on-year, with large campaigns clocking in at Rs 80–Rs 150 crore. Established OEMs and startups alike are scaling up advertising—particularly across digital and influencer-driven platforms—as EVs inch closer to the mainstream.

Even as EVs represent just 6–7% of passenger vehicle sales in FY24, this share is expected to grow to 25–30% by FY30. “We’re seeing clear momentum,” said Rao. “But unless we build a resilient domestic supply chain for critical materials, growth may not be sustainable.”


Behind the Hype: Supply Chain Crunch 

This marketing momentum belies the fragility of the ecosystem. India’s EV revolution is heavily reliant on imports, with over 85% of battery cell components and magnet-grade rare earths still sourced from overseas. That leaves manufacturers vulnerable to global shocks.

“China’s move to cut rare-earth export quotas by 75%, coupled with rising geopolitical tariffs from the US and Europe, has deeply impacted EV supply chains,” Arora explained. “The recent decision by Maruti to slash its EV production target by 60% due to material shortages is a wake-up call for the entire industry.”


Read more: <a href="https://www.storyboard18.com/brand-marketing/hyundai-motor-india-posts-rs-5640-cr-profit-in-fy25-bets-big-on-evs-global-exports-66220.htm">Hyundai Motor India posts Rs 5,640 cr profit in FY25, bets big on EVs, global exports</a>


Rao admitted that EMOBI began with a fully localized supply chain, but now only 60–65% of key components are sourced domestically. “We’re working with trusted global suppliers to fill the gaps, but long-term security will require government and industry collaboration on strategic mining and trade partnerships,” he added.

Mohal Lalbhai, Founder & CEO of MATTER, believes vertical integration is the future, particularly for two-wheeler players. “We manufacture battery packs, BMS, and motor controllers in-house. It gives us supply chain control and helps us stay insulated from global disruptions,” he said.

Kunal Gupta of EMotorad echoed this sentiment. “We’re focusing on India-based partnerships and even looking into material recycling to reduce our reliance on imports,” he said, highlighting the importance of building resilience in anticipation of global headwinds.

Ad Dollars Flow, But So Do Risks

Advertising growth has become a barometer for EV momentum. According to Lalbhai, auto adex is expected to rise to Rs 6,000 crore in 2025, with EVs contributing 9–10%. Digital-first campaigns, performance marketing, and influencer partnerships are becoming key pillars of brand strategy.

At Hyundai Motor India, traditional media still plays a dominant role. “TV and CTV remain our strongest platforms,” said Virat Khullar, AVP & Vertical Head - Marketing. Hyundai’s “Test Driven by 100” campaign featuring 100 creators testing the new CRETA Electric across India exemplifies the shift toward experience-led storytelling.

LeafyBus, focused on intercity electric transit, is taking a more educational route. “We’re not just selling buses, we’re changing perceptions. People still associate EVs with urban commutes. Our ad strategy involves trust-building through route-specific visibility,” said CEO Rohan Dewan.

Read more:<a href="https://www.storyboard18.com/how-it-works/june-2025-auto-sales-dip-amidst-subdued-demand-maruti-hyundai-tata-post-sharp-decline-72724.htm"> June 2025 auto sales dip amidst subdued demand; Maruti, Hyundai, Tata post sharp decline</a>


Gupta of EMotorad revealed that the brand increased its ad budget multi-fold in 2025, with 60% allocated to digital media and a 5% spend earmarked for AI-led innovation. “Our focus isn’t just on product—it’s on growing the e-cycle category,” he said.

Despite record marketing spends, industry leaders warn of a growing disconnect between brand messaging and ground realities.

“There’s a widening gap between the promise being sold and the industry’s ability to deliver,” Arora cautioned. “That’s a trust risk the sector must address—fast.”

Lalbhai believes localization is critical to solving this mismatch. “Indian conditions require Indian solutions. Our motorbikes are engineered ground-up for local performance and durability,” he said.

Read more: <a href="https://www.storyboard18.com/advertising/electric-vehicles-adex-share-in-auto-sector-set-to-climb-50-55793.htm">Electric vehicles adex share in auto sector set to climb 50%</a>


But with persistent challenges, from battery sourcing hurdles to geopolitical trade shocks, manufacturers are walking a tightrope between ambition and reality. As Rao summarized, “We need strategic clarity, not just advertising flair.”

India’s EV adex surges 30% y-o-y despite supply chain issues and 75% cut in Chinese rare earth exports

As the business of the electric ride-hailing startup BluSmart hit the brakes, reports have emerged that climate-focused investment platform Eversource Capital is planning to acquire the beleaguered firm, and the company may resume services in May 2025. Notably, there are few other well-known investors have also shown interest in acquiring a stake in the ride-hailing app. 

According to a report by the Business Standard, Eversource has offered to buy BluSmart for Rs 800-Rs 1,000 crore, which would reduce the valuation of the company by at least 60% from its last known valuation of $300 million.

Eversource may reportedly merge its Lithium Urban Technologies with BluSmart and inject about $100 million into the combined entity after the merger.

Eversource Capital is a 50-50 joint venture between Everstone Capital, a private equity firm with a presence in India and Southeast Asia, and UK-based Lightsource BP, a global solar energy developer.

<a href="https://www.storyboard18.com/brand-marketing/blusmart-hits-the-brakes-ev-cab-startup-suspends-services-amid-sebi-probe-62479.htm">BluSmart hits the brakes! EV cab startup suspends services amid SEBI probe</a>

Notably, Eversource has asked BluSmart's co-founders Anmol Singh Jaggi and Puneet Singh Jaggi to step down from the board. BluSmart was co-founded by Gensol Engineering promoters Anmol and Puneet in 2019. Anmol holds a 24% stake in the EV ride-hailing company. The Jaggi brothers were also promoter directors of Gensol Engineering.

The ride-hailing app is at the centre of controversy after the Securities and Exchange Board of India (Sebi) alleged that the Jaggi brothers misused funds meant for electric vehicle procurement for personal expenses.

<a href="https://www.storyboard18.com/brand-makers/blusmart-faces-executive-turmoil-asset-sales-amid-uber-acquisition-speculation-60065.htm">BluSmart faces executive turmoil, asset sales amid Uber acquisition speculation</a>

The company defaulted on non-convertible debentures worth Rs 30 crore. 

Gensol took a term loan worth Rs 978 crore from IREDA and PFC between 2021 and 2024, with Rs 664 crore taken for purchasing 6,400 EVs to be leased to BluSmart. Sebi accused the Jaggi brothers of treating Gensol's finances as a "piggy bank" for personal expenses.

Media reports indicated that the brothers diverted over Rs 260 crore for personal luxury purchases, including high-end apartments in DLF Camellias, expensive golf equipment, travel expenses, etc.

Following the regulatory action, BluSmart halted operations, leaving thousands of drivers in a crisis and raising concerns among customers over refunds for unused ride credits.


The ride-hailing firm has not paid salaries to its 500-plus workforce for more than 45-60 days, a CNBC TV-18 news report said. Before the operations were halted, the drivers were paid on a weekly basis.

BluSmart may restart operation in May as climate investment platforms show interest in beleaguered firm

Ola Electric Mobility Ltd announced its third quarter FY 25 result on Friday. The 2-wheeler EV maker's losses widened to Rs 564 crore in Q3 from Rs 376 crore in the corresponding quarter last fiscal.

In the September quarter of FY 25, Ola Electric's losses stood at Rs 495 crore.

Besides, the Q3 FY 25 revenue declined by 19.4 percent to Rs 1,045 crore YoY. In Q1 and Q2 FY 25, Ola Electric's revenue was at Rs 1,644 crore and Rs 1,214 crore, respectively. 

<a href="https://www.storyboard18.com/brand-marketing/ola-electric-launches-gen-3-s1-scooters-with-prices-starting-at-rs-79999-55150.htm">Ola Electric launches Gen 3 S1 scooters with prices starting at Rs 79,999</a>

Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) stood at a loss of Rs 460 crore, from a loss of Rs 301 crore in the year-ago quarter.

In a BSE filing, the company said it expected a path to profitability, driven by improvements in Gross Margin, Optimization in Operating Costs, and Operating Leverage through product portfolio expansion, category expansion (motorcycles, Gig &Z), and technology leadership.


In January 2025, Ola Electric launched the S1 Gen 3 products. The S1 Portfolio now spans 14 products across Gen 2 and Gen 3.

<a href="https://www.storyboard18.com/brand-marketing/ola-electric-to-lay-off-500-employees-in-restructuring-exercise-report-48200.htm">Ola Electric to lay off 500 employees in restructuring exercise: Report</a>

The company entered the motorcycle market this month with the launch of its EV motorcycle portfolio including Roadster X and Roadster X+. The company launched these motorcycles in five battery pack conjurations with deliveries starting mid-March 2025. With the launch of the Gen 3 scooter portfolio and its entry into the motorcycle market, Ola Electric's portfolio comprises 14 scooters and 5 motorcycle variants.

During the quarter 3, the company delivered 84,029 units as against 86,775 units in the same period last year.

Shares of Ola Electric Mobility Ltd were down 3.98, trading at Rs 69 on BSE at 2:20 pm IST.

Ola Electric's Q3 losses widen to Rs 564 crore, revenue declines 19.4%

Ola Electric founder Bhavish Aggarwal has emphasized on 'pricing basis' of the electric vehicles, and margin structure for deeper penetration. Aggarwal underscored that the EV maker's prime focus is 'product', and then 'volume'. 

During the Quarter 2 earning call of the fiscal year 2025, Aggarwal said that brands are built by product, not by pricing.

"Brand is an outcome of product experience of the ownership experience and obviously at the scale at which you do it," he said.

Taking a dig at Ola Electric's peer, Aggarwal argued, "I actually feel these competitors, they're not going to be able to sustain these deep discounts as the industry scales up because they don't have the margin structure".

	
<a href="https://www.storyboard18.com/brand-marketing/ola-electric-launches-digital-twin-platform-powered-by-nvidia-omniverse-46040.htm">Ola Electric launches digital twin platform powered by NVIDIA Omniverse</a>

The entrepreneur added that the electric 2-wheeler maker has deeply invested in vertically integrated manufacturing and technology to sustain deep discounting.

"Technology enables better margins because it brings the cost down," he said.

According to the Q2 earning call of Ola Electric, the gross margin for the auto segment stood at 20.6 percent flat on a quarterly basis whereas year-on-year basis it was 12 points up.

The net loss narrowed in the second quarter as the company reported a 39 percent jump in sales. Ola Electric's net loss stood at Rs 495 crore in the September quarter compared to Rs 524 crore in the same period last year. The revenue from operation jumped to Rs 1,214 crore in Q2.

<a href="https://www.storyboard18.com/brand-marketing/ola-electric-responds-to-ccpa-notice-claims-99-of-complaints-resolved-45578.htm">Ola Electric responds to CCPA notice, claims 99% of complaints resolved</a>

The company is eyeing focus on expanding the store count. Aggarwal said, " We have about 780 odd stores right now. And we are in the process of expanding the company-owned stores to about 2000 by March".

In September, Ola Electric launched its Network Partner Program under which third parties like multi-brand outlets, and other people who are already in the auto ecosystem from a retail perspective, could sell its product. 

Ola Electric has 1,000 such partners live with its products now, he added.

'Brand is built by product, not by pricing': Ola boss Bhavish Aggarwal

The traditional combustion engine is gradually becoming outdated as electric cars are gaining traction. However, despite the promising advancements in electric vehicle (EV) technology, India faces several barriers to widespread adoption.

According to Rediffusion think-tank Bharat Lab's report, the fear of running out of battery power before reaching a charging station remains a significant challenge hindering the widespread adoption of EVs in the country. 

Besides, the temperature in cities is another obstacle. Notably, the average temperature should be 15 to 40 degrees Celsius for better performance of EV cars. However, in India's hilly mountain areas, the temperature goes to minus, while western India has higher temperatures. At temperatures above 45–50 degrees Celsius, the battery's electronics deteriorate faster, the report mentioned.

The expansion of charging infrastructure remains another factor in encouraging EV adoption, particularly in non-metro areas and rural communities with limited accessibility. While petrol pumps are ubiquitous, charging stations are noticeably scarce, underscoring the urgent need for expansion, the report added.

According to the data from the Ministry of Power, there are 12,146 operational public EV charging stations throughout the country. Karnataka led the table with 5,130 EV charging stations, followed by Maharashtra (3,079) and Delhi (1,886), respectively.

However, the silver lining is that the overall share of EVs in India's auto market rose significantly to 6.38% in 2023 from 1.75% in 2021.

The Niti Aayog has predicted that 30% and 70% of automobiles, 40% of buses, and 80% of 2 and 3-wheelers would be electric by 2030.

From scarce charging infra to city temperatures, EV adoption faces challenges in India

Despite a temporary slowdown, the Battery Electric Vehicles (EVs) sales are likely to hit the 10 million milestone this year, according to a report by Counterpoint. 

The report, "Global Passenger Vehicle Forecast" mentioned that growth in battery EVs will be supported by the revamping of the production process, partnerships with the manufacturers, and bolstering the supply chain.

<a href="https://www.storyboard18.com/quantum-brief/electric-vehicles-hit-15-percent-of-bmws-total-sales-across-the-world-26495.htm">Electric vehicles hit 15 percent of BMW's total sales across the world</a>

At present, China is the dominant force in the 'battery electric vehicle' market, with sales projected to be 4 times that of the US market in 2024, the research projected. 

Besides, China will maintain more than 50% share of global EV sales until 2027 and is expected to register more sales than the US and Europe combined in 2030. 

<a href="https://www.storyboard18.com/how-it-works/ea-sales-in-india-jumped-49-25-percent-year-on-year-to-1529947-units-in-2023-20005.htm">Electric vehicle sales zooms 49 percent to 1.52 million units in 2023</a>

"The EU’s new tariff rates for Chinese EVs aim to level the playing field for European EV manufacturers, which are struggling to compete with lower-priced Chinese imports. These tariffs might push Chinese automakers towards emerging markets like the Middle East and Africa, Latin America, Southeast Asia, Australia, and New Zealand. The outcome of EU-China talks, especially with Germany’s opposition, will shape future EV market dynamics, with Europe and the US driving growth from 2025 onwards," Liz Lee, Associate Director at Counterpoint said.


However, from 2025 onwards, Europe and the US will start emerging as a major growth driver in this segment, the research added.

The Counterpoint report predicted that China's BYD market share would overtake Tesla's EVs in 2024. 


However, research analyst Abhik Mukherjee said that automakers like Volkswagen, Ford, and General Motors are positioning themselves to compete with the market leaders by revamping supply chains and producing affordable EV prices below $35,000. 

The research also predicted that hybrid vehicles, including plug-in hybrid electric vehicles and hybrid electric vehicles, will continue to dominate the electrified segment in the near term.

ELECTRIC VEHICLES