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A Long Road to a Faster Lane?
Zeenat Chaudhary on how the automotive industry will fare in these uncertain times.
Ever since Karl Benz invented the world’s first motor car in 1886 – the Benz Patent-Motorwagen – the automotive industry has come a long way. From hi-tech Hondas and Chryslers to electric Teslas and Nios, the global industry contributes roughly three percent to all GDP output. Due to the pandemic, however, worldwide car sales have taken a hit and are expected to fall from $74.9 million in 2019 to under $62 million in 2020, according to Statista.
Industry Overview
In Pakistan, the automotive industry, which contributes 2.8% to the country’s GDP (source: Invest Pakistan), has faced a cycle of booms and busts since the 2000s. In fact, the auto industry was on a downward trend before Covid-19 struck, primarily due to rising taxes (Federal Excise Duty increased from 2.5% to 7.5% and Additional Customs Duty by seven percent) and the rupee’s depreciation against th
It has been a year since Tata’s all-electric offering, the Tata Nexon EV was launched. According to
TOI, the car has sold 3000 units in its one year tenure. While the charging stations are still not a common sight on Indian roads, a slow shift to a higher number of electric cars options seems imminent. When talking about electric cars, Tesla is a natural mention in almost every conversation. Led by the now world’s richest man, Elon Musk, Tesla recently confirmed the opening of a manufacturing centre in the country too. Since that is still at least a couple of years away, owning Teslas in India is still a premium affair. For now, let’s take you through the pricing of Teslas in India.
Yet, with just a reported 500 electric vehicle charging stations operational across India – when the operational necessity has been pegged at 2,600 – the true scale of the challenge before Tesla, and indeed other EV automakers, comes into view. The government has unveiled grand plans to install as many as 69,000 charging kiosks at petrol pumps across the country but given the pace at which EV infrastructure development has taken place in recent years, achieving such a goal is still some distance away.
Tesla will also come to find that the characteristics of the Indian consumer do not necessarily facilitate a full-blooded appreciation of electric vehicles. The company is likely to make its foray into India with its Model 3 and although pricing details are yet to be revealed, one can safely say that its cost will be prohibitive to the average Indian with a, reported, per capita income of Rs 5.6 lakh – almost 31 per cent lower than that of China s.
The MINI Paddy Hopkirk Edition pays homage to the classic MINI Cooper S that won the Monte Carlo Rally three times starting in 1964, with the driver Patrick "Paddy" Hopkirk behind the wheel.