U.S. startup Fisker Inc is aiming to manufacture its cars in India within a few years and will begin selling its Ocean electric sport-utility vehicle (SUV) in India next July, the company’s CEO has said.
According to Henrik Fisker, Sales of electric cars in India will gather pace by 2025-26.
Insufficient charging infrastructure and high battery costs have hampered India shift to electric cars.
Electric cars currently make up just 1% of India’s roughly 3 million annual car sales and the government wants to increase this share to 30% by 2030.
As such, India is offering companies billions of dollars in incentives to build their EVs and associated parts locally.
Fisker’s next EV – the smaller, five-seater PEAR – is being considered for production in India but not before 2026, Henrik Fisker said.
To set up a plant in India would require volume of at least 30,000 to 40,000 cars a year, Fisker said.
He did not directly comment on the size of investment the company considered necessary, but said that to set up a plant with an annual production capacity of 50,000 cars would likely cost $800 million in India.
The company is scouting for real estate space to open a New Delhi showroom and is meeting auto component suppliers to source parts for its global production, Fisker said.