UBS report predicts hybrid, CNG vehicles to outperform EVs in India's medium-term passenger car market.
Hybrid and CNG vehicles are expected to outperform electric vehicles (EVs) in India's medium term, according to a report by investment banking firm UBS. Despite incentives for EVs, their share in the passenger car market remains below 2.5%. The report predicts India's passenger vehicle industry's revenue growth of high-single to low-double digits during fiscal years 2024 to 2027, driven by a 6-7% CAGR in vehicle volumes and a 3-4% CAGR in average selling prices.
July 27, 2024
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