Summary:

According to HSBC Global Research, hybrid vehicles supplement rather than compete with electric vehicle (EV) sales in India. The Indian automotive sector will continue to use multiple powertrains, including hybrids, CNG, and biofuels, alongside electrification. Strong hybrid electric vehicles (SHEVs) and battery electric vehicles (BEVs) appeal to distinct markets and do not compete. BEV sales are increasing in states that offer SHEV incentives. For example, in FY25, both EV and SHEV sales grew in Uttar Pradesh. New models, such as the MG Windsor and M&M BEVs, have boosted EV penetration. SHEV market share rose from 2.1% to 2.4% in FY25. Despite a stabilizing trend, hybrid growth is likely to accelerate due to new launches, state incentives, and government support.

Source: IBEF 

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