Fisker to assemble EVs in India?
Fisker, an American EV maker and competitor to Tesla, is looking to enter the Indian EV market. CEO of Fisker, Henrik Fischer, Recognizing the potential of the Indian EV space, he said, “Eventually, India will become fully electric. It may not go as fast as the US, China or Europe, but we want to be one of the first here. The company is looking to gain first mover advantage in India.
The company wants to bring the Fisker Ocean EV SUV to India. The vehicle is priced at US $37,500 in the American market. If imported to India, the vehicle attracts 100 per cent duty, thereby increasing the price exponentially. The Indian market currently records majority of sales around the US$ 15,000 mark. However, the government expects EV sales to reach the 30 percent market share mark by 2030, which presents huge opportunities for companies like Fisker.
Fisker plans to localize assembly and possibly even production in the following stages of its presence in India. The company may also launch the smaller Fisker Pier five-seater EV in the market to appeal to a wider audience. The company plans to produce the vehicle in India in 2026 or later. This could help the company achieve a price range of around US $ 20,000, which the CEO considers ideal.
Fisker has a manufacturing contract with Magna International. The company manufactures the Ocean SUV for India in Austria and ships it to the Indian market. The company has also signed a deal with Foxconn to produce the Pear EV. Fisker is also reportedly looking for space in Delhi for a showroom to start its offline presence in India.
American EV giant Tesla has also tried to enter the Indian EV space and raised a lot of expectations. However, due to high import duties in the country, it did not go ahead with its India ambitions. Fisker’s entry will play an important role in determining the future of smaller global EV manufacturers who want to set up shop in the country without having a production line in the country.