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Bharat Mobility Expo 2025

Focus - OEM EVs, Ancs on tech led kit growth

Our visit to the Bharat Mobility Expo 2025 led to actionable insights into the OEMs and components space. It revealed a clear focus on clean energy capabilities showcased in LNG, EV and Hydrogen FC, across OEMs and segments. We expect EV penetration to gather pace across segments, especially in PVs given that large OEMs like MSIL and HMIL have launched India-centric products with export potential in Rs20L price points. We sense a cannibalization risk in existing ICE variants for brands like Creta due to aggressive price point for EVs. We anticipate competition to intensify given that BYD India aims to accelerate its EV journey and newbie VinFast’s product & tech showcase is class impressive. Within 2Ws, EV launches by HMSI and Suzuki 2Ws should boost further EV penetration. The component expo revealed a sharp focus on content addition and tech-led increase in kit value across leading names (refer page 13 for company-wise new content addition initiatives). We prefer MM, Hyundai, TVSL, ENDU, SAMIL and CEAT among are our coverage universe.

PVs - focus on SUVs and EVs continues

– As expected, continuing the major theme of auto expo 2023, even 2025 expo was also about EVs and SUVs. On the ICE side, only 1 new SUV was unveiled from Tata (a production-ready Sierra). However, the new product lineup is muted overall, save for the recently launched products showcased by OEMs. On the other hand, BEV line-up was aggressive across OEMs with, 1) Tata showcased 3 EVs such as Harrier EV (launch by Mar’25), Sierra EV (2HCY25) and AVINYA X (CY26E). 2) e-Vitara by Maruti (with 49 kWh and 61 kWh LFP batteries, 3) Creta EV by HMIL (with 42 kWh and 51 kWh battery at Rs1.8-2.4m price points) among listed OEMs. Overall, ~9 EVs were unveiled (v/s 5 and 10 in expo 23/20).

PV - BYD India aims to be accelerate its journey while VinFast product showcase was class impressive! -

YD currently sells 3 brands such as Seal (CBU), Atto 3 (CKD) and eMax 7. It targets to sell ~12k units in CY25E (vs 3.5k in CY24) and plans to increase network to 60 stores by CY2E (vs 29 now). BYD launched Sealion 7 (price by Mar’25) with CTB (cell to body) architecture. It also showcased M2 and M3 which shall be mass market products in Rs2-2.5L range. VinFast to launch locally assembled mid SUVs VF 7 and VF 6; expected for commercial launch in 2HCY25 (before festive).

CV – VECV enters LCV space through EV Pro X, while AL strengthens LCV play with launch of ‘Saathi’ –

CV OEMs are hedging their bets by showcasing the widest range of alternative fuel technologies such as BEV, CNG, LNG, flex fuel, hydrogen ICE and hydrogen fuel cell (FCEV). VECV entered LCV segment with the launch of Pro X using LFP battery for 32kWh (GVW of 3 ton and range of ~150km) and 40kWh (GVW of 3.5 ton and range of ~190km). The prices of both the variants are yet to be unveiled. AL launched LCV ‘Saathi’ with a payload capacity of 1.12 ton priced at ~Rs650k.

No surprise in 2Ws, TVSL launched EV Pax 3Ws - 

Among incumbents, the focus was entirely on EVs as the line-up for 2Ws was no surprise with most OEMs showcasing existing or recently launched products. Honda (HMSI) revealed the prices of the recently launched QC1 at ~Rs90k (ex-show), whereas Activa E is priced at Rs117k and Rs152k for the base and top-end variants, respectively. These we believe is costprohibitive and may limit overall volumes. TVS showcased Norton (slated for launch in 1 year) and CNG scooter concept. Suzuki 2W unveiled e Access with 3.1 kWh battery. Within 3Ws, TVS entered EV 3W segment with the launch of two products. TVS King EV max is priced at Rs295k (LFP), ex-show with range of 179km and TVS King Electric Plus with range of 125km (NMC). Greaves showcased the concept of EV motorcycles (Xyber and Xpress) and EV 3Ws (Xargo).

Auto components key takeaways (refer page 13)

– 1) Cummins – launch of new engine platform for multi-fuel strategy, 2) Schaeffler India - E-Axles for PV finally in SOP, 3) ZF India – Focus on next-gen products, 4) Uno Minda – opportunities galore in PACE!, 5) Minda Corp – Localizing key electrical distribution components, 6) Ask Automotive –AISIN product localization is a potential growth trigger.

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