Maruti slow-pedals EV ramp as CNG bookings surge; Tata, Mahindra sprint ahead in PV electrification

Maruti Suzuki caps EV output at 2,000 units/month till September, deferring scale-up to H2 FY26 as CNG mix climbs to 40% on cheaper running costs. Domestic EV sales tracking 1,400 vs 70,000 FY26 target. Tata PV EVs cross 10,000 (+85%) in May; Mahindra EVs double to ~6,100.

— Source publishedMon, 1 Jun, 2026, 19:40 IST·First seen Mon, 1 Jun, 2026, 19:44 IST·Source Mint · Companies

What happened

Maruti Suzuki India · Maruti Suzuki defers EV capacity ramp-up beyond 2,000 units/month to H2 FY26, prioritizing CNG vehicles as bookings hit records on cheaper

Key facts

  • 2,000 EVs/month till September
  • CNG share 22.6% April 2026 vs 19.8% YoY
  • Maruti domestic sales 190,337 units May (+40%)
  • 40% CNG mix
  • FY26 EV exports 25,000; domestic 1,400 vs 70,000 target
  • Tata PV May sales 59,090 (+42%), EVs >10,000 (+85%)
  • Mahindra PV 58,021 (+11%); EVs ~6,100 (2x)
  • Hyundai 47,837 (+9%)
  • Petrol +₹8/litre, CNG +₹5/kg

Why this matters

Maruti's deferred EV scale-up opens an 18-month window for battery, powertrain, and charging-infra partnerships to be locked up by Tata and Mahindra, raising acquisition premiums and narrowing JV optionality for late movers.

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