Suzuki launches maiden EV in India with battery rental plan to lower upfront costs

By Nandan Mandayam

Feb 17 (Reuters) - Suzuki Motor 7269.T on Tuesday launched its maiden electric vehicle in India, offering customers a battery rental plan to lower upfront costs - a model previously provided only by SAIC Motor's local venture.

The e VITARA SUV, developed with Toyota 7203.T under a global model-sharing partnership, has been built in India since August last year, with 13,000 units exported to 28 countries in 2025.

On Tuesday, Suzuki's Indian unit, Maruti Suzuki MRTI.NS, launched the base variant of the SUV at an introductory price of 1.1 million rupees (around $12,100), accompanied by a battery rental plan that will cost 3.99 rupees per kilometre (0.62 mile).

Known for its affordable small combustion engine cars, analysts had said that pricing would be key for the success of Suzuki's first-ever EV in its top market.

The launch comes more than a year after the vehicle was first unveiled, as Maruti worked to address customer concerns, while high battery import costs and limited charging infrastructure had previously delayed the rollout.

"The pricing announced is excellent. Whenever Maruti Suzuki enters a new segment, they have a penchant for recreating or disrupting the segment. Battery as a service is also a key factor that will bring buyers to Maruti's showrooms," said Gaurav Vangaal, analyst at S&P Global Mobility.

Vangaal estimated the per-kilometre battery cost is likely half of an equivalent combustion engine model.

Maruti's shares rose as much as 1.1% after the price was announced, before settling 0.6% higher.

EV SALES GATHER PACE

Battery rental plans are not new. SAIC Motor’s 600104.SS Indian venture, JSW MG Motor India, introduced the first such scheme in September 2023.

EV sales have picked up in India after a wave of launches from Tata Motors TAMO.NS, Hyundai HYUN.NS, Mahindra & Mahindra MAHM.NS and Tesla TSLA.O over the last year.

EVs made up about 5% of India's car sales in 2025, doubling from a year earlier. The country aims for electric vehicles to reach 30% of all car sales by 2030.

($1 = 90.6900 Indian rupees)