The electric vehicle (EV) landscape in India is experiencing a dramatic transformation, with global giants and homegrown players alike racing to shape the future of mobility. In the past year, the country has witnessed an influx of new models, ambitious infrastructure projects, and a surge in consumer interest, signaling a pivotal moment for the automotive industry. As India’s cities grapple with air pollution and its highways hum with the promise of sustainable travel, companies like Tesla, Mahindra & Mahindra (M&M), and Ford are each charting their own course—sometimes in competition, sometimes in parallel—toward an electrified tomorrow.
On July 15, 2025, Tesla made headlines by officially launching the Model Y in India, its 50th global market. The Model Y, available in Standard and Long-Range variants priced at Rs 59.89 lakh and Rs 67.89 lakh respectively, is currently sold in Mumbai, Pune, Delhi, and Gurugram, according to reporting by The Economic Times. Deliveries began in September, and 109 units have already reached Indian customers. This move marks Tesla’s most significant foray into the subcontinent—a market long eyed for its potential, but notorious for regulatory and infrastructural hurdles.
But Tesla’s ambitions extend beyond car sales. The company is laying the groundwork for a robust EV ecosystem, with a strong focus on expanding charging infrastructure in India’s major metros. Sharad Agarwal, General Manager of Tesla India, emphasized the brand’s commitment to fighting air pollution in cities like Delhi and Mumbai. "We always build our infrastructure around the lifestyle of our customers, where they eat, where they work, where they go for staycations," Agarwal told The Economic Times. Tesla has already begun installing chargers at owners’ homes, residential complexes, shopping malls, and hotels, while its supercharging network is taking shape in leading cities. As of November 30, 2025, the company boasts four charging stations in India, comprising 16 superchargers and 10 destination chargers.
Despite these strides, Tesla’s journey in India is not without challenges. The Model Y is imported from Shanghai and faces a steep 70 percent import duty, making it roughly 30 percent more expensive than in the United States. Local production remains off the table for now, as Tesla’s current strategy centers on scaling up showrooms and charging points rather than manufacturing. The company inaugurated its first showroom in Mumbai in July, followed by a second in New Delhi’s Aerocity in August. Meanwhile, Tesla’s global sales remain strong, with 497,000 vehicles sold in the July-September quarter of 2025.
While Tesla’s approach is measured and metropolitan, Mahindra & Mahindra is taking a different tack—one that aims to electrify the nation’s highways. In a bold announcement, M&M revealed plans to set up 1,000 ultra-fast EV charging points on highways by 2027. Each charger will deliver 180 kW or more, creating a high-power corridor designed to make intercity electric travel as seamless as urban commuting. As of now, two stations—each with four fast chargers—are already operational, with the rest slated for deployment across 250 high-traffic corridors that account for nearly 90 percent of India’s long-distance road movement.
The charging network will be brand-agnostic and integrated with Google Maps, aggregator platforms, and Mahindra’s own app, ensuring unified discovery and payments for all EV users. Nalinikanth Gollagunta, CEO of M&M’s automotive division, explained to Business Standard, "The future of electric mobility depends on making long-distance travel as effortless as city driving. That starts with a reliable, fast-charging backbone on India’s highways. Along with our expanding range of long-range electric sport utility vehicles, we are ensuring customers can confidently choose electric for every journey."
M&M’s EV ambitions don’t stop at infrastructure. The company recently launched the seven-seater XEV 9S electric SUV, built on its INGLO platform, with bookings and deliveries scheduled to begin in January 2026. With four electric SUVs now in its stable—XUV400, XEV 9e, BE 6, and XEV 9S—Mahindra is pushing hard to capture a significant share of the growing market. Sales figures back up this determination: over the past seven months, Mahindra has sold more than 30,000 BE 6 and XEV 9-series EVs, generating around Rs 8,000 crore in revenue. The company expects EVs to account for 25 percent of its volumes by 2027-28, supported by a production capacity targeted at 8,000 EVs per month by the end of the current financial year. October 2025 was particularly strong, with sales rising threefold to 3,911 units.
Mahindra is also taking the long view on sustainability, developing a road map for battery recycling and end-of-life solutions, drawing on insights from its electric three-wheeler business. As Rajesh Jejurikar, executive director and CEO (auto & farm sectors), put it, "We are moving to an operating production capacity of 8,000 EVs per month by the end of the financial year. Of that we aim to sell 7,000 units a month."
While Tesla and Mahindra focus on infrastructure and product expansion, Ford Motor is navigating a more complex valuation landscape as it pivots toward electrification. According to a recent analysis by Simply Wall St, Ford’s stock has surged 3.5 percent in the past week and an impressive 37.6 percent year-to-date as of November 30, 2025. The company is accelerating its electric vehicle development and securing new battery supply deals, fueling expectations of long-term growth. Ford is also investing in new production facilities and expanding digital services—a strategy that has caught the attention of both investors and industry analysts.
Yet, Ford’s financials tell a nuanced story. Its current Free Cash Flow stands at $11.7 billion, but analyst forecasts project a decline to $7.3 billion by 2027 and around $4.8 billion by 2035. Discounted Cash Flow analysis suggests that Ford’s stock is currently overvalued by 13.6 percent. On the other hand, Ford’s Price-to-Earnings (PE) ratio is 11.24 times earnings—well below the auto industry average of 18.42 and the peer average of 26.00. Simply Wall St calculates Ford’s "Fair PE Ratio" at 17.68 times, indicating the stock may be underappreciated relative to its fundamentals. The analysis concludes, "PE ratios tell one story, but what if the real opportunity lies elsewhere?"
Ford’s evolving business strategy, which includes expanding digital services and building out production facilities, highlights the shifting priorities of legacy automakers as they respond to the EV revolution. The company’s approach is emblematic of the broader industry challenge: balancing the promise of electric mobility with the realities of market valuation, shifting consumer preferences, and the need for robust infrastructure.
As 2025 draws to a close, India’s EV market is at a crossroads. Tesla’s calculated entry, Mahindra’s nationwide charging push, and Ford’s strategic recalibration all point to a future where electric vehicles are not just a novelty for the affluent or the eco-conscious, but a practical, accessible choice for millions. The journey will be shaped by competition, innovation, and the relentless drive to solve problems both old and new. One thing is certain: the road ahead, though challenging, is electrifying in every sense of the word.
