PESTEL and SWOT Analysis of Selected Electric Car Manufacturers in India

International Journal of Advance Study and Research Work (2581-5997)/ Volume 4/Issue 9/September 2021

PESTEL and SWOT Analysis of Selected Electric Car Manufacturers in India M. Imthiyaz Ahmed1 & Dr. D. Ayub Khan Dawood2 1 Research Scholar, University of Madras, Chennai.

2 Prof and Dean School of Social Science and Humanities. B.S.A. Crescent Institute of Science and Technology, Chennai.

Email Id: imthiyazahmed30@gmail.com DOI: 10.5281/zenodo.5530495 Abstract India, which ranks third in terms of carbon emissions, has nowadays actively been involved in reducing emissions by promoting public transportation, biofuels, and infrastructure upgrades and subsidies to accommodate electric vehicles (EV).

Its policies, however, are rarely formed in response to citizen's perceptions of how other countries are run. In this context, extensive research is vital to understand the pros and cons to overcome challenges by implementing a positive change in the EV policies. This study is intended to investigate how the selected Indian electric car (EC) companies can benefit their clients, who are already feeling the heat because of the current upsurge in fossil fuel prices, as well as to identify a macro and micro depiction of these industries through PESTEL and SWOT analysis by providing discussion points to assist EC policymakers in determining whether their policies are effective for evaluating their performance.

Keywords: Indian electric car (EC), Pestel and Swot analysis, EC policy, Carbon emissions, Challenges.

Introduction As per International Economic Development Council, public transportation consumes 3/4th of all oil consumed globally, posing a significant challenge in terms of climate change, prompting a demand for alternate means to switch to electric vehicles by investing in electricity. Electric vehicles, as we all know, are not new to us, but we must discover ways to make them more affordable through new technological advances, which will create new jobs in terms of economic development by enhancing the quality of life while lowering carbon footprint and reliance on foreign oil [32]. However, according to the Indian auto desk, electric vehicles have gained popularity since 2017, with a slow start due to high GST, and now the Government has begun to reduce its subsidy from 12% to 5% to boost e-mobility as part of the FAME India Scheme's second phase. This program has resulted in tremendous growth of ten lakh electric vehicles on road, but it still appears impossible as of March 2022, when the Union Government asked EV makers to forego earnings in the hopes of increasing demand [31].

According to this scenario, numerous studies are available in E-two-wheelers, but research in EC is relatively restricted. This has led to the development of ideas to examine the market using PESTEL and SWOT analysis by quickly grasping its most recent meaning and definition, as described below: According to the University of Sydney, the PESTEL components stand for Political, Economic, Social, Technological, Environmental, and Legal aspects used for acquiring a broad understanding of the environment in which an industry operates as well as to aid in the identification of risk elements for the SWOT analysis [33].

“According to Marketing Guru, Prof. Philip Kotler, SWOT analysis is for the overall evaluation of company’s Strengths, Weaknesses, Opportunities, and Threats [34]”.

By understanding the above facets mentioned in the PESTEL and SWOT analysis, the data was first collated from The Economic Times online magazine on the top 5 electric cars reported as of September 9th, 2020, on World EV Day, that led to the selection of four companies, among which Mahindra and Tata Motors are Indian companies, and MG Motor and Hyundai Motor are Indian base companies, as shown in the table below [16].

Table 1: Shows the list of Electric Car Subsidiary Group Companies with Specifications Company Names/EV Car Specs Ranks EV Models Price

Mahindra & Mahindra [8]

Tata Motors Limited [9]

MG Motor India Pvt Ltd [14]

Hyundai Motor India Limited [13]

1

2

3

4

5

Mahindra e2O Plus

Tata Tigor EV

Tata Nexon EV

MG ZS EV

Hyundai Kona Electric

Rs 7.48 lakh

Rs 13.19 lakh

Rs 13.99 lakh

Rs 20 lakh

Rs 23.71 lakh

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International Journal of Advance Study and Research Work (2581-5997)/ Volume 4/Issue 9/September 2021

Max Km Range FAME II Scheme [20]

140 8 variants

213

312 11 variants

340

452

Not available

Not available

Statement of Problem In 2019, the Union government announced that the second phase of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicle (FAME) scheme was to be extended by two years to promote the sale of electric vehicles, was due to end in 2022. In a notification, the Department of Heavy Industries said that FAME India Phase II is extended until 31st March 2024, with the approval of the competent authority. Recently, the Union government increased incentives for electric two and threewheelers to increase their adoption [19]. As part of the second phase of the FAME program to foster e-mobility, the Indian Department of Heavy Industries authorized 2,636 electric automobile charging locations in 62 metropolises across 24 Indian states and union territories in January 2020. Similarly, Ather Energy, India's first smart EV producer, relocated its USD 86.5 million industrial units in February 2021 from Karnataka to Tamil Nadu to boost its production capacity [35]. Governments' Policies are rarely formulated based on citizens' perceptions and how other countries are being run. Therefore, an extensive amount of research will be needed to identify where challenges remain in the policy systems and how to change them [17].

Despite the government's proactive plans and policies, there is still a lack of consumer demand due to a lack of charging infrastructure, as well as a long payback period, all of which are impeding the adoption of electric vehicles for personal use in India, which has sparked a surge in this field [36].

Objectives of the Study  To identify strategies for increasing the benefits of current policies and minimizing the challenges for electric cars.  To identify the major obstacles and suggest improvements that address the weak points  To examine the factors affecting the success or failure of electric car policies on the selected electric cars manufacturers.

Scope of the Study  The main scope and focus of the study are constrained only to pure Indian make and Indian base battery electric passenger car manufacturers.  As this study was completed in a limited time frame, it couldn’t consider the total units sold, charging stations, or making the cost of vehicles other than electric vehicles more expensive in the Indian electric car market [17].

Review of Literature Literature reviews were conducted aggressively on the topic with relevance in mind, and a few significant findings are highlighted and summarized in the following paragraphs based on electric cars.

The movement of electric cars in the Turkish economy had proved to be futile due to the low-interest rates on bank loans, which are available to both buyers and sellers as well as the automobile producers decided to make investments mainly due to the attractive labor cost. The authors have cited the lack of legal and technical background and the higher tax levies as negative factors affecting the potential demand as per consumer viewpoint by Selman Yılmaz & Murat Ustaoğlu (2013) concluded that the Turkish automotive industry has the potential to make huge progress in further employment, R&D, production, and consumption of EVs within the next five years. Rydzek, Lukas (2017) addressed the significant factors upon the cost, infrastructure, technological maturity, and battery from German stakeholders and found that due to the convenience of ICE cars, people have a difficult time switching from ICEs to ECs. Due to this low demand, corporates have been hesitant to invest in new technology, so further infrastructure development was slowed down. However, the good news is that the charging infrastructure has steadily inclined due to the strong political stand based on set targets that were achieved through financial subsidies and tax exemptions. This study also points that, it will take time to evolve and improve on current problems, but as soon as the electric sub-brands of German automakers debut new models with enhanced technology at affordable prices, this niche can potentially reach a turning point as technology issues are expected to be resolved through innovation will ultimately become mainstream. A similar study did by Reinhardt, et.al, (2017) highlights the mystery of B2U business models, since the first mass-market generation of electric car batteries began to retire several years before the B2U project launches. The authors had highlighted the forming of new relationships between the automotive and energy sectors, research has also shown that in the future inter-industry collaboration is crucial in bringing new sources of value. In addition, to ensure that degraded EV batteries become increasingly available for B2U consumers, the Automotive Industry itself must develop its competitiveness in the EV market. Across these studies, a systematic review by UKEssays (2018) shows that eco-friendly cars were discovered in 2011 and it will have a rewarding business sector in India to battle climate change. Despite an assortment of tax cuts, fast urbanization, and low expertise work costs that the government implemented to empower new direct participation into the automobile arena have made Indian markets an attractive marketplace with stricter guidelines on automobiles to meet world standards for emissions and security that are vital for exports. The brand ECOF is applied because India has a reputation for certain emissions from vehicles, thus enjoying an edge over other brands to retain its clients. Chinta, Rakesh (2018) theorizes that the Silicon Valley-based Tesla Motors has planned a prototype EV car with a range of 400 miles, which has an ambitious

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International Journal of Advance Study and Research Work (2581-5997)/ Volume 4/Issue 9/September 2021

plan to develop battery packs with solar panels on completely eco-friendly grounds. If they succeed they will be on top of the ladder in terms of sales. But on the other hand, Farhan, Mohd (2018) examined the factors that lead to the success or failure of electric cars to analyze the government incentives offered in the marketing of ECs. He reckons that government subsidies dominate most of the world's energy policies. It is common to see most countries following this policy and, therefore, they failed to capture any public interest and hence, their share remains negligible in the market. This wrong approach can be lethal to the growth of EC. However, despite EC's failure to capture the market and despite giving an amazing rate of return, the critics say EC is not even an option. Therefore, ICE will continue to be a dominant force even in the absence of alternatives.

Petrauskiene, K, et.al. (2020) reviewed and analyzed policies at national, local, and EU levels as well as international levels. It shows that the Dutch and Swedish policies mostly focused on EVs, e-mobility, spatial planning, and social awareness, as well as a range of private-sector initiatives and incentives. Despite great local motivation, Lithuania's private sector receives very little private support, leaving it largely dependent on national strategies and programs. Nevertheless, local authorities in EU members seem unable to optimize strategies for interconnecting renewable energy sources with the electrical grid programs due to the EU's leadership in car production, this bodes ill for the EU. While still confronted with the limitations, the five evaluated EU countries are making strides toward improving their policies and practices toward environmentally benign mobility in cities. In the light of changing this viewpoint of Thiel, C., Tsakalidis, A., & Jäger-Waldau, A, (2020) stated that aside from lowering fossil fuel consumption and tailpipe emissions, EVs are beneficial to the environment for three primary reasons: they improve air quality, lower fossil fuel consumption, and lower pollution. As a result, they differ from plug-in hybrid electric vehicles (PHEVs), which offer zero emissions. But still, they emit tailpipe pollution; PHEVs may jeopardize the market success of EVs. In the Future ICEV bans in certain countries may increase electric vehicle sales. The electrification of the power sector can be accelerated by improving the policy mix. Even though electric vehicles can aid in the grid integration of more variable renewable energy sources, EVs face several other obstacles and threats before they are widely adopted and remained reliable. As the distinction between public and private transportation blurs, an autonomous shared EV is likely to become the next mobility killer app capable of completely transforming transportation's future. But with regards to the possibilities and challenges Ghosh, A (2020) has concealed Electric vehicles, battery technology development, photovoltaic power generation, challenges for EV adoption, and the current state of EVs worldwide. The author highlighted how EV sales had increased from 2009 to 2018, due to government subsidies in comparison with other types of electric vehicles, battery electric vehicles (BEVs) have no tailpipe emissions that are more appealing to individuals and businesses, incentives and benefits can be offered to those who are willing to procure them. Thus (EVs) are an environmentally compassionate and economical means of reducing the transportation sector's carbon footprint as the EVs are equipped with a range of energy storage options that pose a technical challenge. In Poland, Kowalska, A, et.al. (2020) reviewed the alternative fuel vehicle (AFV) sector as related to electric vehicles (EV) revealed ambiguous and unpredictable regulations are the biggest obstacles to EV adoption and the muchincreased purchase costs of EVs compared to conventional vehicles, together with the lack of charging stations and batteries are the most significant obstacles in achieving sustainable development of passenger vehicles to enhance the effectiveness by maximizing the market potential. Back in India, Abhishek Kumar & Giri Gundu Hallur (2020) took the case study analysis of Tata Nexon EV and highlighted its strengths and weaknesses. The main highlights were focused on the possibility of influencing the lower-middle-income group within India and abroad. However, the weakness was identified due to a lack of innovation, when compared with other international brands. Moreover, the higher battery cost has pushed the total costs of the vehicle as well. This study suggests that the company can lower costs by focusing on battery manufacturing and charging infrastructure to push more electric vehicles to reduce climate change through greater public awareness and education.

Using the PESTLE model, Guno, C. S, et.al. (2021) looked at the drivers and barriers for e-PUV adoption. Despite the positive results, only external factors were studied, meaning that the conclusions drawn are incomplete as the economic and technological factors hinder the adoption of electric public transportation in terms of a higher price for electricity than for oil, a lack of charging infrastructure, driving range, and access to parts and mechanics in case of future repairs. This study recommends the government invest in renewable energy, build more public infrastructure, diversify the transport sector, and create locally made electric vehicles, as well as launch a massive education campaign to promote its advantages to the public.

Asghar, R, et.al. (2021) summarized the major challenges and opportunities faced by EVs in Pakistan, on financing, market prices, technical malignancies, and social barriers. Research shows that these factors are some of the most significant barriers to EVs gaining traction in the current market. Meanwhile, the author states that Pakistan's transition to EVs offered some exciting milestones, and it is essential to implement an effective and proactive approach to reap the benefits of rapid progress.

Based on the above reviews, and to the best of my knowledge there are no studies done on developing countries especially in the Indian context. These gaps identified have motivated me to focus on the PESTEL and SWOT analysis on Indian EC manufacturers. In addition, this may allow the policymakers to improvise and increase their output by motivating more manufacturers to combat climate change more aggressively.

Research Methodology In light of the collected pieces of literature, it is evident that it is critical to analyze the PESTEL and SWOT analysis of the Indian electric car producers as per the current increased awareness level among the public as well as due to global climate threats. In this study type, a secondary analysis was carried out by comparing four different commercial EC makers as per the data that has already been published in e-resources was taken into account as shown below in Table No:2 and Table No:3.

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International Journal of Advance Study and Research Work (2581-5997)/ Volume 4/Issue 9/September 2021

Table 2: Shows the PESTEL Analysis of Electric Car Manufacturing Companies

Parent Group PESTEL Analysis/Company Names

Mahindra Group [8]

Tata Group [9]

SAIC Motor [11]

Subsidiary Group Tata Motors Limited MG Motor India Pvt Ltd [9] [14]

Mahindra & Mahindra [8]

Hyundai Motor Company [10] Hyundai Motor India Limited [13]

Political

India's strong political stand has opened opportunities for good relations and exports in African countries [5].

The plant was to be built in West Bengal, wherein the opposition party was powerful [4].

China's high import tariffs and FDI restrictions aid domestic companies, and that is why government incentives propel domestic automakers like SAIC [1].

Adopt US Protectionism measures for their corporate prospects [3].

Economical

The Macroeconomic outlook is positive, and initiatives such as the seventh pay commission and the OROP bill will boost its spending [5].

Despite the Brexit impact on Jaguar Land Rover's (JLR) operations, the initial Nano plant site at Singur was a huge loss [4].

The Chinese economy has slowed down due to the increased cost of labour and raw materials, which has negatively affected the demand, but growth is expected to be 6.3% by 2020 [1].

The Increased affordability of people and favourable production factors has contributed a growth in the global economy [3].

Social

In the Indian middleclass segment, disposable income has significantly boosted the focus on agriculture throughout the states to boost tractor sales [5].

Nano's reputation as a cheap car led to a decline in sales [4].

Since Chinese consumers are more open to renting, leasing, or co-owning they depend only internet and social media for procuring cars [1].

Social value and shared mobility are perceived as more important by customers [3].

Technological

In a worldwide network of research and development centres, Mahindra Digi SENSE is the platform for connected vehicles [5].

The promising market potential can be achieved through research and development investments into technologies such as CNG and electric car models [4].

Investing in cleaner technologies, establishing innovation centres, partnering for R&D [1].

The automotive industry and green technologies involve the use of software and semiconductors [3].

Environmental

It has signed the EP100 program of the climate groups integrated watershed management project [5].

The operations are in line with sustainability and climate change [4].

By promoting electric vehicle adoption through a partnership with eHi Car, and stricter greenhouse gas standards for Europe and the United States [1].

Its vehicle emissions are still causing an increased amount of environmental criticism [3].

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International Journal of Advance Study and Research Work (2581-5997)/ Volume 4/Issue 9/September 2021

Legal

In Indian states, changing environmental regulations would boost sales of electric cars [5].

The West Bengal Government has sued the Singur plant for altering the State environmental regulations [4].

Patents and intellectual property of foreign partners make technology internalization difficult [1].

More attention and initiatives are needed to reduce the environmental impact of automobiles, Moreover, legal compliance measures are implemented to improve passenger safety. [3].

Table 3: Shows the SWOT Analysis of Electric Car Manufacturing Companies

Parent Group SWOT Analysis/Company Names

Mahindra Group [8]

Tata Group [9]

SAIC Motor [11]

Subsidiary Group Tata Motors Limited MG Motor India Pvt Ltd [9] [14]

Mahindra & Mahindra [8]

Hyundai Motor Company [10] Hyundai Motor India Limited [13]

Strengths

Its Innovative investments in technology, strong brand position in the domestic market, and successful new product launches have strengthened the product portfolio and number one tractor brand globally by volume [5].

The company offers a highly diversified product portfolio, a strong performance by the Jaguar Land Rover (JLR) division, a leading provider of Défense mobility solutions to Indian forces, and the world's cheapest car [4].

An influential Chinese automaker with a high growth rate and market share, formerly a Fortune 100 company and branded as the "representative of Chinese car brands," with business operations encompassing manufacturing, sales, finance, and insurance [1].

A Strong technological prowess with a sevenstep product design process with a huge global presence, operating in over 200 countries with high compliance on standards and safety ratings [3].

Weakness

The market performance of the two-wheeler segment is not good, and tractor sales are tied to the agricultural sector's performance [5].

Nano's image as a low-cost car closed off important market segments, resulting in lower sales [4].

The company is heavily dependent on the technology of its international joint venture partners, has a tiny global presence with low awareness of their brands [1].

In the last three to four years, there have been many vehicles recalls resulting from quality defects in the company's brand portfolio due to its limited output the profits declined by 12% in 2016 compared to 2015 [3].

Opportunities

In India and globally, the automobile industry and export potential are growing rapidly on par with the demand for hybrid cars, power, and infrastructure equipment [5].

The Tata Nano is well-positioned to tap developing markets in Africa and Southeast Asia, and CNG and electric car models are on the cusp of reaching the mainstream as per the growing per capita income [4].

With the purchase of GM's plant in India, SAIC will be able to expand into more Indian markets, while offering tech innovation through JVs will enhance its competitiveness [1].

Economic growth of 3.5% in 2017 is expected because of technological advances in manufacturing processes and through the creation of new consumer demands [3].

Threats

Product portfolios and global competitors are threatened by environmental measures aimed at

Tata Motors' product portfolio is threatened by environmental measures to curb pollution and increased competition

It is unlikely that the government will extend tax incentives for electric, hybrid, and fuel cell cars beyond 2017; there will also be tough competition

Economic turmoil in Asia reducing market security and a slight decline in the British economy over last year as well as the growing

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International Journal of Advance Study and Research Work (2581-5997)/ Volume 4/Issue 9/September 2021

curbing pollution [5].

from other automakers [4].

in international markets for SAIC, and the government will be lifting FDI limits which will hurt profits [1].

criticisms towards environmental pollution caused by automobiles and economic developments in the US triggered by new policies by the president. [3].

Finally, the analysis of the above elements has been integrated with current contemporary literature to show how these aspects such as charging infrastructure, subsidies, range, financial concerns, and awareness education might benefit Indian EC manufacturers is presented in the following sections.

Findings of the study Electric Car Manufacturers Mahindra & Mahindra [8]

Findings   

Tata Motors Limited [9]

  MG Motor India Pvt Ltd [14]

  Hyundai Motor India Limited [13]



It Globally dominates in terms of tractor sales.

Its tech centre is strongly focused on converting its non-electric SUVs into battery electric vehicles [37].

It leads as a pacesetter by providing the world’s cheapest and affordable car (Nano).

It offers in a premium range of 15% to 20% not more than conventional cars [38].

It has developed and established end-of-life battery strategies and charging infrastructure (in partnership with partners) by intervening as a technology and innovation leader.

Its features included remote vehicle control, voice assistant functions, and other features [39].

It has evaluated the feasibility of introducing an affordable electric vehicle (EV) for its buyers.

It also provides digitally connected products to keep up with changing consumer needs, as it will become their top priority over simply selling their products. [40].

General Suggestions Electric Car Manufacturers

Suggestions 

EV growth rate can be further boosted and enhanced if they are successful in convincing the Indian government with regards to its key issues faced on loan financing through banks and GST reduction [45].



They can effectively control their product price by increasing its Kilometre range and making charging stations widely available [44].



As part of the rapid expansion of its fast-charging stations, it should merge with EV players to install them at maximum locations and focus on launching mid-size SUVs to enhance its sales [42-43].



To price their products reasonably, they must find ways to reduce the cost of lithium-ion batteries, with at least a 200 km range on a single charge [41].

Mahindra & Mahindra [8]

Tata Motors Limited [9]

MG Motor India Pvt Ltd [14]

Hyundai Motor India Limited [13]

Results, Discussion, and Conclusion The World Air Quality Report 2019 reported by CNN on February 25, 2020, states twenty-one of the thirty cities with the worst air pollution are in India [46]. With India currently ranking third in greenhouse gas emissions [21], it is possible to reduce GHG emissions and ensure India's transport growth in a more sustainable and climate compatible by aligning development and climate change agendas by using a combination of sustainable approaches, such as promoting EV public transport, fair use of biofuels, and upgrading the infrastructure of EV’s [22]. The Union Government has asked the EV makers

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International Journal of Advance Study and Research Work (2581-5997)/ Volume 4/Issue 9/September 2021

to forego earnings in the hopes of increasing demand [31]. The main concern of the study points that still, India is in a nascent stage regarding EC’s. Although the Government is doing its best to curb climate change based on global pressures. It is the basic expectation of the public with regards to price, range anxiety, awareness on operation and maintenance, Government subsidies and tax benefits, and fast-charging stations with installation permits are concerning the EC producers. On the other hand, EC makers expect the Government to still lower their taxes and strengthen the financing issues in Banks by rapidly expanding their charging networks throughout India by a healthy partnership association will make these industries come out with more models with reasonable prices and a high range can bring sustainability in the long run as per Vision 2030 of “India’s Economic Diplomacy on strengthening climate diplomacy” [47].

Limitations of the Study  The data collected is from secondary sources as reported in websites believed to be authentic.  Due to the impact of Covid-19, other electric car companies' delayed launch of their products on roads was not considered in the study.  The study was restricted to four Indian battery-electric car manufacturers only due to the limited availability of studies on this topic.

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International Journal of Advance Study and Research Work (2581-5997)/ Volume 4/Issue 9/September 2021

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