2026 BNP PARIBAS GLOBAL EV & MOBILITY CONFERENCE : India's automotive sector in an upcycle: Drivers and risks

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2026 BNP PARIBAS GLOBAL EV & MOBILITY CONFERENCE : India's automotive sector in an upcycle: Drivers and risks

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2026 BNP PARIBAS GLOBAL EV & MOBILITY CONFERENCE

FLASH NOTE

India's automotive sector in an upcycle: Drivers and risks

19 MAY 2026 Sector Research Report Production time: 03:42* (London time)

Research Analyst & Publishing Entities

Kumar Rakesh BNP Paribas Securities India Private Limited (+91) 22 6196 4350 kumar.rakesh@asia.bnpparibas.com

What happened?

BNP Paribas is hosting its fourth annual global Electric Vehicle & Mobility Conference in Hong Kong with more than 50

corporates attending from across the mobility supply chain and from around the world. We invited Mr Rahul Bharti,

Senior Executive Director, Corporate Affairs, Maruti Suzuki; Mr Ravneet Phukela, Chief Business Officer, Ather Energy;

and Mr Hormazd Sorabjee, Editor, Autocar India to discuss the Indian automotive sector’s current up‑cycle and key

risks.

Demand outlook strong

Both Maruti Suzuki and Ather Energy noted that the on-ground demand strength has shown no signs of slowing down

despite the recent geopolitical uncertainties. Companies’ growth is constrained by supply than by demand. Mr. Bharti

noted the fact that the share of first-time buyers has jumped from 39% to 51% reflects that the addressable market has

expanded post the GST rate cuts and appears to be a structural growth inflection for the industry. Mr. Phukela

highlighted that demand and buying behaviour for EVs are similarly strong across urban and rural areas. Mr. Bharti

sees the draft CAFÉ 3 norms to be equitable and powertrain balanced, helping the industry to plan their products based

on their strength. However, he expects BS7, when it gets implemented, to potentially increase the prices of diesel

vehicles.