The data released by the Society of Manufacturers of Electric Vehicles (SMEV) showed record-high sales for electric vehicles in India for the financial year 2023. The data showed that the EV industry had witnessed sales of 11,52,021 units, and this number increased by 58% compared to 7,26,861 units sold in the previous year.
Out of the total sales, the three-wheelers industry sold 4,01,841 units with a 34% share in the overall sales, while 47,217 units of e-four-wheelers were sold, which made up 4% of the overall sales. The two-wheeler sales were recorded as the highest, accounting for 7,26,976 units of high-speed e-two-wheelers, claiming a 62% share in the total sales. This was still 25% short on a month-on-month basis target set by the Niti Aayog.
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The failure to meet the target and the shortage in two-wheeler sales is attributed to the suspension of FAME2 subsidies to companies that did not fulfil the localisation eligibility criteria. Sohinder Gill, CEO Hero Electric & DG, SMEV, commented on this downfall, saying:
“Over the years, the E2W industry has been catching pace and working relentlessly towards achieving the country’s mission of largely converting to electric. While all the earlier schemes since 2015 had a negligible effect on EV adoption, the revised FAME-II in late 2022 had a dramatic effect on E2W adoption as it decreased their prices by around 35%.”
This rise in EV sales shows that India is marching along the lines of a better future and is taking steps to work along the lines of sustainability.
