Courtesy: Times Now News
Posted on: 10-04-2023
EVs in India have crossed the one-millionth milestone in FY22-23. This has been confirmed by the Society of Manufacturers of Electric Vehicles (SMEV). Compared to EV sales in FY21-22, the industry witnessed a spike of 58% in the FY22-23, period. This includes e-buses, e-cars, e-three-wheelers, and e-two-wheelers.
EV Sales in India Crosses the One Million-unit Milestone
The Indian EV industry has surpassed its one-millionth milestone in India, confirms the Society of Manufacturers of Electric Vehicles (SMEV). The industry registered an overall sales of 1,152,021 units, which includes e-buses, e-cars, e-three-wheelers, and e-two-wheelers. This is a 58% spike in sales in FY22-23, compared to EV sales in FY21-22.
The EV sales were mainly spearheaded by the electric two-wheeler industry. The e2W industry holds 62% of the share, out of which 726,976 units of high-speed scooters were sold in FY22-23. However, sales fell short on a month-on-month basis, therefore the segment witnessed an annual shortfall of 25% of the minimum target that was set by Niti Aayog, said the statement from SMEV.
Aside from high-speed scooters, the total tally of e2W also includes 120,000 low-speed electric scooters, aside from 285,443 low-speed e-rickshaws, and around 50,000 low-speed e-speed cycles. Thus, the combined sales for e2W (including high-speed and low-speed two-wheelers) comes down to 846,976 units in FY23.
After e2W, electric three-wheelers comprised the second biggest slice of the EV pie at 34% with 401,841 units sold in FY23. Whereas, the electric-four-wheeler comprised just 4% of the EV slice.
The sales performance of the EV industry comes amidst the Government of India has suspended the FAME-II subsidy to a few companies that did not meet localization criteria. Reportedly, these companies were selling off foreign-made components as locally sourced.
Currently, 16 companies which include the likes of Okinawa, Hero Electric, etc are awaiting a resolution to this impasse.
In addition, the industry is also seeking an extension to the eligibility criteria by two years and an extension of the FAME-II subsidies by three or four years.