CHENNAI: Electric two-wheeler sales elevated by 16% to three.4 lakh models through the first six months of 2023-24.
While sales had been hit within the rapid weeks after the federal government reduce on Fame-2 subsidies from June 1, they appeared to be stabilising over the previous few months as customers appeared to be getting used to life with out subsidies.
As a end result, after dipping to a flat 3.2% sales development of 45,806 models in June, they’ve picked as much as round 62,000 models in August and September (see graphic). While year-on-year development continues to be constructive, month-on-month development has flattened out from 18.5% in July to fifteen% in August and flat unfavourable 1.5% in September.
Overall electrical automobile registrations jumped 51% to 7.4 lakh models through the first half of the present monetary 12 months. Of this greater than half was accounted for by electrical two-wheelers. Electric four-wheeler registrations had been estimated to have zoomed 163% to 42,323 models through the first six months, up from 16,095 models within the year-ago interval.
“Electric two-wheelers comprise around 55% of all EV volumes nationally (as of August 31) while e-rickshaws, another prominent category, comprises 34%. The electric two-wheeler market witnessed record sales in May 2023 ahead of the anticipated downward revision in Fame-2 in June but the downward revision triggered dips. Since June, the electric two-wheeler market has been steadily recovering,” stated Gagan Sidhu, director, CEEW Centre for Energy Finance.
While sales had been hit within the rapid weeks after the federal government reduce on Fame-2 subsidies from June 1, they appeared to be stabilising over the previous few months as customers appeared to be getting used to life with out subsidies.
As a end result, after dipping to a flat 3.2% sales development of 45,806 models in June, they’ve picked as much as round 62,000 models in August and September (see graphic). While year-on-year development continues to be constructive, month-on-month development has flattened out from 18.5% in July to fifteen% in August and flat unfavourable 1.5% in September.
Overall electrical automobile registrations jumped 51% to 7.4 lakh models through the first half of the present monetary 12 months. Of this greater than half was accounted for by electrical two-wheelers. Electric four-wheeler registrations had been estimated to have zoomed 163% to 42,323 models through the first six months, up from 16,095 models within the year-ago interval.
“Electric two-wheelers comprise around 55% of all EV volumes nationally (as of August 31) while e-rickshaws, another prominent category, comprises 34%. The electric two-wheeler market witnessed record sales in May 2023 ahead of the anticipated downward revision in Fame-2 in June but the downward revision triggered dips. Since June, the electric two-wheeler market has been steadily recovering,” stated Gagan Sidhu, director, CEEW Centre for Energy Finance.
Sohinder Gill, director common, Society of Manufacturers of Electric Vehicles, stated, “Demand has plateaued month-on-month, which will make it challenging to reach the Niti Aayog target of 20-lakh-plus units but festival season offers and discounts can revive some lost momentum.”
The see-sawing sales of electrical two-wheelers has affected the targets for a number of states, with most seen to be lagging. So far, just one Indian state has really managed to fulfill its sales targets properly earlier than the deadline – Gujarat. It had set a goal of 1.1 lakh e-two-wheelers by 2025, and sales hit 1,19,448 models in July 2023 itself. Of all two-wheeler sales, EVs in Gujarat now account for five.4%, stated a current report by JMK Research.
