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Monday, April 10, 2023

Green shift: Electric vehicle sales cross 1-million mark in FY23 - The Economic Times

Sales of electric vehicles in India crossed the one-million mark for the first time last financial year, although adoption of green personal-mobility choices in the two-wheeler segment significantly trailed the targets set by the apex policy platform, the Niti Aayog, alleged industry body Society of Manufacturers of Electric Vehicles (SMEV).

The industry registered sales of 1,152,021 electric vehicles, which include buses, cars, three-wheelers and two-wheelers running on the electric powertrain, showed data SMEV, which attributed the shortfall in achieving targets to the lack of subsidy payments following a question mark on the quantum of localisation. Two-wheelers comprise the bulk of overall EV sales in the country.


The industry body said it was not the consumer demand but the "sudden withholding of more than the ₹1,200-crore subsidy already passed on by the majority of OEMs to the customers on the pretext of delay in the localisation" that affected sales of electric two-wheelers in the local market.

An additional ₹400 crore is stuck for the OEMs operating in the premium end of the segment due to allegations of under-invoicing to bypass the FAME norms, leading to working-capital challenges.


Sohinder Gill, DG SMEV, said the revised FAME II had a dramatic effect on electric two-wheeler adoption as it decreased vehicle prices by around 35%.
GreenShift%3AElectricVehicleSalesCross1-MillionMarkinFY23

"This started attracting the component supply chain that had shunned anything to do with electric two-wheelers because of low volumes and it is only in late 2021 that suppliers started queuing up to OEMs," Gill said.

It took most of these suppliers 12-18 months, the usual time it takes to localise, and now most of them have started setting up sufficient capacities, Gill said. He added that meanwhile "some persons with malicious intent unleashed a campaign to put a stop to this dreamrun for reasons best known to them," referring to controversy over subsidy claims and localization content per vehicle.

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Green shift: Electric vehicle sales cross 1-million mark in FY23 - The Economic Times
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