Electric Two-Wheeler Sales In India Rise Over 2.5 Times To 846976 Units In 2022-23: SMEV Citing data sourced from manufacturers, Society of Manufacturers of Electric Vehicles reportedly said FY23 saw sales of 1.2 lakh low-speed (LS) e-scooters with top speed less than 25 km/hr
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Society of Manufacturers of Electric Vehicles (SMEV) on Monday said that Electric two-wheeler sales in India rose over two-and-half fold to 8,46,976 units in 2022-23 over the previous fiscal, according to a PTI report. Total sales of e-two-wheelers (E2W) were at 3,27,900 units in 2021-22.
Citing data sourced from manufacturers, Society of Manufacturers of Electric Vehicles (SMEV) reportedly said FY23 saw sales of 1.2 lakh low-speed (LS) e-scooters with top speed less than 25 km/hr and added that, "In the electric two-wheeler segment, the industry sold 7,26,976 high-speed E2W (top speed more than 25km/hr) in FY 2023."
According to the report, SMEV also said in FY23 E2W adoption ended "with an annual shortfall of more than 25% over the minimum target set by Niti Aayog and various research organisations". The industry body said withholding of subsidies under FAME II for not complying with Phased Manufacturing Programme (PMP) guidelines under the scheme has had an impact on the sales of E2Ws.
"Ironically it was not the consumer demand but the sudden withholding of more than the INR 1,200 crore subsidy already passed on by the majority of original equipment manufacturers (OEMs) to customers on the pretext of delay in localisation," said SMEV in a statement.
Furthermore, it also added that, another INR 400 crore of the OEMs operating in the premium-end also got stuck due to the allegation of under invoicing to bypass the FAME norms leading to crippling of their business operations due to extreme shortage of working capital.
"Today 16 companies that represent more than 95% of the industry are waiting for some resolution for the chaos and the fiasco of the FAME PMP are cleared to enable them to plan their businesses in the year FY24," the statement added as per the report.