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

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

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.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Business News

JPMorgan Shuts Down Internal Message Board Comments After Employees React to Return-to-Office Mandate

Employees were given the option to leave comments about the RTO mandate with their first and last names on display — and they did not hold back.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

News and Trends

Recur Club Announces Credit Offerings for Startups Beyond Series A and SMEs

In FY 24–25, the platform also plans to deploy an additional INR 2000 crores through its Recur Swift program for startups.

News and Trends

NeoSapien Secures INR 80 Lakhs on Shark Tank India 4 for AI Wearable

Founded in 2024 by Dhananjay Yadav and Aryan Yadav, NeoSapien aims to integrate AI into daily life through its wearable technology

News and Trends

PAG Acquires Majority Stake in Pharma Packaging Player Pravesha Industries

This move underscores PAG's continued focus on India's burgeoning packaging industry, following its recent investment in Manjushree Technopack.

News and Trends

Quadria Capital Invests USD 100 Mn in Hyderabad-Based Aragen Life Sciences to Drive Global Expansion

This funding, which values Aragen at approximately USD 1.4 billion, involves a significant capital infusion along with a minor secondary sale by existing investors.