📺 Stream EntrepreneurTV for Free 📺

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.
Side Hustle

These Coworkers-Turned-Friends Started a Side Hustle on Amazon — Now It's a 'Full Hustle' Earning Over $20 Million a Year: 'Jump in With Both Feet'

Achal Patel and Russell Gong met at a large consulting firm and "bonded over a shared vision to create a mission-led company."

Business News

These Are the 10 Most Profitable Cities for Airbnb Hosts, According to a New Report

Here's where Airbnb property owners and hosts are making the most money.

Side Hustle

How to Turn Your Hobby Into a Successful Business

A hobby, interest or charity project can turn into a money-making business if you know the right steps to take.

Science & Technology

Service as a Strategy — How to Build a Sustainable, Future-Ready Tech Business

The benefits of transitioning from traditional SaaS models to service-based models — and how to do it successfully.

Business News

Samsung's New Ad Pokes Fun at Apple's Controversial 'Crush' Ad

Creative universes overlap in a new ad from Samsung.

Productivity

Want to Be More Productive? Here's How Google Executives Structure Their Schedules

These five tactics from inside Google will help you focus and protect your time.