MADHABI PURI BUCH

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Spurred by the incentives under Fame 2, electric two-wheeler sales have jumped from under 20,000 units per annum in 2018-19 to over 910,000 in 2023-24. With the caveat of high base, the pace of growth slowed down last fiscal to 20% from 65% in 2022-23. This is partly due to the subsidy cut last year, which resulted in a sharp decline in sales for at least four months between June and September. This is likely to be repeated this year as sales could be subdued till a new policy is announced in the budget in July.

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It is gradually coming to terms with the subsidy cuts and preparing for a non-subsidized regime in the not-too-distant future. While E2Ws are more expensive than their petrol counterparts, higher subsidies in the past meant consumers could use the lower running cost of an EV to break even in just 4 years. That has gone up to over 5 years now. With not much incentive on offer for vehicles with bigger batteries, firms are selling smaller battery variants to reduce the price while cash discounts are rare.

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