India’s Electric two-wheeler sales rise over 2.5X in FY23: SMEV

According to the Society of Manufacturers of Electric Vehicles (SMEV), electric two-wheeler (E2W) sales in India rose over two-and-half-fold to 8,46,976 units in 2022-23 over the previous fiscal. Total sales of E2W were at 3,27,900 units in 2021-2, as per data. SMEV said FY23 saw sales of 1.2 lakh low-speed e-scooters with a top speed of less than 25 km/hr. 

In the electric two-wheeler segment, the industry sold 7,26,976 high-speed E2W (top speed more than 25km/hr) in FY23, as per data. 

In 2021-22, sales of low-speed e-scooters were at 75,457 units, while those of high-speed e-scooters were at 2,52,443 units. SMEV 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 organizations".

The industry body said the 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 Rs 1,200 crore subsidy already passed on by the majority of original equipment manufacturers (OEMs) to customers on the pretext of delay in localisation," it said. Another Rs 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 the crippling of their business operations due to extreme shortage of working capital, SMEV added.

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