EV penetration improved sharply in 2 and 3-wheeler segment in India in July

New Delhi, Aug 5 (IANS) The electric vehicle (EV) penetration improved sharply in the two-wheeler and three-wheeler segment in India last month, a report said on Monday, while the government extended the Electric Mobility Promotion Scheme (EMPS) subsidy till September 30.

Electric 2W volumes crossed the 1,00,000 mark last month while E3W volumes reached a new peak of 63,000, according to the report by BNP Paribas India.

In the E2W, Bajaj Auto gained the most market share while Ola lost the most.

In the electric passenger vehicle (EPV) segment, BYD gained market share while MG lost. Tata Motors market share was largely unchanged.

In the electric three-wheeler (E3W) segment, Mahindra & Mahindra and Bajaj Auto gained market share.

“The Uttar Pradesh government waived-off the registration tax on hybrids as the Central government has also increased the allocation for the Auto-PLI and Advanced Chemistry Cell (ACC) schemes in the FY25 Budget,”said Kumar Rakesh, analyst, IT and auto.

Last week, the Centre informed that the number of EVs registered in FY24 increased significantly by 42.06 per cent as compared to FY23.

The production-linked incentive (PLI) scheme for the automobile and auto components industry in India (PLI-Auto) was approved in 2021 with a budgetary outlay of Rs 25,938 crore.

As reported by the approved applicants under the scheme, investment up to March 31, 2024, is Rs 17,896 crore and incremental sales up to Rs 3,370 crore.

According to reports, electric car sales in India are projected to reach 1.5 lakh in the current fiscal year.

The adoption of electric two-wheelers is also surging in the country. The e-2W sales soared to 17,52,406 units in FY24, according to the latest report by JMK Research and Analytics.

The EMPS scheme will now run till September 30, with a new outlay of Rs 778 crore. It aims to foster the growth of the EV manufacturing ecosystem in the country.

–IANS

na/pgh