Breaking Record: India has sold more than one million units of electric vehicles (EVs) for the first time in the financial year 2022-23. In this Financial year EVs boost Automobile Industry to new milestones. This valuable information comes from the Society of Manufacturers of Electric Vehicles. The sales included electric cars, electric buses, electric two-wheelers and three-wheelers or E rickshaw. This is a big increase from the 726,861 EVs sold in the previous financial year, a rise of 58%.
India Electric Vehicle sales Crossed One million units in FY 23
Majority of the Electric Vehicles sold were two-wheelers in India, which made up 62% of the total sales figures. The industry sold 726,976 high-speed e-two wheelers, but the adoption of these vehicles has decreased. The total number of two-wheelers sold bifurcation as below nearly 120,000 units of low speed electric scooters, 285,443 units of low speed e-rickshaws and around 50,000 units of low speed e-cycles.
The number of electric two-wheelers sold has risen a lot since the financial year 2017, comparatively when only 27,888 were sold. In the financial year 2022, three times as many were sold, with a total of 328,000. Electric three-wheelers made up 34% of the total EVs sold, with 401,841 units sold in the financial year 2023. Electric four-wheelers cars made up 4% with 47,217 units sold and electric buses made up only 0.16% with 1,904 units sold. Also read: Best Helmets for Ather 450x in India 2023
The EV industry has expressed concern about the suspension of subsidies for companies that do not meet the local eligibility requirements. This has affected sales and the adoption of electric two-wheelers has decreased. The subsidies were passed on to customers by the majority of original equipment manufacturers but they have been delayed due to the suspension. The suppliers who were previously not interested in making components for EVs have now become eager to do so. Also read: Best Ampere Magnus EX Accessories 2023
At present, 16 companies are waiting for the impasse to be resolved. The director general of the Society of Manufacturers of Electric Vehicles stated that the earlier subsidies had little effect on the adoption of EVs but the revised subsidies had a big impact on the adoption of electric two-wheelers sales. The subsidies decreased their prices by around 35%, which attracted component suppliers who had previously not been interested in EVs.