INSUBCONTINENT EXCLUSIVE:
Just a month after the government reduced the amount of subsidy provided on electric two-wheelers, Vahan portal data shows that EV sales
On June 1, 2023, the government reduced the subsidy incentive cap from 40 percent of a vehicle's value to 15 percent and capped the subsidy
to Rs 10,000 per kWh of battery
While the government claimed that it is doing so to promote the incentive scheme and ensure that a larger number of people benefit from the
Rs 10,000 crore allocated subsidy, manufacturers such as Ola, TVS and Ather had to increase the prices of their electric
scooters.COMPANYJune 2023May 2023ChangeOla Electric17,57228,629-38.62%TVS Motor7,79120,397-61.80%Ather Energy4,54315,407-70.51%Bajaj
Auto2,9669,965-70.24%Okinawa Autotech2,6162,907-10.01%Source: Vahan DashboardSales numbers across all five major electric two-wheeler brands
in the country have seen a substantial dip in June 2023, when compared to May 2023
Sales of TVS EVs, on the other hand, fell by 61.80 percent and Ather Energy also took a massive hit in sales, 70.51 percent less than the
15,407 units it sold in May 2023
Bajaj Auto EV sales also dropped by 70.24 percent and Okinawa Autotech saw the least amount of loss in sales with a 10.1 percent dip.With
brands suffering up to 70 percent loss in sales numbers after seeing consistent growth year-on-year, it is quite clearly the impact of the
Prices for Ola electric scooters were hiked by Rs 15,000 on average and Ather scooters got costlier by approximately Rs 32,500 among similar
price adjustments within other manufacturers
What are your thoughts on the market reaction? Tell us in the comments.
