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New Delhi, Feb 11 () Around 43-48 per cent of new three wheelers and up to 17 per cent of the new two wheelers sold in the country by 2024 could be electric vehicles (EVs), a report by Crisil Research said. In the four wheeler segment, however, the traction is expected to remain low with EV sales accounting for just 5 per cent of the new sales, it noted. The study looked at demand, supply and policy growth drivers for EVs such as battery costs, government subsidy and charging infrastructure, besides conducting a segment-wise analysis of the cost of acquisition and operation of EVs compared with existing internal combustion engine (ICE) vehicles, Crisil Research said. Faster adoption of two- and three-wheelers is a function of cost. Typically, electric scooters are cheaper to run compared with ICE scooters. And, e-autos are cheaper to both own and run compared with their ICE counterparts, it said. "In the context, supply will also be a critical factor for adoption. The top five electric two-wheeler manufacturers are expected to increase their capacity for electric variants from 0.4 million units in fiscal 2020 to over 3 million units by fiscal 2024," Crisil Research Director Hetal Gandhi said. In three-wheelers, even incumbent original equipment manufacturers are launching e-autos at a rapid pace, she added. At the other end, sales of personal electric cars will remain in the slow lane due to high acquisition and ownership costs in the absence of demand incentives, Crisil said. The number of cab aggregators though will increase as there will be a better operational economies and subsidies, it added. " "In the commercial vehicles space, subsidies to state transport undertakings will drive sales of electric buses for intra-city operations. That said, poor public charging infrastructure will impact adoption," Crisil Research added. MSS SHWSHW

Sales of electric two and three wheelers to see huge improvement by 2024: Crisil

New Delhi, Dec 24 () Auto industry body SIAM on Tuesday said the electric vehicle policy announced by the Delhi government would help encourage consumers to adopt electric vehicles.
 Some of the welcome announcements in the policy include measures which would make electric vehicles affordable and acceptable, Society of Indian Automobile Manufacturers (SIAM) Director General Rajesh Menon said in a statement.
 These include purchase incentives, interest subvention, scrappage incentive, waiver on road tax, waiver on registration and parking fees and measures to push charging infrastructure, he added.
 Similarly, Society of Manufacturers of Electric Vehicles (SMEV) also lauded the policy unveiled by the Delhi government.
 "We are delighted to see the Delhi government take the lead in making EVs more appealing to customers...I am thankful that the government considered most of our recommendations including the conversion of commercial ICE vehicles into electric, E-bike taxi and more such alternatives as they are the key drivers in taking the e-mobility momentum forward," SMEV Director General and Hero Electric CEO Sohinder Gill said.
 These additional incentives apart from the subsidy offered by the central government would definitely encourage more people to switch to clean mobility, he added.
 With the introduction of this policy, SMEV is certain that Delhi will lead by example and more states will also emulate such measures to give a boost to the EV industry.
 "If a similar policy is adopted at the national level, we are confident that the electric mobility revolution at a mass scale will kickstart in the country," Gill noted.
 On Monday, the Delhi Cabinet gave approval to an electric vehicle policy.
 Under the Delhi Electric Vehicle Policy 2019, the city government is providing a subsidy of Rs 5,000 per kWh of battery capacity on the purchase of two-wheelers. Incentive of up to Rs 5,000 will be offered for scrapping a non-electric two-wheeler vehicle and switching to an electric vehicle.
 The purchase subsidy of four-wheelers is Rs 10,000 per kWh of battery capacity for the first 1,000 cars subject to a cap of Rs 1,50,000 per vehicle. The Delhi government also aims to transition 50 per cent of the newly-purchased buses into electric buses by 2024 and 100 per cent by 2030. There will be no road tax on registration fees on electric vehicles.
 All two-wheelers engaged in last-mile deliveries, such as food delivery vehicles, courier services, and e-commerce logistics, will be expected to transition 50 per cent of their fleet to electric by March 2023, and 100 per cent of their fleet to electric by March 2025, stipulates the policy.
 The purchase subsidy on electric autos, e-rickshaws, and e-carriers is up to Rs 30,000 and loans on a subsidy of 5 per cent will be provided to them, he said.
 The electric vehicle policy will be implemented through a board to be constituted by the city. MSS ANU
ANU

SIAM, SMEV welcome electric vehicle policy of Delhi govt

Electric two-wheeler makers <keyword id="108831" type="General" weightage="50" keywordseo="tvs-motor-company" source="Orion">TVS Motor Company</keyword>, Ather Energy and <keyword id="4393078" type="General" weightage="50" keywordseo="ola-electric" source="Orion">Ola Electric</keyword> have increased prices of their products as curtailed subsidy structure comes into effect from June 1. In a statement, TVS Motor Company stated that in order to propel the electrification journey further in a sustainable manner after <keyword id="21028" type="General" weightage="80" keywordseo="fame" source="Orion">FAME</keyword> II scheme revision, it has increased iQube's price between Rs 17,000 and Rs 22,000 depending on the variant. The iQube base and S trims were earlier priced at Rs 1,06,384 and Rs 1,16,886, respectively in Delhi. "FAME II will gradually reduce over the next few quarters. The company will continue to deliver delightful product options and great value proposition to propel the electrification and green energy penetration in two-wheelers in the country," TVS Motor Company Director and CEO K N Radhakrishnan said. The company will offer a loyalty benefit programme for the customers of iQube, who have made bookings till May 20, 2023, for a limited period to ease the cost burden post the revision in FAME II subsidy, he added. Ather Energy said that following the FAME II subsidy revision applicable from today, it has also revised the prices of its scooters with 450X now starting at Rs 1,45,000 (ex-showroom Bengaluru). The 450X with <keyword id="17580517" type="General" weightage="50" keywordseo="pro-pack" source="Orion">Pro Pack</keyword> now starts at Rs 1,65,435 in Bengaluru, an increase of around Rs 8,000. "The FAME II revision has resulted in a subsidy reduction of around Rs 32,000. However, the company is absorbing a huge chunk of this price impact for its customers with a view to quicken EV adoption in the country," Ather Energy Chief Business Officer <keyword id="13554227" type="General" weightage="50" keywordseo="ravneet-s-phokela" source="Orion">Ravneet S Phokela</keyword> stated. <keyword id="6354720" type="General" weightage="100" keywordseo="ola" source="Orion">Ola</keyword> said its electric scooter S1 Pro is now priced at Rs 1,39,999; S1 (3KWh) at Rs 1,29,999; and S1 Air (3KWh) at Rs 1,09,999. The product range is now roughly Rs 15,000 costlier than before. "With an unyielding dedication to customer satisfaction, we have marginally increased our product prices starting June, despite significant reduction in government subsidies, making Ola S1 the best EV proposition in India," Ola Electric Founder and CEO Bhavish Aggarwal said. In a statement, Hero Electric said that it will not increase the prices of its popular e-scooter models. The company said it remains dedicated to promoting the adoption of electric two-wheelers and dispelling misconceptions about their cost of ownership. "Despite the extreme financial crunch forced upon us due to subsidies stuck with Ministry of Heavy Industries for over 15 months, we will continue to do our bit in offering affordable mobility solutions to the discerning customers by holding on to our current prices till we can," said Hero Electric CEO Sohinder Gill. The Heavy Industries Ministry has notified that for electric two-wheelers, the demand incentive will be Rs 10,000 per kWh. The cap on incentives for electric two-wheelers will be 15 per cent of the ex-factory price of vehicles from 40 per cent at present. The Faster Adoption and Manufacturing of Electric and Hybrid Vehicles (FAME) India scheme commenced on April 1, 2019, for a period of three years, which was further extended for two years till March 31, 2024. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/royal-enfield-sales-rise-22-in-may-at-77461-units/articleshow/100679587.cms">Royal Enfield sales rise 22% in May at 77,461 units</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ikio-lighting-sets-ipo-price-band-at-270-285/share/articleshow/100679971.cms">IKIO Lighting sets IPO price band at ₹270-285/share</a>

TVS, Ather, Ola hike prices of electric two-wheelers as new subsidy norms kick in

<ul><li>Union Road Transport and Highways Ministry has found safety system flaws in batteries of <keyword id="929646" type="General" weightage="20" keywordseo="electric-two-wheelers" source="Orion">electric two-wheelers</keyword>.</li><li>The probe revealed that low-grade materials were used to cut the costs.</li><li>Now, a new BIS standard called ‘IS 17855: 2022’ has been designed for battery packs of electrically-propelled road vehicles.</li></ul>As fires in electric vehicles (EVs) continue unabated in the country, an expert committee set up by the Union Road Transport and Highways Ministry has found safety system flaws in batteries of electric two-wheelers. The electric two-wheeler manufacturers took shortcuts in order to bump up the production and meet the growing demand rather than looking into ensuring safety for the riders. The expert panel, which has already shared safety recommendations with the EV manufacturers to fix bigger issues, is set to make its findings public anytime soon, according to sources. The development was first reported by The Economic Times. Union Road Transport and Highways Minister Nitin Gadkari in April had warned EV makers that if any company is found negligent in their processes, "a heavy penalty will be imposed and a recall of all defective vehicles will also be ordered". "We have constituted an Expert Committee to inquire into these incidents and make recommendations on remedial steps. Based on the reports, we will issue necessary orders on the defaulting companies," he had said. The expert committee has found that the EV manufacturers offered no mechanism to identify overheating of cells and isolate failed battery cells. The Defence Research and Development Organisation (DRDO), which was earlier tasked with investigating electric two-wheeler fire incidents by the Road Transport and Highways Ministry, also found serious defects in the EV two-wheeler batteries. These defects occurred because the electric two-wheeler manufacturers like Okinawa Autotech, Pure EV, Jitendra Electric Vehicles, Ola Electric and Boom Motors may have used "lower-grade materials to cut costs", the DRDO probe had revealed. The Bureau of Indian Standards (BIS) has now issued new performance standards for lithium-ion batteries to safeguard the consumers amid the rising EV fire episodes in the country. The BIS, which comes under the Union Consumer Affairs Ministry, published the "performance standards for electronic vehicle batteries" in a bid to keep a strict control over the manufacturing of EV batteries. The new BIS standard called "IS 17855: 2022" has been designed for lithium-ion traction battery packs and systems of electrically-propelled road vehicles. SEE ALSO: <a href="https://www.businessinsider.in/retail/news/impulse-buys-fast-fashion-end-up-in-landfills-and-stay-intact-for-200-years/articleshow/92533424.cms">Impulse buys, fast fashion end up in landfills and stay intact for 200 years</a> <a href="https://www.businessinsider.in/tech/news/tesla-reportedly-laid-off-about-200-workers-in-its-autopilot-division/articleshow/92531180.cms">Tesla reportedly laid off about 200 workers in its Autopilot division</a>

Lack of basic safety systems behind electric two-wheelers fires, says government probe panel

<ul><li><keyword id="6077461" type="UNKNOWN" weightage="20" keywordseo="Okinawa-Scooters">Okinawa Scooters</keyword> has become the first electric two-wheeler company to get the Fame-II approval and incentivization.</li><li>The <keyword id="143042" type="CITY" weightage="20" keywordseo="Okinawa">Okinawa</keyword> scooters start at a price range of ₹45,000 and go upto ₹1,46,000. </li><li>With the approval, customers could get subsidies between ₹17,000–₹26,000 based on kwh.</li></ul>India’s polluted air badly needs <keyword id="6354973" type="UNKNOWN" weightage="20" keywordseo="electric-vehicles">electric vehicles</keyword> and a bunch of brands are nearing their launch. The latest one is from the startup Okinawa Scooters, which has become the first electric two-wheeler company to get the Fame-II approval and incentivization. Faster Adoption and Manufacturing of (Hybrid &amp;) Electric Vehicles (FAME) scheme was announced by the Indian government in 2015 to push forward the production and use of electric vehicles. With their inclusion in the Fame scheme, consumers will get a subsidy in the purchase of Okinawa scooters, depending on the model battery kilowatt hour. The Okinawa scooters start at a price range of ₹45,000 and go upto ₹1,46,000. “For Okinawa Ridge+ &amp; i-Praise the subsidy would be between ₹17,000–₹26,000 based on kwh,” said Jeetender Sharma, Founder &amp; Managing Director, Okinawa Autotech Pvt. Ltd. India has seen growth of many EV startups who are manufacturing bikes in India. Okinawa also faces competition from other Indian startups like Ather Energy. Ather Energy’s bikes start at a price range of ₹1,13,000 and it has raised funding from the likes of Hero Motocorp. Pune-based Tork Motors which was one of the first in India to announce electric motorcycles is set to launch the motorbikes soon with an expected price range of ₹1.5 lakh. Another rising competition in the space comes from Revolt Motors, which has been founded by Micromax co-founder Rahul Sharma. Revolt will be launching AI-powered electric bikes in India by June 2019. <a href="https://www.carblogindia.com/revolt-electric-motorcycle-riding-range/">Rumours</a> suggest that the bike, which will be initially launched in Delhi NCR, could be priced between ₹1-1.20 lakh. “With the thought process to provide the consumer with the ‘Make in India’ product we started working initially on localization of our electric two-wheeler components which helped us in getting the FAME-II approval,” said Sharma. The company’s official statement said that their products have met all the government parameters that help in availing subsidy – a speed of around 40 kilometres (km) per hour, a range of about 80 km/charge, sourcing 50% of the inputs from within India and using Lithium-ion battery. See Also: <a href="https://www.businessinsider.in/electric-vehicles-policy-under-fame-ii-offers-incentives-for-local-manufacturing-and-subsidies-for-buyers/articleshow/68314114.cms">India’s new rules, incentives to boost electric vehicle manufacturing also has a discount for buyers</a> <a href="https://www.businessinsider.in/can-latecomer-maruti-suzuki-rev-up-electric-car-sales-in-india/articleshow/67534315.cms">Can latecomer Maruti Suzuki rev up electric car sales in India?</a>

Waiting for electric scooters in India? Here are some options to choose from

Two and three-wheeler maker <keyword id="201434" type="General" weightage="80" keywordseo="tvs-motor-company-ltd" source="Orion">TVS Motor Company Ltd</keyword> has hiked the price of its <keyword id="794547" type="General" weightage="20" keywordseo="electric-two-wheeler" source="Orion">electric two-wheeler</keyword> between Rs 17,000 - Rs 22,000 depending on the variant. The price hike on its electric two-wheeler <keyword id="8648845" type="General" weightage="80" keywordseo="iqube" source="Orion">iQube</keyword> is effective from Thursday (June 1) following the revision in the central government's FAME II subsidy scheme. The company said it will offer a loyalty benefit programme for the customers of iQube who had made bookings till May 20 for a limited period to ease the cost burden post the revision in FAME II subsidy. Additionally, new customers can also avail new prices without having to bear the full burden of FAME II revision on booking the vehicle starting June 1, 2023, said <keyword id="17581291" type="General" weightage="20" keywordseo="k-n-radhakrishnan" source="Orion">K.N. Radhakrishnan</keyword>, Director and CEO. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/suvs-drive-mahindra-mahindras-14-auto-sales-growth-in-may-to-61415-vehicles/articleshow/100677459.cms">SUVs drive Mahindra &amp; Mahindra’s 14% auto sales growth in May to 61,415 vehicles</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/sebi-to-auction-17-properties-of-7-business-groups-on-jun-28-to-recover-investors-money/articleshow/100677573.cms">Sebi to auction 17 properties of 7 business groups on Jun 28 to recover investors' money</a>

TVS Motor hikes prices of EV scooter by ₹17,000 - ₹22,000

<ul><li>The sales of electric two-wheelers have taken a massive hit in June 2023.</li><li>This comes amid an increase in prices due to reduction of the subsidy offered under the <keyword id="21028" type="General" weightage="80" keywordseo="fame" source="Orion">FAME</keyword> India phase 2 scheme.</li><li>Top EV makers have reported a decline of up to 70% in sales in June.</li></ul> The Indian government’s decision to revamp the Faster Adoption and Manufacturing of Electric Vehicles (FAME) in India Phase 2 scheme by<a href="https://www.businessinsider.in/business/auto/news/electric-scooters-and-bikes-may-get-costlier-as-government-looks-to-revamp-the-fame-ii-scheme/articleshow/100321089.cms"> reducing</a> the subsidy prompted EV makers like <keyword id="6354720" type="General" weightage="80" keywordseo="ola" source="Orion">Ola</keyword>, TVS and Ather to significantly<a href="https://www.businessinsider.in/business/auto/news/tvs-ather-ola-hike-prices-of-electric-two-wheelers-as-new-subsidy-norms-kick-in/articleshow/100679993.cms"> increase</a> the prices of their electric two-wheelers. The increased prices have impacted the sales of electric two wheelers in the month of June as the revised prices came into effect from June 1. Let’s take a look at how the sales have declined for this segment. <cmsannotation type="cmsannotation" annotationid="June sales decline by up to 70%" comment="subhead" text="June sales decline by up to 70%">June sales decline by up to 70%</cmsannotation> All the major electric two-wheeler makers have reported a decline in sales in the month of June. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">June 2023 </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">May 2023 </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ola Electric </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">17,572 </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">28,629 </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-38.62% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">TVS Motor </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,791 </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">20,397 </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-61.80% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ather Energy </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">4,543 </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">15,407 </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-70.51% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,966 </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">9,965 </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-70.24% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Okinawa Autotech </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,616 </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,907 </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-10.01% </td></tr></tbody></table> Source: Vahan Ola Electric, whose sales have been on a steady increase over the past few months, sold 17,572 scooters in June, down from 28,629 units in May, a decline of 38.62%. The company had increased the prices of its electric scooters by up to ₹15,000 effective June 1. TVS Motor, the maker of the iQube electric scooters, reported sales of 7,791 scooters in June 2023, down from 20,397 in May. The company’s sales declined by 61.80%. The company increased its prices between ₹17,000 to ₹22,000. Up next is <keyword id="2622993" type="General" weightage="80" keywordseo="ather-energy" source="Orion">Ather Energy</keyword>, which is the worst-hit among the top 5 EV two-wheeler makers. The company sold 4,543 scooters in June, down from 15,407 a month earlier, a decline of 70.51%. The company had increased the prices of its electric scooters by up to ₹30,285. Bajaj Auto has also taken a big hit, with a decline of 70.24%. The company’s sales decreased from 9,965 in May to 2,966 in June. The company had raised the price of its scooters by ₹22,000. Okinawa has taken a 10% hit in sales, reporting sales of 2,616 units in June, down from 2,907 units in May. 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No FAME, no gain? India’s electric two-wheeler sales decline after increase in prices

New Delhi: The adoption of <keyword id="20643295" type="General" weightage="100" keywordseo="Electric-two-wheeler" source="keywords">electric two-wheeler</keyword> vehicles in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> is on a gradual rise and it is expected that their share will rise to upwards of 13 per cent by 2026-27, investment banking company <keyword id="19905137" type="General" weightage="20" keywordseo="Jefferies" source="keywords" meta.keywordsubtype="org" meta.entityname="Jefferies" meta.hostid="261" meta.entityid="Jefferies">Jefferies</keyword> asserted in a report. In the financial year that ended in March 2024, the share of electric two-wheelers was at 5 per cent. Share of EVs in two-wheeler sales rose from just 0.4 per cent in 2020-21 to 5.4 per cent by early 2023, led by rising subsidies and new launches. However, Jefferies claimed that a subsequent reduction in incentives has resulted in the share remaining in the 4-7 per cent range for most of the past 24 months, despite the introduction of lower-priced vehicles by manufacturers. "We currently assume share of E2Ws rising from 5 per cent (0.9mn units) in FY24 to 7 per cent/10 per cent/13 per cent (1.4mn/2.3mn/3.4mn units) in FY25E/FY26E/FY27E, although we now see a downside risk to these estimates in the context of the new scheme targeting just 2.5mn E2Ws over two years," Jefferies said in its report released earlier this week. <keyword id="19897349" type="General" weightage="20" keywordseo="Ola-Electric" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric" meta.hostid="261" meta.entityid="Ola Electric">Ola Electric</keyword>, which has recently become a publicly listed company, has emerged as the dominant manufacturer in India's electric two-wheelers market, said Jefferies, noting that its market share rose from 21 per cent in 2022-23 to 35 per cent in 2023-24 and further to 49 per cent in 1Q-2024-25. However, as per the Jefferies report, Ola's market share has subsequently fallen to 31 per cent in August and just 29 per cent in September (month-to-date). Bajaj, TVS and Ather, on the other hand, have gained 5-9 percentage points each since June quarter, it said. This week, the Union Cabinet has approved a scheme for the promotion of electric mobility in the country. The scheme has an outlay of Rs 10,900 crore over two years. The Cabinet's approval for the 'PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme' was based on a proposal from the Ministry of Heavy Industries (MHI). Among others, subsidies or demand incentives worth Rs 3,679 crore would be provided to incentivise e-2Ws, e-3Ws, e-ambulances, e-trucks and other emerging EVs. The scheme will support 24.79 lakh e-2Ws, 3.16 lakh e-3Ws, and 14,028 e-buses, a release said. The Ministry of Heavy Industries is also introducing e-vouchers for EV buyers to avail of demand incentives under the scheme.

Electric two-wheeler adoption in India rising, 13% share expected by 2026-27: Jefferies

<ul><li>A report by Ola Mobility Institute said that shared transportation will be a major contributing factor in the growth of EVs. </li><li>Two-wheelers and three-wheelers have the highest demand in India. </li><li>However, given India’s infrastructural problems from bad roads to lack of charging stations, the EV journey has multiple challenges. </li></ul>On the Indian roads one cannot miss the overwhelming presence of two-wheelers and three-wheelers. So it’s no surprise that they will form a major part of India’s electric vehicles mission. A report on electric mobility published by Ola Mobility Institute said that it’s shared transportation that can only push the growth of EVs. India has been shifting its gears in transportation to embrace Electric Vehicles (EVs). While news about India’s top auto manufacturers introducing electric vehicle manufacturing doesn’t surprise one now, questions still lurk about the country’s acceptance to EVs because of lack of proper infrastructure. “Unlike Western models, India may not easily kick start its electric journey by deploying premium electric cars. Instead, it makes sense to focus on electrifying vehicles with the highest demand and utility in the Indian context: two-wheelers and three-wheelers. The rickshaw is already proliferating in electric variants, suggesting it is both viable and practical. Thus, appropriate prioritisation of vehicle segments for electrification may prove to be critical to the adoption of e-mobility,” stated the report. Ola’s report is based on its pilot project in Nagpur, while its on a mission to bring 1 million EVs on Indian roads by 2022. The government expects that 25% of all vehicles on the roads will be EVs by 2030. And the push has to come with two-wheelers and three-wheelers, which today occupy over 80% of total Indian vehicles and also contribute to 35% of pollution in India, according to a report by NITI Aayog and World Energy Council. The Indian government too has been promoting the use and manufacture of EVs. Under the FAME II scheme, the government is <a href="https://tech.economictimes.indiatimes.com/news/corporate/government-tightens-localisation-norms-for-electric-vehicles/68294648">offering</a> direct subsidies of upto ₹88 billion to consumers who are adopting EVs. However, given India’s infrastructural problems from bad roads to lack of charging stations, the EV journey has a few speed bumps. Another challenge is the high electricity tariff. Ola’s report states, “Although the cost of electricity shrunk significantly post the implementation of special EV tariff in October 2018, the tariff continues to be unfavorable for TCO (Total Cost Opportunity) economics to work.” With drivers too having had little or no exposure to electric vehicles, it is another task when it comes to the adoption of EVs. In fact, Ola’s initial plan of electric mobility in Nagpur also faced trouble when drivers started reportedly returning the vehicles.

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