Electric two-wheeler sales fall 60 percent to 42,124 units in June due to price hike

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AHMEDABAD: Sales of electric two-wheelers crossed the 1 lakh mark for the first time in May 2023 due to last month's crackdown on availing the maximum subsidy scheme, but vehicle sales fell by nearly 60 per cent to just 42,124 units in June.

According to the data available on the vehicle portal, a total of 1,05,348 units were sold in May. A total of 4,31,325 vehicles were sold in the first six months of this year, while only 42,124 electric vehicles were sold in the month ended June 30. This figure is up to 1.45 pm on June 30.

According to Icra data, 66,000 electric two-wheelers were sold in April, while it increased to 1,05,000 units in May. On May 21, the ministry announced a reduction in incentives, which led to a decline in sales. No company has yet reacted to such a steep drop in sales of electric two-wheelers, but market analysts say the reason for the decline is the steep rise in prices of e-scooters.

The government has reduced the subsidy under the FAM-II program and due to this the sales of electric two-wheelers have been hit due to the increase in prices.

The Ministry of Heavy Industries had decided to reduce the subsidy for electric two-wheelers in the last week of May. The maximum incentive on two-wheelers has been reduced from 40 per cent to 15 per cent with effect from June 1, 2023. Apart from this, it was also decided that the incentive per kilowatt will be reduced from Rs 15,000 to Rs 10,000.


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