Electric scooters: In the coming three years, electric scooters can be expensive by up to 45 thousand rupees. Crisil said in a report that due to the increasing trend towards electric scooters, their price may increase by up to Rs 45,000 by FY 2025, which can be compensated by Production Linked Incentive (PLI) for Electric Vehicles.
Being affordable, availability of multiple models and easy at-home charging options will continue to drive mass adoption of EVs.
Turnover of e-two wheeler companies increased rapidly
This sentiment is also reflected in the sharp increase in the turnover of the e-two wheeler companies. WardWizard, an e-two wheeler maker named Joy e-bike, sold 4,450 units of the vehicle in February 2022 as compared to February 2021 on the back of increase in demand in the country. 1,290 per cent higher.
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In the current financial year (April-February, FY 2022), the company has crossed the sales mark of 25,000 units. Another company Hero Electric has developed and launched the first lithium-ion-based e-scooters in India. The company has so far sold 4.5 lakh electric two-wheelers.
Sales up 132% in 2021
Compared to the year 2020, there has been a growth of more than 132% in the total sales of electric two wheelers including high-speed and low-speed in 2021.
However, the CRISIL report suggests that the increase in EV sales has been made possible mainly by the FAME scheme under the National Electric Mobility Mission plan and subsidies provided by various states. According to the report, these incentives make up the difference between the purchase cost of a conventional internal combustion engine (ICE) vehicle and an EV.
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85 percent incentive under FAME
This incentive has gone up to 85 per cent under the second phase of FAME as compared to the total 60-65 per cent under the first phase of FAME. According to a Crisil analysis, the subsidy on EV sales in the last few financial years has grown sharply (over 20 per cent year-on-year in most segments) compared to the low base of FY17 and despite the pandemic. Due to the FAME incentive, the total cost of acquisition (TCA) of electric scooters will be Rs 7,500-9,500 less as compared to ICE variants in FY 2022 and FY 2023. Given this, sales are expected to pick up in the next few years, leading to a significant increase in FAME II subsidy in FY2023.
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