AnyTV Bureau, New Delhi.
Published by: Yogesh Sahu
Updated Fri, 04 Mar 2022 05:36 AM IST
Summary
Due to the increasing attraction of people towards e-vehicles, the earnings of electric two wheeler companies have increased rapidly. WardWizard, which makes e-two wheelers called Joy e-bikes, has sold 4,450 e-bikes in February 2022. This is an increase of 1,290 per cent as compared to February 2021.
After the rise in inflation and crude oil, now the prices of electric scooters can also increase by up to Rs 45,000 in the next three years. Crisil said in a report that the demand for e-vehicles is increasing due to the increasing awareness among people to save the environment. Most of the e-scooters are seeing a boom in demand.
According to the report, due to the increasing attraction of people towards e-scooters, their prices may see an increase of up to Rs 45,000 by 2025. This can be compensated by the Production Based Incentive (PLI) scheme for e-vehicles. The growing adoption of e-vehicles will continue due to cost-effectiveness, availability of multiple models and easy at-home charging options.
85% subsidy under FAME-2
Crisil said in the report that the increase in EV sales has been made possible mainly by the FAME scheme under the National Electric Mobility Mission Plan and subsidies from various states. These subsidies cover the difference between the purchase cost of a conventional internal combustion engine (ICE) vehicle and an EV. This subsidy has gone up to 85 per cent under the second phase of FAME as against the total 60-65 per cent under the first phase of FAME.
steady increase in sales
Due to the increasing attraction of people towards e-vehicles, the earnings of electric two wheeler companies have increased rapidly. WardWizard, which makes e-two wheelers called Joy e-bikes, has sold 4,450 e-bikes in February 2022. This is an increase of 1,290 per cent as compared to February 2021. In the current financial year (April-February 2022), the company crossed the sales mark of 25,000 units.
- Hero Electric has developed the first Lithium Ion based e-scooter in India. The company has sold 4.5 lakh electric two wheelers so far. Overall sales of electric two-wheelers, including high speed and low speed, have increased by more than 132 percent in 2021 as compared to 2020.
cost will come down
- Subsidies on EV sales in the past few years have grown faster than the low base effect of FY17 and despite the pandemic.
- The subsidy under FAME will reduce the total acquisition cost of e-scooters by Rs 7,500-9,500 in 2021-22 and 2022-23 as compared to ICE variants. In view of this, sales are expected to increase in a few years.
Expansion
After the rise in inflation and crude oil, now the prices of electric scooters can also increase by up to Rs 45,000 in the next three years. Crisil said in a report that the demand for e-vehicles is increasing due to the increasing awareness among people to save the environment. Most of the e-scooters are seeing a boom in demand.
According to the report, due to the increasing attraction of people towards e-scooters, their prices may see an increase of up to Rs 45,000 by 2025. This can be compensated by the Production Based Incentive (PLI) scheme for e-vehicles. The growing adoption of e-vehicles will continue due to cost-effectiveness, availability of multiple models and easy at-home charging options.
85% subsidy under FAME-2
Crisil said in the report that the increase in EV sales has been made possible mainly by the FAME scheme under the National Electric Mobility Mission Plan and subsidies from various states. These subsidies cover the difference between the purchase cost of a conventional internal combustion engine (ICE) vehicle and an EV. This subsidy has gone up to 85 per cent under the second phase of FAME as against the total 60-65 per cent under the first phase of FAME.
steady increase in sales
Due to the increasing attraction of people towards e-vehicles, the earnings of electric two wheeler companies have increased rapidly. WardWizard, which makes e-two wheelers called Joy e-bikes, has sold 4,450 e-bikes in February 2022. This is an increase of 1,290 per cent as compared to February 2021. In the current financial year (April-February 2022), the company crossed the sales mark of 25,000 units.
- Hero Electric has developed the first Lithium Ion based e-scooter in India. The company has sold 4.5 lakh electric two wheelers so far. Overall sales of electric two-wheelers, including high speed and low speed, have increased by more than 132 percent in 2021 as compared to 2020.
cost will come down
- Subsidies on EV sales in the past few years have grown faster than the low base effect of FY17 and despite the pandemic.
- The subsidy under FAME will reduce the total acquisition cost of e-scooters by Rs 7,500-9,500 in 2021-22 and 2022-23 as compared to ICE variants. In view of this, sales are expected to increase in a few years.