March 2, 2024

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After a 5-year growth run, electric vehicle sales decline 20{0764260a27b4b31ca71a8adf79c3ae299a61e6f062052eee3f0df84ce9b30ade} in FY2021, Auto News, ET Auto

SMEV, however, credits the booming e-commerce industry that has shown a sharp growth of over 200{0764260a27b4b31ca71a8adf79c3ae299a61e6f062052eee3f0df84ce9b30ade} YoY in the adoption of EVs in logistics. It is also hopeful that several state governments would contribute to the implementation of EV policies while creating a larger ecosystem involving the charging infrastructure.
SMEV, however, credits the booming e-commerce market that has proven a sharp growth of around two hundred{0764260a27b4b31ca71a8adf79c3ae299a61e6f062052eee3f0df84ce9b30ade} YoY in the adoption of EVs in logistics. It is also hopeful that a number of point out governments would contribute to the implementation of EV insurance policies whilst creating a larger ecosystem involving the charging infrastructure.

By Amit Panday

New Delhi: Electric powered auto product sales throughout two, 3 and four-wheelers declined 20{0764260a27b4b31ca71a8adf79c3ae299a61e6f062052eee3f0df84ce9b30ade} year-on-year to 2,36,802 units in fiscal 2020-21, the Modern society of Brands of Electric powered Auto (SMEV) mentioned in an formal take note on Thursday. A complete of 2,95,683 electric motor vehicles ended up sold in 2019-2020, it mentioned.

The dip in product sales final fiscal has occur after a growth operate around the final 5 a long time, predominantly driven by the demand for electric scooters. In accordance to SMEV, complete EV product sales ended up at one.29 lakh units in FY19 56,000 units in FY18 twenty five,000 units in FY17 and 22,000 units in FY16 (all which include electric two and four wheeler product sales).

Declining six{0764260a27b4b31ca71a8adf79c3ae299a61e6f062052eee3f0df84ce9b30ade} YoY in FY21, the electric two-wheeler section recorded complete product sales of one,forty three,837 units, which include forty,836 substantial-velocity and one,03,000 low-velocity motor vehicles, as towards one,52,000 units sold in FY20.

The electric 3-wheeler section noticed volumes drop 37{0764260a27b4b31ca71a8adf79c3ae299a61e6f062052eee3f0df84ce9b30ade} YoY to 88,378 units final fiscal from one,forty,683 units in FY20. This information, however, does not consist of electric 3-wheelers sold but are not registered with the transportation authorities during the final fiscal, SMEV mentioned.

A large amount far more demands to be done to realize the concentrate on underneath the FAME II scheme. Well timed intervention by the government in the form of plan transform is required to gasoline the growth and realize the concentrate on by the end of FY21-22Sohinder Gill, Director-Typical, SMEV

In the meantime, with complete product sales of 4,588 units in the electric four-wheeler classification, it recorded a YoY growth of fifty three{0764260a27b4b31ca71a8adf79c3ae299a61e6f062052eee3f0df84ce9b30ade} on a low foundation of three,000 units sold in FY20. The YoY growth in electric vehicles can be attributed to the healthier quantities recorded by Tata Motors’ Nexon EV. The business, previously this thirty day period, mentioned that it has sold far more than 4,000 units of its Nexon EV due to the fact the model’s start in January 2020. In March 2021 by itself, the business sold 705 units of the Nexon EV, highest for any thirty day period due to the fact its start.“A large amount far more demands to be done to realize the concentrate on underneath the FAME II scheme. Well timed intervention by the government in the form of plan transform is required to gasoline the growth and realize the concentrate on by the end of FY22,” Sohinder Gill, director basic, SMEV, mentioned.

SMEV, however, remains concerned about the limited funding amenities for EVs.

“A strong bank finance mechanism is nevertheless missing in the state. Only a couple financial institutions like SBI and Axis Lender, to identify a couple, are supplying financial loans on chosen EV types,” the lobby mentioned.

SMEV, however, credits the booming e-commerce market that has proven a sharp growth of around two hundred{0764260a27b4b31ca71a8adf79c3ae299a61e6f062052eee3f0df84ce9b30ade} YoY in the adoption of EVs in logistics.

“Corporates in India are proactively transitioning toward EVs. For occasion, Amazon India and Flipkart have declared that they will deploy EVs in their fleet of shipping motor vehicles. The long run of (EV adoption) in B2B is constructive and we will see a large amount of traction coming from this section for the subsequent 2-three a long time,” it mentioned.

SMEV is also hopeful that a number of point out governments would contribute in the implementation of EV insurance policies whilst creating a larger ecosystem involving the charging infrastructure.