Electric Vehicle Sales Triple in the First Half of FY22

News Date 13 Oct 2021

Electric Vehicle Sales Triple in the First Half of FY22

Electric vehicles are going to be more demanding day by day. On the one hand, the state governments give various discounts, including subsidies to buy electric vehicles. On the other hand, the manufacturers of electric vehicles are also doing business with the best quality batteries and other concessions. Not only this, but the infrastructure of charging electric vehicles is also progressing very fast. This is the reason why sales of electric vehicles are almost 3X in the first half of the financial year 2021-22. 

For your information, let us tell you that the sale of electric vehicles has not increased suddenly. On the contrary, there are many reasons behind this which are continuously improving the sales of these vehicles. According to experts, the boom in the sales of e-vehicles is the increasing demand from the customers and its timely supply. In the place of diesel, electric vehicles can be a great alternative to minimise the pollution label.

You know that the trend of electric vehicles started only a few years ago, but as the Chinese proverb says, even a thousand miles journey begins with a small step. This proverb probably dates back to the sixth century, but it seems to be true in many places even today. India's electric industry seems to have taken a significant step this year.

It should be noted here that statistically, the electric industry base is almost negligible, but if the sales dataset is scaled under the electronic microscope. But it is expanding, perhaps indicating some significant change. It may be noted here that gasoline-powered engines replaced horse-drawn carriages at the turn of the 20th century in affluent areas in Europe and on the East Coast in North America. Apart from this, despite the constant shortage of chips in front of automobile companies, their sales have also suppressed the increased price of cars.

Let us tell you here that Tata Motors, Hero Electric and Kinetic Company have shown more enthusiasm for the increasing sales of electric vehicles in India. New EV launches and the necessary impetus for electric two-wheelers and three-wheelers are being provided under Tata Motors' leadership. As of September 2021, sales of electric two-wheelers were 58,264 units and three-wheelers at 59,808 units as per data compiled by the Center for Energy Finance at the Center for Energy Finance Council on Energy, Environment and Water.

Similarly, Naveen Munjal, MD, Hero Electric, says incentives and various initiatives have helped grow as we see hockey stick-like growth moving forward. Further, Suljya ​​Motwani, CEO, Kinetic Green Energy & Power Solutions, said that with better awareness and acceptance for EVs, the non-commercial segment also has more attraction than rural markets.

On the ever-increasing sales of electric vehicles, Rishabh Jain, Program Lead, CEEW-Centre for Energy Finance, has said that the financial incentives provided by the Central and State Governments are attracting buyers of new EV vehicles while rising fuel costs. Increasing operating expenses for ICE vehicle owners. Mahua Acharya, MD, state-owned Convergence Energy Solutions Services, has said that we need to work hard to ensure infrastructure, supplies and funding. FAME II is proving to be very helpful in terms of funding. Certainly, now the demand for electric vehicles is increasing day by day. The future of electric vehicles looks golden.

 

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