The Indian government has extended the Electric Mobility Promotion Scheme (EMPS) subsidies till September 30, according to a research issued on Monday. The study added that last month saw a notable improvement in the market share of electric vehicles (EVs) in the two- and three-wheeler segments.
A BNP Paribas India study indicates that last month’s electric 2W shipments surpassed 1,00,000, while E3W volumes reached a record-breaking 63,000.
In the E2W, Bajaj Auto gained the most market share and Ola lost the most.
In the market for electric passenger vehicles (EPVs), MG saw a decline in market share while BYD saw a rise. Tata Motors’ market share stayed mostly unchanged.
In the electric three-wheeler (E3W) market, Mahindra & Mahindra and Bajaj Auto secured the largest market shares.
“The Uttar Pradesh government waived-off the registration tax on hybrids as the Central government has also increased the allocation for the Auto-PLI and Advanced Chemistry Cell (ACC) schemes in the FY25 Budget,”said Kumar Rakesh, analyst, IT and auto.
The Center revealed this week that EV registrations increased by 42.06 percent in FY24 compared to FY23. This is a noteworthy rise.
The production-linked incentive (PLI) scheme for the Indian automotive and auto component industries (PLI-Auto) was authorized in 2021 with a budgetary commitment of Rs 25,938 crore.
According to the scheme’s approved applicants, there will be an additional Rs 3,370 crore in sales and Rs 17,896 crore in investment up until March 31, 2024.
In India, sales of electric vehicles are expected to surpass 1.5 lakh units during the current fiscal year, according to reports.
In the nation, the use of electric two-wheelers is also rapidly increasing. As per the most recent research by JMK Research and Analytics, the sales of e-2W units skyrocketed to 17,52,406 in FY24.
The EMPS program would now cost Rs 778 crore and operate till September 30. Its goal is to support the nation’s EV manufacturing ecosystem’s expansion.
