Homegrown auto major Mahindra & Mahindra's electric vehicle (EV) sales grew over two-and-a-half times to 10,276 units in 2018-19, riding on the second phase of orders for electric cars from state-owned EESL.
The company, which sells a range of electric vehicles such as sedan e-Verito, van e-Supro, compact car e2o and three-wheeler Treo, had sold 4,026 units in 2017-18, M&M said in an investor presentation.
EESL's phase-II order led to the volume growth, and the deliveries will continue in 2019-20, it said.
M&M said the FAME-II incentives will benefit its EV portfolio and the Treo and e-Supro cargo has already qualified for the benefits under the scheme.
Under the government's Rs 10,000-crore FAME-II to encourage adoption of electric and hybrid vehicles, five lakh e-rickshaws having an ex-factory price of up to Rs 500,000 will get an incentive of Rs 50,000 each.
It also offers an incentive of Rs 150,000 each to 35,000 electric four-wheelers with an ex-factory price of up to Rs 1.5 mn, and an incentive of Rs 13,000 each to 20,000 strong hybrid four-wheelers with an ex-factory price of up to Rs 1.5 mn.
In November last year, the company had launched its first lithium-ion electric three-wheeler range Treo and Treo Yaari to add to its fledgling EV portfolio.
In its investor presentation, M&M said with the "proposed policy change to allow only EV 3W sales from 2025, TREO with best-in-class technology will lead this segment".
It also plans to take Treo pan-India going forward.
The company further said it has signed a memorandum of understanding with TWU (Three Wheels United), a social enterprise providing affordable financing for autorickshaw drivers and Smart E for supplying 1,000 units each of Treo in the coming year.
With an aim to push its EV venture, M&M in November 2018 had opened its electric technology manufacturing hub, set up with an investment of Rs 1 bn in Bengaluru.
With the new facility, its manufacturing capacity for EVs would go up to 25,000 units per annum.