EV industry set to end its best sales year in spite of subsidy cuts

This year marked a reduction in subsidies for electric two-wheelers (e2W), a category that constitutes around 55% of the overall EV sales

Electric vehicle (EV) sales this year have witnessed a robust increase of over 45 per cent so far, notwithstanding the subsidy cuts and regulatory shifts. Total EV registration figure in 2023 is just shy of 1.5 million units, significantly higher than last year’s score of a little over 1 million. 

All this has pushed the overall EV penetration in the country beyond 5 per cent – to 6.3 per cent against 4.8 per cent in 2022.

This year was marked by a reduction in subsidies for electric two-wheelers (e2Ws), a category that makes up around 55 per cent of total