Electric two-wheeler sales likely to miss NITI Aayog target for FY24

Dealers feel a major reason for the dip is the reduction of FAME subsidy by the government

Electric two-wheeler (E2W) sales in financial year 2023-24 (FY24) are likely to miss the NITI Aayog target of 2.3 million by a significant margin, as the industry has so far clocked around 800,000 units.

Industry insiders point out that there are several reasons behind this relatively slower growth rate — like smaller start-ups grappling with making a mark in the market. Major players have struggled with FAME subsidy funds and heavy discounts led to temporary boosts, but at the same time eroded the value of products and brands.

Till February, the number of electric vehicle (EV) two wheelers sold in