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July saw a bounce-back in electric two-wheeler (E2W) registrations, after hitting a 12-month low in June due to subsidy reduction, and a revival in demand for electric three-wheelers, which appear to enter an upward growth curve with monthly registrations hitting 50,000 plus.
Total E2W registrations stood at 54,232 units in July compared to 45,988 units in June. The bounce-back comes as a surprise amid uncertainty over the FAME subsidy extension and the subdued outlook projected by industry analysts. With the forthcoming festival season, sentiments are likely to get better and registrations are expected to grow further.
Overall EV registrations (including all segments) for July stood at 1,15,756 units (against 102,353 units in June 2023). So, for the 10th month in a row, EV registrations remained at one lakh plus level.
While industry representatives and analysts projected a subdued phase for e2Ws in the near-term due to the impact of subsidy reduction, companies like TVS Motor presented a bullish outlook stating that interest in buying battery-powered vehicles is on the rise .
“Price is just one component in EVs. Product quality and the package that comes along with the E2W are more important,” according to KN Radhakrishnan, Director & CEO of TVS Motor Company, which is confident of hitting the monthly sales mark of 25,000 units from this month (it sold 10,330 units this July, up from 7,857 units in June).
Ather Energy’s Chief Business Officer, Ravneet Singh Phokela, said its volumes are growing and it is now gearing up for the festival season. Ather’s E2W registrations grew to 6,607 units in July, from 4,597 units in June, according to Vahan data.
“Post the FAME II subsidy revision in June, the EV industry saw a dip. But we are already seeing it bouncing back. With the festival season on the anvil, the volumes are expected to grow faster,” he added.
Electric two-wheeler market leader Ola Electric’s registrations grew to 19,237 units in July compared with 17,623 units in June.
With revival in demand, total E3W registrations stood at 53,737 units in July against 48,028 units in June.
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