EV sales in India surpassed the 1 million mark in FY2023 The year FY2023 has seen an overwhelming response for EV sales in India. EV sales in the country surpassed the 1 million mark in a year for the first time. While total EV sales were just above 4.5 lakh units in FY2022, the same reached the mark of over 12.4 lakh units in FY2023*, registering a growth of 172% over the previous year. Source: Vahan Dashboard, Telangana data, JMK…
Under FAME II, 70% funds remaining to be utilized The Government of India (GoI) approved the scheme titled ‘Faster Adoption and Manufacturing of Electric (& Hybrid) Vehicles in India’ (FAME India) in March 2015 for a period of 2 years. On 8th March 2019, the Ministry of Heavy Industries (MHI) notified Phase-II of the Scheme for a period of 5 years, commencing from 1st April 2019, with an outlay of INR 10,000 crore. The FAME II subsidy is a crucial…
5 industrial corridors being promoted as EV, battery manufacturing hubs in Rajasthan In January 2023, the government of Rajasthan affirmed its commitment to developing five industrial corridors focused on the Electric Vehicle (EV) and battery manufacturing sectors, as part of its state EV policy. This initiative includes various incentives to promote the use of EVs, with the government aiming to create an environment conducive to the manufacturing of EVs and batteries. The Rajasthan electric vehicle subsidy is a key component…
India witnessed a spectacular EV show in 2022 with 212% y-o-y growth The year 2022 has been a fantastic year for electric vehicle industry in India. The annual EV sales crossed the 1-million mark for the first time in 2022, amounting to 10,75,859 units. This implies a 212% growth y-o-y from 3,45,067-unit sales in 2021. This stupendous growth was led by states like Uttar Pradesh (15.2%), Maharashtra (12.7%), and Karnataka (8.8%), which were the top 3 states with maximum EV…