EV sales dip in April after spike in March numbers
Notable because
In April, electric vehicle (EV) sales halved compared to the record-breaking figures of March's record-breaking figures, driven by pre-buying ahead of the FAME II subsidy end on 31 March 2024. Sales in April saw only a ~1 % year-on-year increase, totaling 112,946 units across EV segments. The dip in numbers could be attributed to reduced subsidies for E-2W under the new Electric Mobility Promotion Scheme (EMPS) 2024, causing prices to increase.
What to look out for in the months ahead
The New EMPS 2024 Will Be Implemented For Four Months, From 1 April 2024 To 31 July 2024. However, It Does Not Offer Incentives For E4W And E-Buses. Once The EMPS Expires, Will There Be A New One To Replace It? If Yes, Which Vehicle Categories Will Be Covered Under The New Scheme? Further, Will It Also Include Categories That Have Not Benefited From FAME Subsidies, Such As Heavy-Duty Vehicles?