The adoption of electric two-wheelers is also surging in the country. The e-2W sales soared to 17,52,406 units in FY24.
This growth was led by two-wheelers and three-wheelers, which contributed 94% to the total sales, according to a latest report by JMK Research and Analytics.
The Electric Mobility Promotion Scheme 2024 (EMPS 2024), launched by the Ministry of Heavy Industries on March 13 this year, aims to boost the adoption of EVs across the country.
Originally set to run from April 1 to July 31 with a total outlay of INR 500 crore, the scheme has now been extended by two more months.
Now, the EMPS scheme will run till September 30, with a new outlay of INR 778 crore.
The scheme aims to foster the growth of the EV manufacturing ecosystem in the country.
According to the Ministry, the scheme will be applicable mainly to those e-2W and e-3Ws registered for commercial purposes.
Further, in addition to commercial use, privately or corporate-owned registered e-2W will also be eligible under the scheme, according to the Ministry.
The scheme now targets to support 560,789 electric vehicles (EVs), comprising 500,080 electric two-wheelers (e-2Ws) and 60,709 electric three-wheelers (e-3Ws).
The Scheme promotes an efficient, competitive and resilient EV manufacturing industry in the country thereby promoting Prime Minister Narendra Modi's vision of 'Aatmanirbhar Bharat.'
The aim is to attract investment from global EV manufacturers and promote India as a manufacturing destination for e-vehicles.
According to a latest CareEdge Ratings report, the electric car penetration is consistently increasing in the country, driven by the government's efforts towards a more sustainable, environmentally friendly, and efficient transportation sector.
The shift to electric mobility extends beyond cars and trucks and e-rickshaws and e-karts are also gaining popularity across the country.
Electric bus sales soared to 3,708 units in FY2024 with a growth of 85% on a YoY basis.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
