Electric vehicle (EV) sales this financial year (FY24) witnessed a robust increase of over 41 per cent, notwithstanding the subsidy cuts and regulatory shifts.
Total EV registrations in FY24 surpassed 1.6 million, which is significantly higher than last year’s 1.1 million.
All this has pushed the overall EV penetration in the country in FY24 to 6.8 per cent against 5.3 per cent in FY23.
The uptick was despite the government’s decision in June to reduce subsidies under the Faster Adoption and Manufacturing Electric Vehicles (FAME) to a third of the maximum Rs 66,000 subsidy it was offering on electric two-wheelers (e2Ws).
