‘Electrifying and eventful’: Powered by a busy 2023, EV players on a high
The year 2023 could be termed as electrifying and eventful for the Indian electric vehicle (EV) industry.
While the industry saw good volume growth, it also saw several government actions, mainly in the two wheeler segment that showed the darker side of the industry, said industry officials.
“Despite unfavourable government actions such as unexpected FAME (Faster Adoption and Manufacturing of Electric Vehicles II (FAME II) subsidy reduction/exhaust of state subsidies/penalties for FAME non-compliance for e2W and lack of payment security mechanism for eBus, EV industry continue to see higher penetration of about 100 basis points (bps) in 2W, 3W and passenger vehicles (PV), though slower-than-expected at start of year,” Mumuksh Mandlesha, Research Analyst, Anand Rathi Institutional Equities told IANS.
