EV industry hopeful of prospects despite coronavirus pandemic

Even as the coronavirus pandemic rages across India, leading to lockdowns and closure of businesses, sales of electric vehicles (EVs) will not see a degrowth this financial year owing to the low base of last year, low penetration, the expected growth in consumer confidence, as well as falling prices. This is while the internal combustion engine (ICE) vehicles are bracing themselves for the steepest decline in sales in recent times.

EVs registered a 20 per cent year-on-year increase in sales in FY20 (e-rickshaws excluded), with the surge driven largely by two-wheelers, according to the Society of Manufacturers of Electric Vehicles (SMEV). Meanwhile, in ICE vehicles, the overall volumes of the industry fell by 18 per cent year-on-year in FY20.