Electric two-wheeler companies pencil in slow sales growth for FY24

For FY23, SMEV's projection was close to that of the government as it expected sales to be over 1 million

Electric two-wheeler companies are projecting they would sell around 1.5 million vehicles in FY24, much lower than Niti Aayog’s ambitious target of 2.3 million. This could push back the government’s ambitious plan to reach 80 per cent penetration of electric
two-wheelers by 2030.

The Society of Manufacturers of Electric Vehicles (SMEV), the association of leading electric two-wheeler companies, said that it had been impelled to go for a much more moderate projection as the industry’s performance in FY23 was expected to be far below Niti Ayog’s target of 1.2 million.  

For FY23, SMEV’s projection was close to