Electric vehicles in India are set to achieve the goal of sustainable mobility faster than ever before as we are now heralding a future where these vehicles are poised to constitute a significant proportion of new sales, estimated to range between 60 to 70 percent by 2030. This projection comes against the backdrop of an impressive surge in sales, exemplified by November 2023, which witnessed the retail of over 91,000 units. Notably, this marks the highest monthly sales figure after reducing FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) subsidies in June.
Despite the subsidy reduction, the industry has thrived, boasting a remarkable 38% year-on-year increase. The cumulative figures for the first 11 months of 2023 stand at an impressive 783,047 units, signalling a trajectory that could lead the sector to achieve a record-breaking annual sales figure, potentially surpassing 850,000 units by the end of the calendar year 2023.
Saietta Group plc (LON:SED) is a multi-national business which designs, engineers and manufactures complete Light Duty and Heavy Duty electric drive (eDrive) systems for electric vehicles on land from scooters to buses (vehicle categories L, M, N and T) as well as marine applications.