If India’s electric vehicle (EV) industry has been able to surpass annual sales of over 1.5 million units for the first time in a calendar year in 2023, it is thanks to the big volumes provided by the most affordable sub-segment – electric two-wheelers. Of the total 15,26,433 EVs sold across all segments in India in 2023 (up 49% YoY), electric scooters and motorcycles accounted for 857,052 units or 56%, recording strong double-digit growth of 36% (CY2022: 631,462 units).
While the initial cost of an electric two-wheeler remains higher than its petrol-engined sibling, what is making a growing number of consumers make the transition to e-mobility is the EV promise of wallet-friendliness in the long term. Petrol prices (Rs 106.29 on December 31 in Mumbai) have remained more or less unchanged since May 2022 albeit they are likely to see a price cut early in the new year.
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.