October 2023 and November 2023 are set to be record months for India EV Inc as well as India Auto Inc. With the 42-day festive period beginning from October 15 and continuing through to 15 days after Dhanteras, the ICE and EV segments are benefitting hugely from the increased consumer spend on new vehicle purchases. As per retail sales data on the government of India’s Vahan website at 5am on November 1, a total of 71,604 electric two-wheelers were sold in October 2023.
This makes October 2023 the month with the third highest sales after May 2023 (105,521 units) and March 2023 (86,339 units). While March numbers reflect the typical fiscal-year end high, the record retails in May were a result of buyers rushing to buy e-two-wheelers before the slashed-by-25% FAME subsidy kicked in from June 1, 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.