India’s full electric vehicle (EV) sales rose on the month and on the year to a five-month high in October, owing to the festive season, and as the market shook off the impact of a subsidy cut.
Indian EV makers sold 139,421 units in October, up by 8.7pc from September and by 19pc from October 2022, data from the government’s Vahan website show. October sales were also the highest since the revised 158,419 units sold in May, when the announcement of subsidy cuts from 1 June had led to a surge in purchases.
The Indian government has reduced the demand incentive provided under the Faster Adoption and Manufacturing of Electric Vehicles-II (Fame-2) scheme to 10,000 rupees/kWh ($120/kWh) from 1 June, down from Rs15,000/kWh earlier. It also cut the cap on incentives for electric two-wheelers to 15pc of the ex-factory price, down from 40pc previously.
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.