financetom
News
financetom
/
News
/
Electric vehicle sales up 20% in FY20; post-COVID may hasten switch to E-mobility
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Electric vehicle sales up 20% in FY20; post-COVID may hasten switch to E-mobility
Apr 20, 2020 4:28 AM

The electric vehicle industry sold 156,000 electric vehicles in 2019-20 (FY20), an increase of 20 per cent over the previous year, according to data released by theSociety of Manufacturers of Electric Vehicles (SMEV).

Of the EVs sold, 152,000 were two-wheelers, mostly scooters , 3400 were cars and 600, buses, the release said. Sale of electric cars were down 5.5 percent and sales of electric buses were unchanged year-on-year.

"This growth of 20 percent has largely come from two-wheelers," the SMEV release said, adding that the figure did not include E-Rickshaws which is still largely with the unorganized sector with a reported sale of around 90,000 units in 2019-20.

Of the electric two wheelers sold in FY 19-20, 97 percent were scooters and a very small volume of motorcycles and electric cycles accounted for the remaining 3 percent.

"Low-speed scooters that go at a max speed of 25km/hr and do not need registration with the transport authorities constituted a whopping 90 percent of all the electric two wheelers sold," the SMEV release said.

Sohinder Gill, Director General, SMEV said electric two-wheelers could rise post-COVID as many would want to switch over from crowded mass transport to sensibly priced electric two-wheelers with almost the same cost of commuting, as of public transport.

In the electric four-wheeler segment, 3400 units were sold compared to 3600 units in the previous fiscal year, the SMEV release said.

"The decrease in numbers is attributed mainly due to lack of bulk purchase of E-cars in FY 19-20 and discontinuation of one of the leading car models. The acceptability of electric cars in the premium segment in the second half of the year was a positive signal of a quantum jump of a much higher volume of E-cars in FY 20-21," SMEV said.

The E-Taxi segment is also beginning to get some traction, though the range of E-cars and lack of charging spots in enough density are a deterrent in the growth of E-taxi segment, SMEV said.

The automobile association said that big commitments by the state governments for electric buses did not translate into sales.

Gill said despite the COVID-19 problems, the current year will be a "defining year" for all the EV segments.

According to Gill, the EV electric vehicle industry too will face a tough time because of the disruption caused by the pandemic. At the same time, the clearer skies and the cleaner air in even the worst polluting cities is certainly leaving a permanent impression in the minds of the customers about how they can breathe easy and remain healthy if the society moves towards electric mobility, he said.

A recent Harvard research had pointed out how a pollution level of particulate matter 2.5 pollution could multiply the risk of COVID deaths.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Japanese Yen Slips A Little, But BoJ Policy Hopes Still Lend Support
Japanese Yen Slips A Little, But BoJ Policy Hopes Still Lend Support
Mar 14, 2024
Japanese Yen (USD/JPY) Price and Charts USD/JPY ticks up againHowever it remains close to two months lowsNext week’s BoJ policy meet could provide some unusual excitementLearn how to trade USD/JPY with our free guide Recommended by David Cottle How to Trade USD/JPY The Japanese Yen drifted lower against the United States Dollar on Thursday but remains close to two-month highs...
Gold Price Coils Further, Silver Hits a Multi
Gold Price Coils Further, Silver Hits a Multi
Mar 14, 2024
Gold Price Coils Further, Silver Hits a Multi-Week High Gold is seemingly putting together a bullish pennant on the daily chart, while silver looks to push further ahead after Wednesday’s break of resistance. Gold (XAU/USD) Price Analysis and Chart Gold trading on either side of $2,165/oz. but a break may be near.Silver prints a fresh three-month high.Most Read: Euro Slides...
EUR/USD Stumbles as ECB Official Calls for Two Rate Cuts Before the Summer
EUR/USD Stumbles as ECB Official Calls for Two Rate Cuts Before the Summer
Mar 14, 2024
EUR/USD News and Analysis ECB member favours multiple rate cuts ahead of the summerEUR/USD flirts with familiar zone of resistanceMore ECB speakers scheduled today as event risk quietens downThe analysis in this article makes use of chart patterns and key support and resistance levels. For more information visit our comprehensive education library Recommended by Richard Snow How to Trade EUR/USD...
Asian Indices Hold Support on Dovish Fed Remarks: Hang Seng, Kospi, Topix Setups
Asian Indices Hold Support on Dovish Fed Remarks: Hang Seng, Kospi, Topix Setups
Mar 13, 2024
HANG SENG, KOSPI, TOPIX – Price Action:The Hang Seng Index, Kospi, and Topix have rebounded from key support despite the latest escalation in geopolitical tensions.Hang Seng has some tough hurdles to clear before the weak outlook changes.What is the outlook and the key levels to watch in select Asian indices?- Elevate your trading skills and gain a competitive edge. Get...
Copyright 2023-2026 - www.financetom.com All Rights Reserved