Electric vehicles show sign of growth, sales up 37.5% in FY16

By: | Published: April 5, 2016 1:29 AM

The electric vehicle (EV) sales have shown an encouraging growth for the fiscal year 2015-16. The total EV sales for the fiscal 2015-16 stood at 22,000 units (20,000 two wheelers and 2,000 four-wheelers) as compared to 16,000 EVs sold during 2014-15, reflecting a 37.5% growth over the last fiscal year.

The electric vehicle (EV) sales have shown an encouraging growth for the fiscal year 2015-16. The total EV sales for the fiscal 2015-16 stood at 22,000 units (20,000 two wheelers and 2,000 four-wheelers) as compared to 16,000 EVs sold during 2014-15, reflecting a 37.5% growth over the last fiscal year.

The Society of Manufacturers of Electric Vehicles (SMEV), while releasing the new figures, has expressed happiness at the encouraging trend but has pointed out that the ambitious target of having 5-6 million electric vehicles by 2020 on Indian roads as visualised by the National Electric Mobility Mission Plan (NEMMP) 2020 as well as FAME (Faster Adoption and Manufacturing of Electric Vehicles) would be tough to achieve unless ground level infrastructural deficiencies were removed and credit facilities eased for buying green vehicles.

“We are quite delighted at the growing number, which reflects increased awareness among commuters and the fact that people are seeing a good value proposition in Evs,” said Sohinder Gill, director (corporate affairs), SMEV.

Gill, however, has drawn attention to the fact that base number of EVs in India remained low and governments (both states and central) at every level will need to do more to achieve the ambitious but desirable target of having 5-6 million EVs on Indian roads by 2020.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition