Margin gains and volume share within the overall product portfolio of EVs are still small. And the EV production lines of the ICE OEMs continue to run from the profits they make by selling petrol scooters and motorcycles. This was despite subsidies which have been available under the governments FAME (Faster Adoption and Manufacturing of Electric Vehicles) scheme, the second edition of which ends in March this year.
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Bajaj Chetak Sales: Bajaj Auto has been pulling out all the stops in its quest for better market share for its iconic electric scooter. And the plan seems to be working. The Bajaj Chetak had notched up bookings of over 11,000 units between January one and 24, giving wings to the company’s target of selling 15000 units a month soon.
The industry expects an extension of FAME II subsidy, which is due to expire on March 31. The subsidy incentivises domestic manufacturing of EVs and provided relief to a total of over 12.16 lakh electric vehicles with an expenditure of Rs 5,422 crore as of December 2023