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The demand for vehicles powered by traditional fuels is shifting towards alternative fuels, with petrol vehicle sales declining from 86% in 2020 to 76% in 2023. Alternative fuel-driven vehicles saw a 400% growth in CY 2023 compared to CY 2020. EVs offer the lowest lifetime cost, followed by CNG. India aims for 30% of vehicle sales to be electric by 2030.
Electric Vehicles: The demand for vehicles powered by traditional fuels is shifting towards alternative fuels, with petrol vehicle sales declining from 86% in 2020 to 76% in 2023. Alternative fuel-driven vehicles saw a 400% growth in CY 2023 compared to CY 2020. EVs offer the lowest lifetime cost, followed by CNG. India aims for 30% of vehicle sales to be electric by 2030.
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
The firms say their vehicles are now compliant with the phased manufacturing norms and the government should allow them subsidies. They are hoping for a ’reasonably negotiated arbitration’.
Dheeraj Hinduja has steered commercial vehicles major Ashok Leyland out of the red lane and into the black, growing at a faster pace than the industry. The growth is likely to sustain, even as the company aims to plug gaps in its portfolio and prepare for a multi-fuel future