Massive Surge in EV Sales: FAME India Phase II Impact Revealed

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Over 8.4 lakh electric vehicles sold, with a whopping ₹4,157 Cr turnover as of July 2023.

In an electrifying update, India’s Ministry of Heavy Industries (MHI) disclosed that as of 28th July 2023, a staggering 8.47 lakh electric vehicles (EVs) have found consumers under the FAME India Phase II Scheme. Started in April 2019 with a bounteous Rs. 10,000 crore budget, this initiative illuminates the country’s ambitious stride towards green transit and charging infrastructure.

This second phase of the FAME India Scheme primarily zeroes in on electrifying public and shared transportation. Here’s a quick glance at their targeted electrification areas:

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  • eBuses: 7,090
  • e-3 Wheelers: 5 lakh
  • e-4 Wheelers (Passenger Cars): 55,000
  • e-2 Wheelers: 10 lakh

Support doesn’t end with vehicles. The scheme also champions the creation of EV charging infrastructure, which is vital for the sustained growth of the EV ecosystem.

The sales breakdown of electric vehicles category-wise:

The MHI has approved 6,315 electric buses across 65 urban entities, ensuring city-dwellers enjoy clean, efficient transit.

FAME II’s approach is customer-centric. Instead of direct incentives to manufacturers, consumers enjoy reduced upfront costs for hybrid and electric vehicles. This price difference then gets reimbursed to the Original Equipment Manufacturers (OEMs) by the Government, ensuring that the end-user adoption rate climbs.

The holistic approach of the FAME II scheme ensures that the entire ecosystem, from manufacturers to end-users, benefits,” stated the Minister of State for Heavy Industries, Krishan Pal Gurjar.

While the sales figures are impressive, the real metric is the number of EVs on the road. An e-Vahan portal reveals that a total of 27,44,019 electric vehicles are registered across various states.

With the EV trend showing no sign of slowing down, opportunities abound for electronics designers and manufacturers to innovate, expand, and capitalise on the growing demand for EV components, batteries, and intelligent infrastructure.

Note: Data from states like Telangana and Lakshadweep are unavailable due to database constraints.


 

This article is assisted by ChatGPT

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