Discount Season Hits the Electric Vehicle Market

In an unprecedented move, the electric vehicle (EV) market is witnessing a season of discounts. The combination of stock pile-ups, cheaper components, and the pressure of CAFE norms has led to significant price reductions not only in electric passenger vehicles but also in electric two-wheelers.

According to EV dealers, popular models like the Nexon EV and XUV400 EV are now available with discounts of up to Rs 3 lakh. Similarly, electric two-wheelers are seeing discounts ranging from 10% to 20%, with specific models like the Hero Motocorp Vida V1 Pro and Vida V1 Plus offering cash discounts of Rs 25,000 and Rs 10,000, respectively.

Online Platforms Join the Discount Frenzy

Even online platforms such as Flipkart are not left behind, offering discounts between Rs 2,500 to Rs 5,000 on electric two-wheelers. The Ather Rizta and Ather 450 models are also attracting benefits ranging from Rs 3,000 to Rs 7,000, making it an opportune time for consumers to make their EV purchases.

Industry Insights and Future Projections

Industry experts attribute part of these discounts to residual offers from festival schemes and overproduction during the festive season. Srikumar Krishnamurthy, senior VP & co-group head at Icra, notes that while the pace of EV sales growth is slowing down, volumes are still heading for another record year. The EV segment, which accounted for less than 2% in FY22, is expected to reach around 25% in two-wheelers and 15% in passenger vehicles by 2030.

Auto experts highlight that the push for discounts is also influenced by the Corporate Average Fuel Efficiency norms, making this the best time for consumers to consider purchasing an EV.