India will navigate EVs in 2024 by: – Increasing EV demand through incentives – Addressing range anxiety and charging infrastructure concerns – Developing indigenous EV manufacturing capabilities

In 2023, India’s electric vehicle sales grew by 47% to 1.5 million, with two-wheelers accounting for more than 47% of sales. However, the annual growth in EV sales in 2023 is not as high as in the previous two years, which were over 209% in 2022 and 166% in 2021.
One of the reasons for the dip in the sales of EVs is the cut in subsidies given to two-wheeler customers through the incentive scheme called Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles, commonly called FAME-II.
In addition to FAME-II, the Indian government has offered a $3.11 billion production-linked incentive scheme to attract investments and push domestic manufacturing of automobile and auto components in the country.
Investors are bullish on the growth of commercial use cases in the Indian electric vehicle market.
While India is still a nascent market for EVs, global EV companies including Tesla and VinFast are also looking to enter the Indian market in the coming months to leverage the size of the world’s most populous nation.

Link to the original story: https://techcrunch.com/2023/12/29/india-ev-market-2024/