Electric two wheelers get costlier, sales drop

The sales growth of electric two-wheelers is scaling down following the price hike announced by the some manufacturers in their attempt to reduce the impact the depreciation of domestic unit in the last few weeks.

According to the figures provided by Society of Manufacturers of Electric Vehicles, as many as 5 to 6 companies have announced the 3-4 per cent price hike in their products since October in order to offset the impact of currency fluctuations.

At present, electric two-wheelers are available between Rs 26,000 and Rs 40,000 on the basis of specifications and models.

On the backdrop of Rupee fall, the sales of the electric two-wheelers has dropped after prices of the products were increase since October due to falling rupee.

As per Mr Sohinder Gill, Society of Manufacturers of Electric Vehicles (SMEV) Director, the market is growing at a rate of around 40 per cent, as against 50-60 per cent sales growth being witnessed till October in the current fiscal.

The people were attracted towards eco-friendly electric vehicles on the back of rising prices of the fossil fuels. For the whole financial year, SMEV is looking forward a 50-55 per cent growth as the market may gain momentum.