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E2W sales fall flat in November, dragged down by Okinawa

In the current financial year, the E2W industry has clocked a volume of around 4.3 lakh units till November, and with four months left, total sales may fall 20 percent short of the 1 million units projected by both NITI Aayog and SMEV.

December 02, 2022 / 01:45 PM IST
Pic used for representation purpose

Pic used for representation purpose

After clocking sales of 76,952 units in October, electric two-wheeler (E2W) volumes remained nearly flat in November with sales of 76,162 units, as per the VAHAN portal.

The sector’s underperformance has been led by Okinawa Autotech. The firm was reportedly under the government’s scanner for failing to comply with FAME-II regulations, which saw the government halting the subsidies to Okinawa. This compelled the company to hike prices of its scooters by 30-50 percent, thus hitting sales.

Okinawa Autotech MD and Founder did not respond to calls made by Moneycontrol in spite of multiple attempts to speak to  him in this regard. An emailed query sent to him also remained unanswered until the time the story got published.

A spokesperson of the Society Of Manufacturers Of Electric Vehicles (SMEV) said, "The growth momentum in the electric two-wheeler industry has been building positively in the last few months. However, we may miss the target for this fiscal year."