EV adoption has been growing in India in all segments. However, growth is more rapid in Electric 2W over the E-Passenger cars.
Electric 2W adoption is now 4% in India but the interesting point is to note is the growth in absolute numbers which has grown from 24,845 to 359,212 in span of 3 years. Growth is very fast.
Electric PV has grown significantly but on a low base but with the automakers adding new EVs into their list and with the government incentives once it’s available at comparatively reasonable price it will be a story of masses.
Electric 3Ws adoption is quite significant. North India being the major contributor although the adoption is in low double digits in South but it will grow with time.
But the good thing is Sona has strong customer base and brand name in all the segments be it 2W, 3W, PV or even CVs which will be beneficial in the long run as this EV story plays out more and more.
Source: FE, Vahan
Disc: Invested, views are biased. I’m optimistic about this EV story and Sona’s growth given the Order book size and EV adoption worldwide.
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