hnology transfer, and global partnerships have emerged in the industry. Over the past 4 years, the sector has attracted over USD 36 billion in foreign investment, with expectations for significant growth in the future. The government is actively promoting electric mobility through policies like the FAME-2 scheme and the new PM E-Drive Scheme. This initiative will support the purchase of around 2.8 million EVs, including two-wheelers, three-wheele...

Market & Tech Reports  Updated at: 2025/02/13

nment of India approved the proposal of the Ministry of Heavy Industries (MHI) for the implementation of a scheme titled ‘PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme' for the promotion of electric mobility in the country.   This scheme replaces the previous FAME scheme and has a budget of INR 109 billion over two years. The scheme promotes mass mobility by supporting means of public transportation.However...

Market & Tech Reports  Updated at: 2024/12/23

million from Maxis Capital, an investment firm. The company also raised investment from Ola founder Bhavish Agarwal.   Funding crunch and present scenario   Recently, in an investor update, Bharat Forge stated that Tork Motors has been significantly affected by a funding freeze and changes to the FAME subsidy regulations. Bharat Forge was close to getting investors for this company two times, but it didn't materialize. Tork Motors also couldn't...

Market & Tech Reports  Updated at: 2024/10/16

d features for electric two-wheelers. With strong funding and partnerships, these companies are setting up production facilities and expanding their retail networks. However, in recent months, some of these companies have encountered challenges, including funding freezes and setbacks related to the FAME subsidy.   This report examines state-wise sales trends in the electric two-wheeler market and an overview of the business updates and status of...

Market & Tech Reports  Updated at: 2024/09/20

tor Company India Pvt. Ltd. Motorcycles 4,189 1,098 - n.a. n.a. UM Lohia Two Wheelers Pvt. Ltd. Motorcycles 0 n.a. n.a. n.a. n.a. Total 21,032,927 18,349,941 17,821,111 19,459,009 21,468,527 Sources: Society of Indian Automobile Manufacturers (SIAM) materials, etc.   The EV promotion policy FAME II (April 2019 - March 2024) was revised in May 2023, reducing the maximum subsidy entitlement from 40% to 15% of the pre-shipment vehicle price ...

Market & Tech Reports  Updated at: 2024/09/10

pare to past years. Meanwhile, the segment is seeing good investment for production and supply chain is also improving, yet some concerns remain there.   Reduction in Subsidies   One of the major reasons for the high sales of electric two-wheelers was the subsidies offered by the government under FAME and other schemes which makes its cost similar to ICE scooters. However, the reduction in subsidies in 2023 as well as under new rules of the Ele...

Market & Tech Reports  Updated at: 2024/07/31

Hyundai Motor, up 14.0% to 57,000 units; Toyota, up 91.7% to 24,000 units; Kia, down 17.0% to 23,000 units; and Honda, up 11.0% to 9,000 units.   On February 9, the Indian Ministry of Heavy Industries announced that it has increased the subsidy budget for the electric vehicle (EV) promotion policy FAME II (Phase-II of FAME India scheme) from INR 100 billion (about JPY 180 billion) to INR 115 billion (about JPY 210 billion). The breakdown is as f...

Market & Tech Reports  Updated at: 2024/02/28

was a noticeable slowdown from the previous month, due to a mismatch between supply and demand. Stagnant inventory consumption remains an issue.   On December 5, India's Ministry of Heavy Industries and Public Enterprises (MHI) announced that approximately 1.15 million EVs have been sold under the FAME phase-II of Faster Adoption and Manufacturing of Hybrid & Electric Vehicles in India. (1,016,887 two-wheelers, 121,374 three-wheelers, and 14,818...

Market & Tech Reports  Updated at: 2023/12/26

ars from roads.   Faster Adoption and Manufacturing of Electric Vehicles in India Phase II Maruti Suzuki upcoming electric vehicle eVX (exhibited at Auto Expo 2023)   The Ministry of Heavy Industries formulated the Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME India Phase II) Scheme for five years commencing from April 1, 2019, with a total budgetary support of INR 100 billion. Under the FAME-India Sche...

Market & Tech Reports  Updated at: 2023/09/19

and E20 fuel compliant. A scooter production line with an annual capacity of 600,000 units installed at the plant in Vithalapur, Gujarat, is also scheduled to be put into operation. Exports outside India will expand from 18 models in over 38 countries to 20 models in 58 countries in FY2023.   The FAME-II, a measure to promote EVs, was revised effective June 1, 2023, and the subsidy amount for electric two-wheelers (e-2W) will be reduced from IN...

Market & Tech Reports  Updated at: 2023/08/25

pends on factors such as vehicle type, battery capacity, charging methods, and power ratings.   In India, the infrastructure growth is driven by government involvement through subsidies for EV manufacturers and buyers, the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME-India) scheme, which is now in its second stage, tax incentives, various state policies, and public-private partnerships; private organization su...

Market & Tech Reports  Updated at: 2023/07/28

market. Two- and three-wheeled vehicles are not included in most statistics, which means that the market in India is often not accurately represented. While customer acceptance of BEVs in India is relatively high, purchasing power and infrastructure expansion are well below average levels. With its FAME-II initiative (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles II), the Indian government is attempting to boost sales of BEVs....

Market & Tech Reports  Updated at: 2023/03/07

icated hybrid drive architectures are therefore no longer relevant, at least in Europe.   But Mercedes-Benz has identified “heterogeneous” market conditions where conventional powertrains will be needed. The company even plans to expand the latest generation of the Family of Modular Engines (FAME), which consists of both gasoline and diesel engines. Mercedes is working in collaboration with Geely on the development of internal combustion e...

Market & Tech Reports  Updated at: 2022/11/01

aj and TVS are producing EV scooters, and their sales have increased by 4.4% and 6.6%, respectively, over the previous year. On the other hand, production by Hero, the market share leader, fell sharply by 17.5% y/y, and Honda with a 3.4% drop switched places with Bajaj to take third place.   India FAME (Faster Adoption and Manufacturing of Electric Vehicles), a measure to promote the spread of electric vehicles (EVs), aims to convert motorcycles...

Market & Tech Reports  Updated at: 2022/08/22

attery Operated Vehicles” (electric vehicles: EVs) from payment of fees for the issue or renewal of the registration certificate (RC) and assignment of the new registration mark.   The Government also offered purchase incentives of INR 10,000 per kWh for electric four-wheelers in India under the FAME- II (Faster Adoption and Manufacturing of (Hybrid and) Electric vehicles) scheme. The EVs also attract lower taxes than that of ICE (internal com...

Market & Tech Reports  Updated at: 2022/07/12

der is comprised of electric motorcycles.   Based on speed, it the market can be divided into the following categories, Low speed (less than 25 km/h) city speed (25-50 Km/h) high speed (above 50 km/h) (Km/h - Kilometer per hour)   The low-speed electric two-wheelers are not subsidized under the FAME-II (Faster Adoption of Electric (and Hybrid) Vehicles in India) policy that incentives only high-speed bikes based on their battery capacity, whi...

Market & Tech Reports  Updated at: 2022/04/12

the example of the completely newly developed Mercedes C-Class (launch: September 2021 (sedan) / end 2021 (estate)).   The modular concept, developed by Mercedes-Benz (MB), consists of the following three main components: Optimized ICEs, belonging to the Mercedes-Benz "Family of Modular Engines" (FAME): gasoline engines M 254/M 256 (C- / S-Class) and diesel engine OM 654 M. Hybrid drive head with integrated electric motor, disconnect-type clutc...

Market & Tech Reports  Updated at: 2021/11/19

(up 51.7% y/y).   The Indian government has raised the emission standards for passenger cars to BS-VI from April 2020, and has also strengthened safety regulations. In June 2021, the government announced the extension of the Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME-II) scheme subsidy (aimed at accelerating the adoption and production of EVs and hybrids), which began in April 2019, until March 2024, and the s...

Market & Tech Reports  Updated at: 2021/10/25

infection and the recovery of demand in rural areas. However, due to the second wave of COVID-19 infection that spread from March 2021, lockdown measures were taken again in several cities, and the plants of motorcycle manufacturers temporarily suspended operations from the end of April to May.   FAME (Faster Adoption and Manufacturing of Electric Vehicles), a measure to promote the spread of electric vehicles (EVs), aims to convert motorcycles...

Market & Tech Reports  Updated at: 2021/07/30

uch promotion also opens a new segment for the auto component industry, not only for electric vehicle components but also the parts for charging systems. In 2019, the Indian government announced that under the second phase of Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles scheme (FAME-II), certain electric vehicle components will be eligible for subsidies along with the specific deadlines to comply with localization norms.   A...

Market & Tech Reports  Updated at: 2021/06/04