Despite reduced subsidies and stricter norms, the Indian government remains optimistic about achieving electric vehicle (EV) sales targets set under the Electric Mobility Promotion Scheme, 2024. Over 265,000 electric two-wheelers and 176,000 electric three-wheelers were sold in fiscal 2024-25, with most two-wheelers expected to qualify for EMPS subsidies. The scheme aims to subsidize 372,000 electric vehicles, with automakers like Hero MotoCorp and Ola Electric already approved. EMPS replaces the FAME scheme and anticipates a new initiative in the upcoming Union Budget to further boost EV sales from August 1, 2024.
