Joy e-bike sales momentum from low-speed models sees company sell just below a 1,000 units in July 2021
WardWizard Innovations and Mobility Ltd (BSE Code: 538970) reports sales growth for its Joy e-bike range in July 2021. With demand for low–speed models rising, Joy e-bike reports sales of 945 units in July 2021. Sales growth is pegged at 446 percent, up from 173 units sold in July 2020.
The current debate revolves around electric two-wheelers offering advantages over traditional two-wheelers to their users. With a rapidly increasing battery capacity in electric scooter models, they are now able to cover meaningful distances.
EV incentives and subsidies
Sneha Shouche, Chief Financial Officer – WardWizard Innovations and Mobility Ltd, said, “The announcement of incentives and subsidies by authorities have pushed the growth of electric vehicles by many folds. With more awareness campaigns on sustainable mobility and a continuous rise in fuel prices, we have noticed a quick shift in demand by the customers for electric two-wheelers to meet their daily commuting needs.
For many, the electric two-wheeler has become their first preference for mobility. As the infrastructure continues to grow, we are receiving high demand from urban and semi-urban regions. Moving forward with the positive market sentiments, we are confident of robust sales momentum, especially in the upcoming festival season.”
Revised government incentives or subsidies for EVs to support their pricing ensures that consumers now have a choice to gauge the advantages proffered to make EV purchases lucrative.
Ever-growing charging infra network
Under government guidelines, a specific policy on electric vehicles has been a long time coming. Following recent updates to policy, a renewed range of incentives and subsidies have been offered by different governments for electric two-wheelers. What they mean for Indian EV market will be easier to understand as sales improve in a time bound manner.
As the world moves towards cleaner emission norms, India has its work chalked out where promotion of electric vehicles as a mobility option for the future generations is concerned. Goals point to making India ‘a global leader in manufacturing and exporting of electric vehicles.’
For the longest time people have been sceptical about using electric vehicles. With limited information available, impression about their reliability and mileage has been poor. Most have been vocal about range of the electric two-wheelers not being enough to meet daily commuting needs.
However these notions are fast changing and electric two-wheelers are now available in plenty. They are being marketed as a convenient means of daily commute. More and more people are buying electric vehicles with dependable batteries and range. Battery swapping, ease of charging, access to an ever-growing charging infra network, and competitive cost of charging are now key advantages than work in favour of electric two-wheelers.