The price of electric cars has started to decrease in the market. Experts cite excess inventory (unsold vehicles), low component costs and corporate average fuel efficiency regulations as reasons for this. According to an all-India media report, both electric cars and electric two-wheelers are getting cheaper in the market.
Brands are offering attractive discounts to clear stalled cars faster. Popular electric vehicles like Nexon EV and XUV400 EV are getting discounts of up to Rs 3 lakh. Discounts on electric two-wheelers range from 10 percent to 20 percent depending on the vehicle model. In particular, Hero Motocorp's Vida V1 Pro and V1 Plus scooters have discounts of Rs: 25,000 and Rs 10,000 respectively.
Online marketplaces like Flipkart are also offering discounts of Rs 2,500 to Rs 5,000 on electric two-wheelers. Ather Energy's scooters like the Rizta are discounted by Rs 3,000 to Rs 6,700 and the 450 series by Rs 5,000 to Rs 7,000.
Most of these discounts are given by car manufacturers. Dealerships provide the rest. The exchange bonus has reached Rs 15,000. A trade discount of Rs 3,000 to Rs 5,000 is available. Experts say these offers are being brought in to quickly clear unsold vehicles and inventory left over from excess production during the festive season.
Sreekumar Krishnamurthy, Senior VP and Co-Group Head (Corporate Ratings), ICRA, said, “Discounts and promotional offers across the auto sector were high during the festive and post-festive period due to high inventory (especially passenger cars). According to him, the pace of sales of electric cars is decreasing worldwide. EV sales on track for another record year despite slowing growth.”
