Electric Vehicles (EVs) on Sale: Massive Discounts Offered as Stock Increases
CHENNAI: The electric vehicle market is currently experiencing a discount frenzy, with significant reductions in prices due to a variety of factors. A combination of stock pile-ups, cheaper components, and the pressure of meeting Corporate Average Fuel Efficiency (CAFE) norms has led to substantial discounts on electric passenger vehicles and two-wheelers.
Discounts Galore: Unprecedented Price Cuts on Electric Vehicles
According to reports from EV dealers, popular electric passenger vehicles such as the Nexon EV and XUV400 EV are now offering discounts of up to Rs 3 lakh. Similarly, electric two-wheelers are not far behind, with discounts ranging between 10% to 20% depending on the models and variants. Leading the pack, the Hero Motocorp Vida V1 Pro and Vida V1 Plus are offering cash discounts of Rs 25,000 and Rs 10,000 respectively.
Even online platforms like Flipkart are getting in on the action, with discounts of Rs 2,500 to Rs 5,000 on electric two-wheelers. The Ather Rizta and Ather 450 are also attracting benefits ranging from Rs 3,000 to Rs 7,000. It seems that almost all electric two-wheelers are now offering discounts across the board, making it an opportune time for buyers to make their move.
Industry Insights: Why the Sudden Surge in Discounts?
Industry experts have shed light on the reasons behind this discount bonanza. Srikumar Krishnamurthy, senior VP & co-group head at Icra, emphasized that a significant portion of these discounts are a result of the excess inventory left over from the festive season. He highlighted that the entire auto sector witnessed high discounts during and after the festive period due to the surplus stock at dealerships, particularly in the passenger vehicle segment.
Additionally, the global context mirrors this trend, with a slower pace of growth in EV sales despite heading towards another record year in sales volumes. Icra projects that the EV segment, which accounted for less than 2% in FY22 and around 5.5% in FY25, is expected to reach approximately 25% for two-wheelers and 15% for passenger vehicles by 2030.
The Driving Force Behind EV Discounts
Auto experts attribute the surge in EV discounts to the stringent demands of CAFE norms on companies. As manufacturers strive to meet these fuel efficiency standards, they are compelled to offer substantial price cuts to clear out excess inventory and boost sales. This confluence of factors has created a unique opportunity for consumers to capitalize on the best deals available in the electric vehicle market.
So, are you ready to make the switch to an electric vehicle and take advantage of these unprecedented discounts? Don’t miss out on this golden opportunity to drive into a greener future while saving big on your purchase!
