2 days Ago By Team GaadiWaadi
Ola Electric, Tata Motors, Mahindra Electric, and various other electric vehicle manufacturers in India are offering massive discounts across segments to clear unsold stock With the pressure building on companies to drive up sales as much as possible as the year comes to a close, discounts on new vehicles are surging. According to a Times of India report, carmakers and two-wheeler manufacturers are offering heavy discounts on EVs. Overproduction of vehicles for the festival season has resulted in a substantial build-up of unsold stock.
That, combined with the pressure of meeting CAFE norms, has pushed companies to roll out massive discounts on EVs. Manufacturers are bearing the majority of the share in the discounts, which could affect their profitability. Hero MotoCorp is offering INR 10,000 and INR 25,000 off on the Vida V1 Plus and Vida V1 Pro electric scooters, respectively.
Bengaluru-based Ather Energy is giving benefits worth INR 3,000-6,700 on the Rizta and INR 5,000-7,000 on the 450. Ola Electric, the nation’s no.1 EV brand, is offering up to INR 6,000 off and additional benefits worth up to INR 16,000 on the S1 range.
Also Read: 4 Soon-Launching New EVs Set To Make A Big Impact – Maruti To Mahindra Tata Motors, India’s leading electric car brand, is giving a discount of INR 3 lakh on its staple model – the Nexon.ev. Mahindra Electric is also giving an INR 3 lakh discount on its electric small SUV – the XUV400.
That said, Mahindra Electric might be giving such offers on the XUV400 partly also because it plans to refresh the current model with a facelifted one in the coming months. JSW MG Motor, the joint venture between China’s SAIC and India’s JSW Group, is also feeling the pressure. The company is giving a discount of up to INR 75,000 on the Comet EV and up to INR 2.
25 lakh on the ZS EV, as per a report. This report also says that Tata Motors is offering up to INR 2 lakh on the Tiago.ev and Tigor.
ev and up to INR 70,000 off on the Punch.ev. Also Read: 7 All-New Hyundai SUVs Waiting To Launch In India (Including EVs) With the government gradually reducing subsidies on EVs, sales are bound to be affected.
However, overall, demand is going up. Citing ICRA, a credit rating agency, the TOI report says the share of EVs in new vehicle sales has grown from less than 2% in FY2022 to around 5.5% in FY2025.
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