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HDFC Securities Report
We believe that two-wheeler electric vehicles will exceed one million units per annum by 2025 and 8-10% penetration by 2026.
Over the past six months, the effective subsidies on two-wheeler EVs have increased to 40% of the effective price, bringing them at par with internal combustion engine vehicles due to additional incentives from state and central governments.
Further, the new models (such as the OLA SI) offer a significantly improved range of over 100kms per charge, thus addressing range anxiety concerns.
Within four wheelers, due to the lower energy density of lithium ion batteries, we believe the heavy truck segment will continue to be powered by combustion engines in the near/medium term.
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