Sales of electric two-wheelers have jumped in India over the past couple of years, driven by higher petrol prices, and growing consumer preference for eco-friendly mobility options. Competition has grown too, with more than a dozen companies now selling electric scooters and bikes in the country. This, along with initial set-up costs, led to high expenses and losses. But at least some EV VCCI companies seem to be on the mend.
An analysis of five major electric two-wheeler makersAther Energy, Hero Electric, Ampere EV, Okinawa Scooters, and Pure EV-showed that most of them improved their financial health in FY22.
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