GLOBAL ELECTRIC TUK-TUKS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In July 2022, Chargeup, the company building battery-swapping network for electric two and three-wheelers, teamed up with Paisalo Digital Ltd and Goenka Electric Motors (GEM) to assist customers with financing and battery swapping
• In 2021, the Government of Maharashtra announced an incentive of approximately US$ 67 per kWh for all e-vehicle categories. The maximum subsidy for electric three-wheelers ranges from about US$ 775 to US$ 1,255.
• In 2021, the Gujarat government offered a subsidy of approximately US$ 134 per kWh. It also provide subsidies of up to US$ 268 for two-wheelers, US$ 670 for three-wheelers, and up to US$ 2,010 for four-wheelers. These subsidies are directly credited to the bank account through DBT.
• In September 2020, EV Motors India is a company that focuses on electric vehicles (EVs) in India and Hero Electric partnered to provide advanced battery solutions and charging infrastructure for electric vehicles in India. This partnership focuses on developing electric two-wheeler and three-wheeler vehicles.