GST cuts, festive rush fuel ICE surge, leave EVs trailing

with a much faster growth in the entry level segments in both cars and bike segments,” he said.

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Overall passenger vehicles—including ICE and EVs—saw record sales in Oct.

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“We hardly have any EVs in those segments so this is a consumer who was on the fence to either purchase an entry-level vehicle or not.”

Like Vigneshwar, Sharma, too, noted that the trend may just stabilize in the coming months, adding that EVs may have to match the growth in entry-level ICE segments to ensure that penetration doesn’t go down if the demand boost sustains.

Meanwhile, the EV industry is unruffled. Tarun Mehta, co-founder and chief executive of listed electric two-wheelermaker Ather Energy, remained unperturbed about GST cuts as he believed EVs have a long term value to offer.

In an interview with