March EV surge — India incentives cut
Global EV demand jumped in March 2026 with record sales driven by discounts and worries about imminent price hikes — a boom that’s reshaping inventories and incentives. India extended electric two‑wheeler incentives through July 31, 2026, but capped the maximum incentive at half the previous level, which will change buyer math for urban commuters. (auto.economictimes.indiatimes.com)
Electric registrations in India jumped sharply in March: passenger EV registrations totaled 19,711 units (up 49% year-on-year) and electric two‑wheeler registrations reached 177,485 units (up 36% YoY) according to Vahan portal data. (economictimes.indiatimes.com) U.S. light‑vehicle EV registrations also spiked in March — S&P Global Mobility reported 115,758 EV registrations in the month, a 20% increase that lifted EVs to roughly a 7.5% share of the U.S. market. (autos.yahoo.com) Automakers leaned on heavy retail promotions in March: several models posted discounts of up to about $10,000 and industry roundups showed widespread manufacturer and lease deals through the month. (electrek.co) India’s PM E‑DRIVE rulebook shows the demand incentive for e‑two‑wheelers in FY2025‑26 is set at ₹2,500 per kWh, with the scheme specifying a per‑vehicle cap and a lower rate than the prior fiscal year’s ₹5,000/kWh. (pib.gov.in) The scheme’s public documents and notifications record a ₹10,900 crore outlay, aim to support about 24.79 lakh electric two‑wheelers, and set an ex‑factory price eligibility ceiling of ₹1.5 lakh for e‑2Ws (₹2.5 lakh for e‑3Ws). (pmedrive.heavyindustries.gov.in) Officials and trade coverage flagged the scheme as fund‑limited and subject to unit caps, and analysts and dealers said the March surge reflected both aggressive dealer discounts and buyer urgency to lock in incentives before rules or stocks changed. (infra.economictimes.indiatimes.com)
