Demonetisation hits electric vehicles industry: Society of Manufacturers of Electric Vehicles

"The electric vehicles (EV) industry has been badly hit, sale of EV's has considerably slowed down," SMEV Director-Corporate Affairs Sohinder Gill said in a statement.

By: PTI | New Delhi | Published:November 25, 2016 7:12 pm

Demonetisation is badly impacting sale of electric vehicles, which are bought mostly on cash without any financing facility, industry body Society of Manufacturers of Electric Vehicles (SMEV) said on Friday. Society of Manufacturers of Electric Vehicles said the industry has basic and entry level products, which people purchase by paying cash and they do not have bank financing facilities.

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“The electric vehicles (EV) industry has been badly hit, sale of EV’s has considerably slowed down,” SMEV Director-Corporate Affairs Sohinder Gill said in a statement.

He said that although demonetisation is a great move, the step is just one of the ways of curbing the black money menace.

He also said that the disbursement as per the FAME Scheme (Faster Adoption and Manufacturing of Electric Vehicles) for the current year has been satisfactory only, “as the desired sales are yet to pick up”.