Delhi doubles down on EV adoption: Policy signals clearly support EVs now; MM, TMPV, Ather, and Sona key potential beneficiaries

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Delhi doubles down on EV adoption: Policy signals clearly support EVs now; MM, TMPV, Ather, and Sona key potential beneficiaries

Global Markets Research

30 June 2026India Autos

EQUITY: AUTOS & AUTO PARTS

Delhi doubles down on EV adoption Research Analysts

India Autos & Auto Parts

Policy signals clearly support EVs now; MM, TMPV, Ather, Kapil Singh - NFASL

kapil.singh@nomura.comand Sona key potential beneficiaries

+91 22 403 74199

The Delhi government has approved the electric vehicle policy (EV Policy 2.0), aiming to

Siddhartha Bera, CFA - NFASLsignificantly accelerate EV adoption while strengthening the supporting infrastructure siddhartha.bera@nomura.com

across the state. The policy will come into effect from 1 July 2026 and will remain +91 22 403 74362

applicable until 31 March 2030.

As part of the policy, the government has outlined an investment of INR150bn over FY27-

30, comprising INR70bn towards EV purchase incentives and INR80bn towards charging

infrastructure development and tax concessions.

The key highlights of the new policy are:

• EV 3Ws: Only electric autorickshaws will be eligible for new registrations from 1

January 2027.

• EV 2Ws: New petrol and CNG 2Ws will no longer be eligible for registration from 1

April 2028, with only electric two-wheelers permitted thereafter.

• Subsidy on EV 2Ws: will be upto INR30k/INR20k/INR10k in the first/second/third

year on purchase of new EV 2Ws based on KWH of the vehicle. (Fig.3)

• Subsidy on EV 3Ws: will be INR50k/INR40k/INR30k in the first/second/third year.

• Subsidy on N1 CVs (<=3.5T GVW): will be INR100k/INR75k/INR50k in the

first//second/third year.

• EV PVs: All EV cars with an ex-showroom price of INR3mn or less registered in Delhi

will be granted 100% exemption on road tax and registration fees.