How EV makers are wooing India's corporate buyers this March
What's the story
Electric vehicle (EV) manufacturers are going all out to woo corporate buyers this month, offering huge deals and discounts. The push comes as part of a strategy to capitalize on financial year-end tax planning. The companies are offering cash discounts, exchange bonuses, and corporate perks worth up to ₹5.2 lakh. This is in addition to accelerated depreciation benefits of up to 40% on EVs in the first year.
Tax benefits
Dealers say it helps in an incremental sale of 15-20%
The accelerated depreciation on EVs is much higher than the 15% offered for petrol and diesel vehicles. This can lead to significant tax savings for companies looking to optimize their taxable income. "Almost every other electric carmaker is offering benefits to lure the corporate buyers," a dealer said. Another dealer said it helps in an incremental sale of at least 15-20%.
Industry response
Major automakers running March-end campaigns
Major automakers like Tata Passenger Electric Mobility, Mahindra & Mahindra, JSW MG Motors, VinFast, BYD, Kia India, and Tesla are making the most of this opportunity. They have launched a range of limited-run offers and corporate-focused incentives for fleet buyers and businesses looking to electrify their vehicles. These March-end campaigns combine the purchase incentives with ownership benefits to encourage companies to finalize deals before the fiscal year ends.
Target audience
Additional ownership benefits being pitched
Some automakers are also pitching extra ownership benefits such as public charging access, extended warranties, and maintenance packages. The aim is to target the small and mid-sized businesses looking to electrify their fleets. These offers are designed around the tax advantages available to businesses purchasing electric vehicles before March 31.
Sales growth
EV sales are on the rise
Despite coming from a low base, electric car sales have been growing rapidly. According to the Federation of Automobile Dealers Associations (FADA), sales jumped 44% year-on-year to 13,733 units in February. The government's Vahan portal shows an even bigger jump of 84% in the first 11 months of fiscal FY26 with total units sold reaching 175,364.