Delhi Notifies EV Policy 2.0: TVS, Bajaj Gain, Royal Enfield and Maruti Exposed
Delhi's Rs 15,000 crore EV Policy 2.0 bans petrol/CNG two-wheeler and non-electric autorickshaw registrations by 2027-28. TVS (17% EV share), Bajaj and Hero (12%) benefit from incentives; Eicher's Royal Enfield (3.3% Delhi sales) and Maruti most exposed as ICE two-wheelers hold 67% of Delhi sales.
What happened
Bajaj Auto · Delhi notifies EV Policy 2.0 with Rs 15,000 crore outlay, banning petrol/CNG two-wheeler and non-electric autorickshaw registrations by 2027-28.
Key facts
- Rs 15,000 crore outlay
- Rs 7,000 crore state commitment
- EV cars up to Rs 30 lakh get waivers
- Rs 30,000 two-wheeler incentive
- Rs 50,000 three-wheeler incentive
- TVS 17% EV share
- Bajaj/Hero 12%
- Ather 9%
- Ola 4%
- Eicher 3.3% sales from Delhi
- ICE two-wheelers 67% of Delhi sales
Why this matters
The Rs 30,000 two-wheeler and Rs 50,000 three-wheeler incentives create a window to secure EV supply-chain partnerships or acquisitions ahead of the 2027 ICE registration ban.
What to watch
- Final gazette notification and any grandfathering clauses for existing ICE vehicles
- Charging infrastructure rollout milestones and DISCOM tariff for EV charging
- Industry body (SIAM/FADA) representations and any court PIL filings
- Monthly Delhi RTO registration mix (EV vs ICE two/three-wheeler)
- Other states announcing similar EV bans/incentives
- Incentive disbursal mechanics and subsidy cap exhaustion
- TVS and Bajaj expand Delhi-NCR EV dealer network and fast-charging tie-ups
- Eicher/Royal Enfield accelerates its Flying Flea electric launch and Delhi positioning
- Maruti pushes CNG-to-EV messaging and hedges via partner EV sourcing
- Fleet/delivery operators (Zomato, Swiggy, Zypp) accelerate EV two/three-wheeler procurement to lock incentives
- Analyst re-rating of pure-play EV vs ICE-exposed OEMs; sell-side revises Delhi volume mix