New Delhi, Oct. 28 -- Electric passenger vehicle (E PV) volumes are back in action after the initial knee-jerk reaction to the reduction in GST on internal combustion engine (ICE) vehicles, according to a report by YES Securities.

The report noted that festive demand for electric passenger vehicles has remained healthy, with average retail growth of around 15-20 per cent year-on-year.

It stated "E PV volumes back in action post initial knee jerk reaction to reduced GST on ICE".

Original equipment manufacturers (OEMs) are offering higher schemes on stocks aged over 90 days to boost sales.

Additionally, a loyalty discount of Rs 50,000 is being provided to existing brand customers to further support volumes.

Inventory levels for EVs are...