He said EV prices had already been increased this year as material costs rose 10-12 per cent. TVS currently has about a 25 per cent market share in the electric three-wheeler segment, but EV adoption in Gujarat remains slow, according to Gupta. However, EV adoption in Gujarat is very slow. According to Gupta, government policy has played an important role in determining the pace of EV adoption across markets. Gupta said subsidies and restrictions on permits for internal combustion engine (ICE) vehicles have helped accelerate EV adoption in several markets.