Electric Vehicle Sales in India Start Fiscal Year Strong Despite Monthly Decline
EVs ring in new fiscal on strong note
The Economic TimesImage: The Economic Times
Electric vehicle sales in India began the new fiscal year positively, with electric passenger vehicle sales increasing by 73% year-on-year to 23,343 units and electric two-wheeler sales rising 61% to 148,677 units in April. However, sales dipped sequentially due to a rush in March ahead of anticipated price hikes.
- 01Electric passenger vehicle sales surged 73% year-on-year in April.
- 02Electric two-wheeler sales increased by 61% during the same period.
- 03Sequentially, sales dipped 2% for electric passenger vehicles and 23% for two-wheelers.
- 04Tata Motors, M&M, and JSW MG Motor held 82% market share in electric passenger vehicles.
- 05TVS, Bajaj, and Ather dominate the electric two-wheeler market with a combined 65% share.
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In April, electric vehicle sales in India showed strong growth as electric passenger vehicle sales rose by 73% year-on-year to 23,343 units and electric two-wheeler sales increased by 61% to 148,677 units, according to Vahan registration data. This growth is attributed to new model launches, increased consumer awareness, and rising fuel prices driven by tensions in West Asia. However, sequentially, sales fell 2% for electric passenger vehicles and 23% for two-wheelers, as many consumers made purchases in March ahead of expected price hikes related to the ending of a subsidy scheme, which has since been extended. In the electric passenger vehicle market, Tata Motors, Mahindra & Mahindra (M&M), and JSW MG Motor together commanded nearly 82% of the market share, although Kia Motors made significant strides with its new electric MPV, the Kia Carens Clavis, increasing its market share from 0.3% to 1.5%. In the electric two-wheeler segment, TVS, Bajaj, and Ather collectively held a 65% market share, with TVS seeing an 88% year-on-year sales increase. Conversely, Ola Electric's sales fell by 38.6% to 12,166 units, resulting in a drop in market share from 21.4% to 8.2%.
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The growth in electric vehicle sales indicates a shift towards sustainable transportation, potentially influencing consumer choices and market dynamics in the automotive sector.
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