EV sales in India, already at record high, may hit 6 lakh by March, 2023

Electric vehicles in India is slowly, but surely heading to be part of the mainstream with increasing sales every year. 2022 has already been a landmark year for EVs in India in terms of sales, crossing the previous best achieved in 2021. Since April this year, Indians have brought home more than four lakh electric vehicles, including two-wheelers and three-wheelers, helping in meteoric rise of electric vehicle sales in the country.

Till December 9 this year, nearly 4.43 lakh electric vehicles have been sold in India. It is in sharp contrast to the 48,179 electric vehicles sold in the country during the Covid years of 2020 and 2021. It is also significantly higher than 2021-22 financial year when nearly 2.38 lakh electric vehicles were sold in the country. October has been the biggest in terms of EV sales, with more than one lakh units sold during the festive month only. With at least three more months left, The EV industry is looking at a target of nearly six lakh EVs on road, a staggering growth of nearly 60 per cent.

Mahendra Nath Pandey, Minister of Heavy Industries, informed the Lok Sabha recently that the Centre has implemented the Faster Adoption and Manufacturing of Electric Vehicles in India Phase II, or FAME India Phase II, scheme to promote adoption of electric and hybrid vehicles. This will help in faster adoption of EVs across the country through incentives.

Tata Motors, one of India's premier electric vehicle manufacturer, is leading the EV four-wheeler segment with a massive 90 per cent market share. The carmaker has so far sold more than 36,000 electric cars this year. It aims to end 2022 closer to 50,000 EVs, a record by itself. Its latest electric car, Tiago EV, promises to spike Tata's EV sales record further with more than 20,000 bookings within the first six weeks of its launch.

Ola Electric has been the biggest gainer in the electric two-wheeler segment this year, and is currently leading the segment with as much dominance as Tata Motors in the four-wheeler segment. It claims to have delivered more than 90,000 units between April and November this year, with nearly 50 per cent of them in the last two months.