EV sales surge in India, led by Tata Motors and Ola Electric. Check details
- India has experienced a significant surge in EV sales across various segments in the 2023-24 fiscal year. According to the FADA, electric passenger vehicle sales rose by 91 per cent while electric two-wheeler registrations increased by 30 per cent
In a significant stride towards sustainable mobility, India witnessed a substantial increase in electric vehicle (EV) sales across all segments in the last fiscal year. According to the Federation of Automobile Dealers Associations (FADA), the retail sales of EVs surged, indicating a growing preference for cleaner transportation options in the country.
The sales of electric passenger vehicles soared to 90,996 units in the 2023-24 fiscal year, a remarkable 91 per cent increase from 47,551 units in FY23. Tata Motors emerged as the leader in this segment, with registrations of 64,217 units, reflecting a 66 per cent growth compared to the previous fiscal.
Registrations of electric two-wheelers also witnessed a substantial rise, increasing by 30 per cent to 9,47,087 units in FY23-24 from 7,28,205 units in FY23. Ola Electric led this space with retail sales of 3,29,237 units, followed by TVS Motor Company with registrations of 1,82,969 units.
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Three-Wheelers: Electric three-wheeler sales saw a significant growth of 56 per cent, reaching 6,32,636 units in FY23-24 compared to 4,04,430 units in FY23. Mahindra Group performed well in this segment, retailing 60,618 units, a 69 per cent increase over the previous fiscal.
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Commercial Vehicles: The sales of electric commercial vehicles also surged, reaching 8,571 units in FY23-24, a significant increase from 3,111 units in FY22-23. Tata Motors led this segment as well with 5,590 units sold, followed by JBM Auto with registrations of 530 units.
Manish Raj Singhania, President of FADA, noted that these figures underscore the accelerating shift towards electric mobility in India. While the base for EV adoption is still expanding, the increasing sales highlight the market's potential for sustainable transportation solutions. The success of companies like Tata Motors, Ola Electric, and others indicates a growing acceptance of electric vehicles among Indian consumers, paving the way for a greener and cleaner future in the country's automotive sector.