Electric Vehicle Sales Surge 40 Per Cent YoY in Q3 2023

India witnessed 40 per cent year-on-year (YoY) increase in electric vehicle sale with 371,214 units in the third quarter (Q3) of 2023 as compared to 264,781 units sold in the same period last year. Sales showed a minor drop from the 371,340 units sold in the previous quarter.

According to the Ministry of Road Transport and Highways through its Vahan Dashboard, EVs accounted for 7.3 per cent of overall automobile sales. India has over 2.7 million registered EVs as of September 2023.

A total of 7,42,192 electric vehicles have been sold between April and September this year  including 3,99,561 two-wheelers, 2,98,674 Three-wheelers, 44,014 four-wheelers, and 1,243 e-buses, according the data available at Society Of Manufacturers Of Electric Vehicles (SMEV) website.

According to the website, the country has witnessed sale of 1,26,828 electric vehicles in the month of September while 3,189 have been sold till October 3.

Electric Two-Wheelers Sold In Q3

Two-wheeler EVs accounted for nearly 49 per cent of the total EVs sold during the quarter of which Ola Electric had the highest sales in this category, with 56,734 units sold, followed by TVS with 41,397 units.

Other significant electric two-wheeler companies in the market include Ather (20,925), Bajaj (17,757), and Greaves (8,689).

In May, the government slashed the subsidy for electric two-wheelers from INR 15,000 to INR 10,000.

Electric Three-Wheelers Sold In Q3

A total of 167,888 (45 per cent) Three-wheelers sold during the quarter of which Mahindra and Mahindra had the highest sales at 15,424 units, followed by YC Electric (11,570), Saera Electric (8,718) units, Dilli Electric (7,531), and Piaggio (5,860).

Electric Four-Wheelers Sold In Q3

Electric Four-Wheelers (cars) contributed 5 per cent of the total sales in this perios at 18, 603 units of which Tata Motors accounted for the highest sales with 12,491 units, followed by MG Motors with 3,205 units.

Other significant electric four-wheeler companies in the market include Mahindra (1,101), Hyundai (490), and BYD (324).

In August, a parliamentary committee recommended that the government extend Phase II of the Faster Adoption and Manufacturing of Electric and Hybrid Vehicles programme (FAME) for at least three years beyond March 31, 2024, to make EVs more affordable.

Meanwhile, the export market of electric vehicle grew by 246.3 per cent in the first seven months of 2023 following the increasing demand from Nepal, as per the latest data from Department of Commerce, Export Import Data Bank.

Nepal accounts for a significant chunk of the growth in export as it soared from INR 7988.62 lakh in 2022 to INR 21391.40 lakh in 2023.