Schedule a Call Back
India surpasses 1 mn EV sales in just 9 months, driven by growth factors
Industry News- Sep 21,23
According to data from the Vahan Dashboard of the Ministry of Road Transport and Highways, a total of 1,037,011 EVs were registered with regional transport offices by September 19, constituting 6.4% of the nation's total automobile sales for the year.
In 2023, India achieved a remarkable milestone in the electric vehicle (EV) industry by surpassing one million EV sales in under nine months, a feat that had taken a full year in 2022. According to data from the Vahan Dashboard of the Ministry of Road Transport and Highways, a total of 1,037,011 EVs were registered with regional transport offices by September 19, constituting 6.4% of the nation's total automobile sales for the year.
This surge in EV sales can be attributed to a combination of increased individual purchases and substantial business-to-business (B2B) acquisitions by EV fleet operators, as indicated by industry sources. Furthermore, the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME-II) initiative and the expansion of charging infrastructure have played pivotal roles in driving the adoption of EVs.
Preetesh Singh, a specialist in CASE (Connected, Autonomous, Shared, Electric) and alternate powertrains at NRI Consulting and Solutions, highlighted that the growth of the EV industry was also fuelled by the introduction of high-quality vehicles, along with the availability of tax incentives, improved financing options, and a robust vehicle swapping facility.
Breaking down the sales by vehicle type, two-wheelers constituted the largest portion, accounting for 56% of all EVs sold in 2023, followed by three-wheelers and passenger vehicles.
Throughout the year 2023, monthly EV sales consistently exceeded 100,000 units. The pinnacle of this achievement occurred in May, with a record-breaking sale of 158,374 vehicles.
Although the impact of subsidy reductions under the FAME-II program was most noticeable in June, leading to a 35% decline with sales dropping to 102,447 units, the industry began its recovery in July. By August, with 126,741 units sold, sales had rebounded significantly, marking a 23% increase from the June levels.
Source: Business Standard
India
EV sales
FAME-II
Preetesh Singh
CASE (Connected
Autonomous
Shared
Electric)
Vahan Dashboard
Ministry of Road Transport and Highways
Related Stories
Aerospace Defence
Indian Aerospace & Defence Sector: The Emerging Global Manufacturing Powerhouse
Bolstered by rising budgets, modernisation drives, Make in India initiative and export expansion, India’s aerospace and defence (A&D) sector has emerged as a promising sector for investors. Rahul ..
Read moreAuto & Auto Components
Henkel Launches India’s First Mid-Haul Re-Powered Electric Truck Operations
Henkel India, in partnership with logistics and EV tech firms, flags off India’s first mid-haul re-powered electric truck routes, marking a major step toward decarbonising logistics.
Read moreAuto & Auto Components
Minda Corporation, Qualcomm partner to Develop Advanced Smart Cockpit Solutions
Two companies will collaborate to develop next-gen cockpit domain controllers using the Snapdragon Cockpit Platform, enhancing in-vehicle experiences and connectivity for Software-Defined Vehicles.
Read moreRelated Products
Tata Motors unveils facilities for development of Hydrogen propulsion tech
AUTO COMPONENTS & ACCESSORIES
Tata Motors, India?s largest automobile company, unveiled two state-of-the-art & new-age R&D facilities for meeting its mission of offering sustainable mobility solutions. The unveilings constitute of Read more
Tata Motors plans petrol powertrain for Harrier and Safari SUVs
AUTO COMPONENTS & ACCESSORIES
Tata Motors is in the process of developing a new petrol powertrain for its premium sports utility vehicles, the Harrier and Safari, as confirmed by a senior company official. Currently, these models Read more
Electric Vehicle Charger
AUTO COMPONENTS & ACCESSORIES
RRT Electro is engaged in manufacturing of customized Power Electronic Products over two decades having capability to Design, Develop, Prototyping, Regulatory Compliance testing & Certification, Manuf Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
