India’s electric vehicle market sees 23% growth in September with 1.59 lakh units sold: Data

In the first half of the current fiscal year, EV volumes rose by 20% compared to the same period last year

October 2, 2024

Electric two-wheeler sales increased to 90,000 units

India’s electric vehicle (EV) market experienced a significant surge in September, with total registrations reaching 1.59 lakh units—a 23% increase compared to 1.29 lakh units during the same month last year, according to the government’s VAHAN data. This marks a promising boost for EV adoption across the country.

In the first half of the current fiscal year, EV volumes rose by 20% compared to the same period last year. The electric two-wheeler segment saw sales of 90,000 units, up from 64,000 units in September 2022. Meanwhile, electric three-wheeler sales increased to 63,000 units, compared to 58,000 units the previous year.

Leading manufacturers reported mixed results in sales for September. Ola Electric saw a decline, with sales dropping to 24,665 units from 27,587 in August. In contrast, Bajaj Auto experienced growth, achieving 19,103 unit registrations, up from 16,789. TVS Motor also reported a rise in sales to 18,084 units, compared to 17,649 units in August. Ather Energy enjoyed a boost, climbing to 12,676 units from 10,980.

In the electric three-wheeler category, Mahindra Last Mile Mobility maintained its leadership position with 6,087 units sold, followed by Bajaj Auto with 5,004 units.

Overall, the first half of FY25 saw total EV registrations across all segments reach 8.93 lakh units, compared to 7.45 lakh units during the same timeframe last year.

In a further push for electric mobility, the government recently launched the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme, with a financial outlay of Rs.10,900 crore over two years. Approved by the Union Cabinet on September 11, this initiative aims to accelerate EV adoption and establish critical charging infrastructure across the nation, contributing to a cleaner and more sustainable future.

For all the latest updates, download PGurus App.