Electric vehicle sales in India experienced a significant 55.2% year-on-year increase, reaching 1,79,038 units in July, driven by a 96% surge in electric two-wheeler sales, according to the Federation of Automobile Dealers' Associations.
In July 2023, electric vehicle sales totalled 1,16,221 units. The rise in electric two-wheelers was especially notable, with 1,07,016 units sold in July, up 95.94% from 54,616 units in the same month last year.
As for electric three-wheelers, their sales increased by 18.18% to touch 63,667 units as compared to 58,873 units a year earlier.
Commercial vehicle sales saw a twofold increase year-on-year, with sales of 816 units this July, as compared to 364 units in the same month last year.
However, passenger vehicle sales experienced a slight decline of 2.92%, totalling 7,541 units versus 7,768 units in July of the previous year.
FADA President Manish Raj Singhania highlighted the strong performance of the electric two-wheeler and three-wheeler segments, noting their respective market shares of 7.4% and 57.6%. The growth reflects the increasing acceptance and demand for electric vehicles in India, he said.
Despite a minor drop in the passenger vehicle segment, which holds a 2.4% market share, the commercial vehicle segment showed growth, with a 124.2% year-on-year increase and a market share of 1.02%.
Singhania attributed the sales boost to attractive discounts and the anticipation of changes to the Electric Mobility Promotion Scheme. Initially announced by the Ministry of Heavy Industries in March, with a budget of Rs 500 crore for a four-month period, the scheme has been extended to Sept. 30, with its budget increased to Rs 778 crore.
(With inputs from PTI)
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