India’s electric vehicle sales zoom past 1 million in 2023, shows data

Electrical car (EV) gross sales in India topped the 1 million mark in lower than 9 months in 2023, a milestone that took a complete 12 months in 2022.

In line with knowledge from the Ministry of Highway Transport and Highways’ Vahan Dashboard, 1,037,011 EVs have been registered with regional transport workplaces until September 19, accounting for six.4 per cent of the whole vehicle gross sales within the nation this 12 months.

The gross sales surge might be attributed to elevated particular person purchases in addition to business-to-business (B2B) acquisitions by EV fleet operators, trade sources stated. Moreover, the Sooner Adoption and Manufacturing of (Hybrid &) Electrical Automobiles (FAME-II) initiative and the enlargement of charging infrastructure have performed a big function in boosting EV adoption, they stated.

Preetesh Singh, specialist CASE and alternate powertrains, NRI Consulting and Options, stated the EV trade’s development additionally stemmed from the latest launch of high-quality autos, moreover the presence of tax incentives, improved financing choices, and a sturdy swapping facility.

The 2-wheeler phase accounted for 56 per cent of the EVs bought in 2023, adopted by three-wheelers and passenger autos.

All through 2023, month-to-month EV gross sales have exceeded 100,000 items. The height was reached in Might, with a document sale of 158,374 autos.

Whereas the influence of FAME-II subsidy cuts was most pronounced in June, leading to a 35 per cent decline with gross sales dropping to 102,447 items, the trade started to recuperate in July. By August, with 126,741 items bought, gross sales had rebounded. The surge in August gross sales represented a 23 per cent enhance from the June ranges.