Electric vehicle sales in India set to cross 1-million milestone this year

The electric vehicle (EV) industry in India is on track to cross the 1 million milestone this year. The retail sales of EVs accounted for nearly 4.7 per cent of the total automobile sales in the calendar year 2022, as mentioned in a report by Economic Times. The increasing financing and leasing of EVs are expected to give a further boost to sales in 2023. E-vehicle registrations this month till 29 December stood at 90,000 units, according to the government’s Vahan website. This is lower than the 1,19,000 EVs retailed in November. Traditionally, December is a weaker month for automobile sales because consumers wait for the new year to buy a new vehicle. The number is still expected to touch 1,00,000 by the end of this month. According to the Vahan website, around 9,89,000 EVs have been registered with regional transport offices till Thursday. The figures already indicate a threefold increase from 2021. It should be noted that the numbers do not include data from Telangana. The main drivers of the growth have been EV fleet operators and people purchasing two-wheelers. The sales have declined sequentially in the two-wheeler segment to 56,976 units so far in December from 76,000 units the previous month. However, the segment is likely to gain momentum next year. New launches, increased availability of charging points, and low running costs are attracting consumers. Manufacturers like Tata Motors, Ola Electric, and Ather Energy are the main gainers from the growing adoption of EVs. Shailesh Chandra, managing director of Tata Motors Passenger Vehicles & Tata Passenger Electric Mobility, said “Our aggressive approach in the EV segment helped us become the first Indian auto manufacturer to cross the 50,000 EV sales milestone this year.” In the electric passenger vehicle segment, Tata Motors holds an 85 per cent share. The firm is planning to launch 10 EVs in the next five years. In December, the vehicle retail sales, including electric and fossil fuel-powered, totalled above 1.48 million units. Sohinder Gill, Hero Electric chief executive, stated that there would be more electric two-wheeler product launches at competitive price points in the next few years. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.