India EV sales jump 51% in August as robust demand drives electric car and 2W market growth
India's electric vehicle market witnessed an impressive 51% year-over-year growth in August. Despite this surge, a 12% sequential decline was recorded, attributed to festival-related office holidays. Electric two-wheelers experienced a remarkable ...
New Delhi: Electric vehicle sales in India surged 51% year-on-year in August but fell 12% sequentially, industry data showed on Tuesday. Industry executives attributed the month-on-month sales decline to holidays at regional transport offices due to festivals like Onam and Rakshabandhan, resulting in lower vehicle registrations. Dealers maintained consumer appetite remains strong.
Electric car sales, as measured by vehicle registrations, reached 29,687 units in August. In the electric two-wheeler segment, sales across the top five listed companies climbed 69% YoY to 160,000 units.
Electric car sales last recorded a month-on-month decline in February falling 26% to 13,733 units. Two-wheeler sales last fell 22.2% sequentially in April, to 148,740 units from 191,067 units in March.
Bajaj Auto and TVS Motor Company drove the annual increase in electric two-wheeler sales, accelerating 235% and 91%, respectively. Ola Electric was the only major company to post a decline last month, falling 29% year-on-year. Sequentially, however, all electric two-wheeler brands recorded lower sales compared to July, resulting in an 11% drop for the segment. Registrations of electric passenger vehicles fell 12% sequentially last month from a record 33,746 units in July, according to Vahan data. Registrations had risen every month since March, from 25,138 units in March to 25,587 in April, 27,774 in May, 32,707 in June and 33,746 in July.
The sequential moderation was also visible across e-two-wheelers. E-2W penetration slipped to 10.7% in August from 11.2% in July, though staying significantly above the year-ago level. Meanwhile, every major EV maker across categories including Tata Motors, Mahindra & Mahindra, JSW MG Motor, Bajaj Auto, TVS Motor and Ather Energy is working overtime to meet sustained robust demand.
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Several are commissioning greenfield plants and expanding capacity. Tata Motors remained the largest EV carmaker in August with 12,984 registrations, followed by M&M at 6,367 and JSW MG Motor at 4,568.
