Comments
The electric passenger vehicles (ePVs) saw a 114.71 per cent growth with 82,105 units, while the electric two-wheeler segment witnessed a 36.09 per cent growth with 8,59,376 units in CY23.
According to the data released by the Federation of Automobile Dealers Associations (FADA), the retail sales of ePVs were 38,240 units and 6,31,464 electric two-wheeler units in CY22. The electric commercial vehicles registered a 114.16 per cent growth with 5,673 units in CY23 as against 2,649 units in CY22. The electric three-wheelers saw a 65.23 per cent increase with 5,82,793 units in CY23 (3,52,710 units).
“Despite the withdrawal of the FAME subsidy, we have seen the two-wheeler industry take off throughout the year. The penetration is now close to 6 per cent. The electric passenger car segment penetration, though small, has also seen an increase and is now close to 3 per cent. We require entry of more players in the electric vehicles (EVs) space and legacy carmakers are required to come up with their affordable EVs. Original Equipment Manufacturers (OEMs) are expected to launch their line-ups for EVs over the next two years,” Manish Raj Singhania, president of FADA told businessline.
According to data from FADA Research, Tata Motors saw a 64.58 per cent year-on-year growth with 4,875 electric vehicles sold in December 2023 (2,962 vehicles), Mahindra & Mahindra registered a 9428.57 per cent growth selling 667 vehicles (7 units) and MG Motor registered a 90.66 per cent growth with 959 units (503 units).
In electric two-wheelers, Ola Electric Technologies registered a 74.21 per cent growth with 30,263 units sold in December 2023 (17,372 units), Bajaj Auto registered a 220 per cent growth with 10,377 electric-two wheelers (3,241 units). TVS Motor Company registered a 30.74 per cent growth with 12,244 units, while Ather Energy saw a de-growth of 15.62 per cent with 6,493 two-wheelers ( 7,695 units), as per FADA.
Double-digit growth
The electric two-wheeler penetration is expected to touch double digit in CY24. “The ePV penetration is expected to increase up to 7 per cent, while the two-wheelers will be in double digit by the end of this year,” added Singhania.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.