EV registrations saw marginal increase in September; H1 volumes grew by 52%.

Electric two-wheeler registrations reported a marginal increase in September when compared with August volumes, as the E2W segment remains under pressure after the FAME II subsidy reduction.

Also, total electric vehicle (EV) registrations reported a very marginal increase at 127,735 units this September when compared with 126,943 units in August 2023. However, total EV monthly volumes are stabilising at 1.25 lakh plus level.

The electric two-wheeler segment is yet to come out of the impact of the subsidy cut, though volumes are inching up marginally on a m-o-m basis. In September 2023, total electric 2W registrations stood at 63,716 units when compared with 62,690 units in August, 54,570 units in July, and 46,057 units in June this year.

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E2W market leader Ola Electric reported total registrations of 18,635 units in September this year compared to 18,718 units in August.

But the second-largest player in the E2W market, TVS Motor, has reported a marginal increase in registrations at 15,512 units in September when compared with 15,471 units in August. Ather Energy reported a marginal decline at 7,109 units as against 7,129 units, while Hero Electric’s volumes were at 843 units when compared with 783 units. Bajaj Auto’s registrations stood at 7,045 units in September.

New players like Lectrix are seeing some traction as their volumes increased to 735 units in September from 210 units in August.

Total electric three-wheeler volumes stood at 57,444 units in September, compared to 56,764 units in August .

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Electric passenger vehicle registrations stood at 5,995 units last month when compared with 6,931 units in August. Tata Motor remains the leader with total electric car registrations of 4,120 units, followed by MG Motor at 833 units, Mahindra & Mahindra at 333 units, and Hyundai (202 units).

H1 and Q2 performance

For the first half of this fiscal, total EV registrations grew a whopping 52 per cent to 743,350 units when compared with 488,076 units during the same period in FY23.

For the second quarter of this fiscal, total EV registrations stood at 371,106 units when compared with 372,244 units in Q1 of this fiscal.

Total electric 2W sales stood at 180,976 units in the September 2023 quarter as against 218,446 units in the June 2023 quarter, while electric three-wheeler volumes grew to 167,953 units in Q2 of this fiscal year when compared with 130,739 units in Q1 of this fiscal year.