Electric vehicle (EV) sales in India reached 332,730 units in the third quarter (Q3) of 2024, a decline of over 11% year-over-year (YoY) against the 372,387 units sold in the same period of 2023.

EVs account for 5.8% of overall automobile sales, which totaled 5,697,879 units in Q3 2024, according to data released by the Ministry of Road Transport and Highways through its Vahan Dashboard. The numbers do not include data for Telangana.

India now has over 4.64 million registered EVs.

Electric two-wheelers

Electric two-wheelers accounted for nearly 43% (144,286) of total EVs sold during the quarter.

Ola once again led the segment with the highest sales at  41,610, followed by TVS  (25,546), Bajaj Auto (15,613), Ather (15,126), and Hero Motocorp (14,132).

Electric three-wheelers

Electric three-wheelers constituted 51% (170,592) of all EVs sold in Q3. Mahindra Last Mile Mobility emerged as the leader in this category, achieving the highest sales with 15,739, followed by Bajaj Auto (12,732),  YC Electric (10,791),  Saera Electric Auto (7,856), Piaggio Vehicles (5,203).

Electric four-wheelers

Electric four-wheelers represented 4% of the total sales at 14,776 units in Q3 2024.

Tata Motors continued to be the most preferred electric four-wheeler automobile maker, with 10,558 units sold. MG Motor  (1,891),  Mahindra & Mahindra (846), BYD India (683), and Hyundai (223) were the other major players.

In September, the Union Cabinet approved the ‘PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Program,’ and the ‘PM-eBus Sewa-Payment Security Mechanism (PSM) Program.’ The PM E-DRIVE Program, with a total outlay of ₹109 billion (~$1.29 billion), focuses on providing demand incentives, deploying EVs, and developing charging infrastructure to support wider EV adoption.

In March, the Ministry of Heavy Industries launched the Electric Mobility Promotion Program 2024 with a funding of ₹5 billion (~$60.34 million). The program, which ran from April 1, 2024, to  July 31, 2024, and targeted electric two-wheelers and three-wheelers, including e-rickshaws, e-carts, and L5 category vehicles.