Electric Vehicle Sales Up by 333% YoY In the First Half of 2022

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Retail sales of electric vehicles (EVs) clocked 390,399 units in the first half (1H) of the calendar year 2022. This represents a 333% year-over-year (YoY) growth compared to the 90,102 units sold in the same period last year.

The numbers were revealed in the data released by the Ministry of Road Transport and Highways through its Vahan Dashboard.

EV sales reached 48,166 units in January and increased to 54,053 in February. The highest number of EVs in the first half of the year was clocked in March, with 77,250. In April, 72,588 EVs were sold and 65,879 in May, and 72,463 in June.

The EV sales (390,399) in 1H 2022 surpassed the sale of EVs in the entire year of 2021 (311,420).


EV Sales for 2022 Jan to June

Electric 2-wheelers (E2W)

In all, 240,662 E2Ws were sold in 1H 2022, a 656% YoY growth compared to 31,823 units sold during the same period last year.

In January, 27,590 units were sold, February (32,458), March (49,643), April (49,189), May (39,520), and June (42,262).

Okinawa led E2W sales in the first half of the year. Hero Electric Vehicles, Ola Electric, Ampere, and Ather Energy were the other market leaders.

The rising sales of E2Ws are a positive sign as they account for over 70% of all the registered vehicles in India. More E2Ws on the roads are expected to help reduce air pollution besides cutting petroleum import bills.

According to a recent report by NITI Aayog and Technology Information Forecasting and Assessment Council (TIFAC), E2W sales could touch 22.02 million in the financial year 2031 if battery costs reduce by 8% CAGR, vehicle power increases by 20% by FY 2024, and demand incentives continue until FY 2031.

Electric 4-wheelers (E4W)

In all, 1,814 E4Ws were sold in 1H 2022, a 706% rise YoY compared to the 225 units sold in the same period last year. In January, 204 units were sold, February (144), March (66), April (450), May (678), and June (272).

Tata Motors’ passenger vehicles department led E4W sales during the period. Mahindra & Mahindra, MG Motor India, and BYD Auto were the other companies that topped the sales list.

Several states, including Haryana, AssamMaharashtraDelhi, and Gujarat, have introduced policies to bolster EV and related-infrastructure production.