Trina Solar’s 2023 Profit Up 50% as Module Shipments Soar

Solar Park DPRs of Central PSUs Exempted from State Committee Vetting

Railways Invites Bids for 1.15 MW Rooftop Solar Projects in Varanasi Division

Tata Power Solar, Amplus and Roofsol: Top Rooftop Solar Installers in 2023

Daily News Wrap-Up: Solar Generation in India Rises 8.8% YoY to 32 BU in 2024

US Doubles Tariff on Chinese Solar Cells to 50%, Targets EVs and Batteries

Funding and M&A Roundup: Matrix Renewables Secures $322 Million Debt Funding

Project Finance Brief: BrightNight and Cordelio Secure $414 Million for Solar Project

Railways Issue Empanelment Tender for 2.33 MW Rooftop Solar Projects

FTC Solar Expects Revenue Rebound as Q1 2024 Losses Shrink


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/04/amazon_polly_64942.mp3?version=1712131522">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Electric vehicle (EV) sales in India reached a record 486,669 units in the first quarter (Q1) of 2024, a jump of over 40% year-over-year (YoY) against the 347,676 units <a href="https://www.mercomindia.com/electric-vehicle-sales-q1-2023" target="_blank" rel="noopener">sold </a>in the same period of 2023.</p>
<p>The EV market consistently exceeded the 100,000-unit threshold each month during the quarter, and March witnessed the highest-ever monthly sales figure of 204,337 units.</p>
<p>EVs account for 7.9% of overall automobile sales, which totaled 6,157,070 units in Q1 2024, according to data released by the <a href="https://morth.nic.in/" target="_blank" rel="noopener">Ministry of Road Transport and Highways</a> through its <a href="https://vahan.parivahan.gov.in/vahan4dashboard/vahan/dashboardview.xhtml" target="_blank" rel="noopener">Vahan Dashboard</a>. The numbers do not include data for Telangana and Lakshadweep.</p>
<p>India now has over 3.95 million registered EVs.</p>
<p><strong>Electric two-wheelers</strong></p>
<p>Electric two-wheelers accounted for nearly 62% (301,010) of total EVs sold in Q1 2024.</p>
<p><a href="https://www.olaelectric.com/" target="_blank" rel="noopener">Ola</a> once again led the segment with the highest sales at  116,810, followed by <a href="https://www.tvsmotor.com/" target="_blank" rel="noopener">TVS</a>  (56,412), <a href="https://www.bajajauto.com/" target="_blank" rel="noopener">Bajaj Auto</a> (40,530), <a href="https://www.atherenergy.com/" target="_blank" rel="noopener">Ather</a> (35,627), and <a href="https://greaveselectricmobility.com/" target="_blank" rel="noopener">Greaves Electric</a> (7,852).</p>
<p><strong>Electric three-wheelers</strong></p>
<p>Electric three-wheelers constituted 33% (164,696) of all EVs sold in Q1 2024.</p>
<p><a href="https://mahindralastmilemobility.com/" target="_blank" rel="noopener">Mahindra Last Mile Mobility</a> emerged as the leader in this category, achieving the highest sales with 16,136 units sold, followed by <a href="https://www.ycevehicles.com/" target="_blank" rel="noopener">YC Electric</a> (10,052), <a href="https://piaggio-cv.co.in/" target="_blank" rel="noopener">Piaggio Vehicles</a> (7,424), <a href="https://www.saeraauto.com/" target="_blank" rel="noopener">Saera Electric Auto</a> (6,640), and <a href="https://www.bajajauto.com/three-wheelers/ev-re" target="_blank" rel="noopener">Bajaj Auto</a> (6,312).</p>
<p><strong>Electric four-wheelers</strong></p>
<p>Electric four-wheelers represented 4% of the total sales at 20,963 units in Q1 2024.</p>
<p><a href="https://www.tatamotors.com/" target="_blank" rel="noopener">Tata Motors</a> was once again the most preferred electric four-wheeler automobile maker, with 14,075 units sold. <a href="https://www.mgmotor.co.in/" target="_blank" rel="noopener">MG Motor</a> (3,215), <a href="https://www.mahindra.com/our-business/automotive" target="_blank" rel="noopener">Mahindra &amp; Mahindra</a> (1,982), <a href="https://www.hyundai.com/in/en" target="_blank" rel="noopener">Hyundai</a> (436), and <a href="https://bydautoindia.com/" target="_blank" rel="noopener">BYD India</a> (350) were the other major players.</p>
<p>Phase II of the Faster Adoption and Manufacturing of Electric and Hybrid Vehicles (FAME) program ended on March 31, 2024.</p>
<p>Earlier this year, the Parliamentary Standing Committee on Industry <a href="https://www.mercomindia.com/parliament-panel-extension-fame-program-2027" target="_blank" rel="noopener">recommended</a> that the government extend Phase II of the FAME program for at least three years beyond March 31, 2024, to make EVs a norm in the Indian automobile market.</p>
<p>In March, the Ministry of Heavy Industries <a href="https://www.mercomindia.com/government-5-billion-program-electric-mobility/" target="_blank" rel="noopener">launched</a> the Electric Mobility Promotion Program 2024 with a funding of ₹5 billion (~$60.34 million). The program is scheduled from April 1, 2024, to  July 31, 2024, and targets electric two-wheelers and three-wheelers, including e-rickshaws, e-carts, and L5 category vehicles.</p>


EV Sales Sustain Growth Momentum, Up 40% YoY in Q1 2024

mahindra-last-mile-mobility

Get the most relevant India solar and clean energy news.

RECENT POSTS