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					</table><p>Electric vehicle (EV) sales in India reached a record 1.53 million units in 2023, a jump of over 50% year-over-year (YoY) against the million units <a href="https://www.mercomindia.com/ev-sales-clocked-record-one-million-units-2022/" target="_blank" rel="noopener">sold</a> in 2022.</p>
<p>EVs accounted for 6.4% of overall automobile sales, 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>Consistently surpassing the 100,000-unit mark on a monthly basis, the EV market witnessed remarkable peaks, with May registering the highest sales at 158,433 units, closely followed by November with 153,466 units and March with 140,923 units.</p>
<p>India now has over 3.45 million registered EVs.</p>
<p><strong>Electric two-wheelers</strong></p>
<p>Electric two-wheelers accounted for nearly 56% (857,165) of total EVs sold in 2023. <a href="https://www.olaelectric.com/experience-centre-visit-registration?utm_source=google&amp;utm_medium=cpc_search&amp;utm_campaign=Brand-Top-cities-ola-test-ride&amp;gad_source=1&amp;gclid=Cj0KCQiAhc-sBhCEARIsAOVwHuTgMIs6kH_Xjc13dhtee2m14FCz6So6bcbJr8rE2hvqoVe4DSopMLQaApFjEALw_wcB" target="_blank" rel="noopener">Ola Electric</a> once again led the segment with the highest sales at 266,869 units, followed by <a href="https://www.tvsmotor.com/" target="_blank" rel="noopener">TVS Motor Company</a> (166,372), <a href="https://www.atherenergy.com/" target="_blank" rel="noopener">Ather Energy</a> (104,514), and <a href="https://www.bajajauto.com/" target="_blank" rel="noopener">Bajaj Auto</a> (71,798).</p>
<p><strong>Electric three-wheelers</strong></p>
<p>Electric three-wheelers constituted 38% (582,119) of all EVs sold in 2023. <a href="https://www.ycevehicles.com/" target="_blank" rel="noopener">YC Electric</a> emerged as the leader in this category once again, achieving the highest sales with 40,657 units. The others were <a href="https://mahindralastmilemobility.com/" target="_blank" rel="noopener">Mahindra &amp; Mahindra</a>, with 37,945 units, <a href="https://www.saeraauto.com/" target="_blank" rel="noopener">Saera Electric</a> (29,324), <a href="https://www.citylifeev.com/" target="_blank" rel="noopener">Dilli Electric Auto</a> (25,068), and <a href="https://piaggio-cv.co.in/" target="_blank" rel="noopener">Piaggio Vehicles</a> (20,800).</p>
<p><strong>Electric four-wheelers</strong></p>
<p>Electric four-wheelers represented 5% of the total sales at 72,623 units in 2023. <a href="https://www.tatamotors.com/" target="_blank" rel="noopener">Tata Motors</a> was the most preferred automobile maker once again, with 51,189 units sold, followed by <a href="https://www.mgmotor.co.in/" target="_blank" rel="noopener">MG Motors</a> with 9,263 units. Other significant electric four-wheeler companies in the market include <a href="https://www.mahindra.com/our-business/automotive" target="_blank" rel="noopener">Mahindra</a> (4,140), <a href="https://bydautoindia.com/" target="_blank" rel="noopener">BYD</a> (1,774), and <a href="https://www.hyundai.com/in/en" target="_blank" rel="noopener">Hyundai</a> (1,577).</p>
<p>In an effort to accelerate the adoption of EVs, subsidies totaling ₹52.28 billion (~$627 million) have been <a href="https://www.mercomindia.com/ev-manufacturers-%E2%82%B952-billion-subsidies-december-1-2023/" target="_blank" rel="noopener">provided</a> to manufacturers. This financial support has been extended in conjunction with the sale of approximately 1.15 million EVs as of December 2023.</p>
<p>In October, Union Minister for Power and New &amp; Renewable Energy R K Singh <a href="https://www.mercomindia.com/government-to-to-boost-ev-adoption-r-k-singh" target="_blank" rel="noopener">announced</a> that the government is working on a second Production Linked Initiative program that will cut down the cost of battery storage and boost the adoption of EVs in India.</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>


Electric Vehicle Sales Clock 50% YoY Growth in 2023 to Reach 1.5 Million Units


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					</table><p>Electric vehicle (EV) sales in India reached 371,214 units in the third quarter (Q3) of 2023, a year-over-year (YoY) increase of 40% compared to 264,781 units sold in the same period last year.</p>
<p>Sales showed a minor drop from the 371,340 units <a href="https://www.mercomindia.com/electric-vehicle-sales-q1-2023" target="_blank" rel="noopener">sold</a> in the previous quarter.</p>
<p>EVs accounted for 7.3% of overall automobile sales, according to data released by the Ministry of Road Transport and Highways through its <a href="https://vahan.parivahan.gov.in/vahan4dashboard/vahan/dashboardview.xhtml" target="_blank" rel="noopener">Vahan Dashboard</a>.</p>
<p>India has over 2.7 million registered EVs as of September 2023.</p>
<p>The numbers do not include data for Telangana and Lakshadweep.</p>
<p><strong>Electric two-wheelers</strong></p>
<p>Two-wheeler EVs accounted for nearly 49% (181,019) of the total EVs sold during the quarter.</p>
<p><a href="https://olaelectric.com/">Ola Electric</a> had the highest sales in this category, with 56,734 units sold, followed by <a href="https://www.tvsmotor.com/">TVS</a> with 41,397 units.</p>
<p>Other significant electric two-wheeler companies in the market include Ather (20,925), Bajaj (17,757), and Greaves (8,689).</p>
<p>In May, the government <a href="https://www.mercomindia.com/electric-two-wheeler-subsidy-10000-june" target="_blank" rel="noopener">slashed</a> the subsidy for electric two-wheelers from ₹15,000 (~$181)/kWh to ₹10,000 (~$121).</p>
<p><strong>Electric three-wheelers</strong></p>
<p>Nearly 45% (167,888) of all EVs sold during the quarter were electric three-wheelers. <a href="https://mahindralastmilemobility.com/" target="_blank" rel="noopener">Mahindra and Mahindra</a> had the highest sales at 15,424 units, followed by YC Electric (11,570).</p>
<p>Saera Electric (8,718) units, Dilli Electric (7,531), and Piaggio (5,860) were the other major electric three-wheeler companies in the market.</p>
<p><strong>Electric four-wheelers</strong></p>
<p>Electric four-wheelers (cars) represented 5% of the total sales at 18,603 units.</p>
<p><a href="https://www.tatamotors.com/" target="_blank" rel="noopener">Tata Motors</a> accounted for the highest sales with 12,491 units, followed by <a href="https://www.mgmotor.co.in/" target="_blank" rel="noopener">MG Motors</a> with 3,205 units.</p>
<p>Other significant electric four-wheeler companies in the market include Mahindra (1,101), Hyundai (490), and BYD (324).</p>
<p>In August, a parliamentary committee <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 Faster Adoption and Manufacturing of Electric and Hybrid Vehicles program for at least three years beyond March 31, 2024, to make EVs more affordable.</p>


Electric Vehicle Sales Surge 40% YoY in Q3 2023 with 371,214 Units


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					</table><p>Electric vehicle (EV) sales in India reached 371,340 units in the second quarter (Q2) of 2023, a year-over-year (YoY) increase of 66% compared to 223,293 units sold in the same period last year.</p>
<p>Sales increased by 6% <a href="https://www.mercomindia.com/electric-vehicle-sales-q1-2023" target="_blank" rel="noopener">compared</a> to 349,676 units sold in the previous quarter.</p>
<p>EVs accounted for 7.2% of overall automobile sales, according to data released by the Ministry of Road Transport and Highways through its <a href="https://vahan.parivahan.gov.in/vahan4dashboard/vahan/dashboardview.xhtml" target="_blank" rel="noopener">Vahan Dashboard</a>. India has over 2.4 million registered EVs as of June 2023.</p>
<p>The numbers do not include data for Telangana and Lakshadweep.</p>
<p><strong>Electric two-wheelers</strong></p>
<p>Two-wheeler EVs accounted for nearly 59% (217,998) of the total EVs sold during the quarter.</p>
<p><a href="https://olaelectric.com/" target="_blank" rel="noopener">Ola Electric</a> had the highest number of sales in this category, with 68,245 units sold, followed by <a href="https://www.tvsmotor.com/" target="_blank" rel="noopener">TVS</a> with 36,973 units.</p>
<p>Other significant electric two-wheeler companies in the market include Ather (27,745), Ampere (19,561), and Bajaj (16,673).</p>
<p>In a gazette notification, the Ministry of Heavy Industries <a href="https://www.mercomindia.com/electric-two-wheeler-subsidy-10000-june" target="_blank" rel="noopener">announced</a> that the cap on incentives for e-2Ws is reduced to 15% of the total cost of the vehicles from the previous 40% under the Faster Adoption and Manufacturing of Hybrid &amp; Electric Vehicles Phase-II program.</p>
<p><strong>Electric three-wheelers</strong></p>
<p>Nearly a third (130,662) of all EVs sold during the quarter were electric three-wheelers. <a href="https://www.ycevehicles.com/" target="_blank" rel="noopener">YC Electric </a>had the highest sales at 6,632 units, followed by <a href="https://mahindralastmilemobility.com/" target="_blank" rel="noopener">Mahindra and Mahindra</a> (11,486).</p>
<p>Saera Electric (6,280) units, Dilli Electric (5,947), and Piaggio (4,843) were the other major electric three-wheeler companies in the market.</p>
<p><strong>Electric four-wheelers</strong></p>
<p>Electric four-wheelers (cars) represented 5% of the total sales at 18,917 units.</p>
<p><a href="https://www.tatamotors.com/" target="_blank" rel="noopener">Tata Motors</a> accounted for the highest sales with 10,846 units, followed by <a href="https://www.mgmotor.co.in/" target="_blank" rel="noopener">MG Motors</a> with 1,902 units.</p>
<p>Other significant electric four-wheeler companies in the market include Mahindra (1,297), BYD (454), and Hyundai (382).</p>
<p>Recently, a parliamentary committee <a href="https://www.mercomindia.com/parliamentary-panel-fame-program-by-two-years" target="_blank" rel="noopener">recommended</a> extending the FAME-II program by two years beyond its March 31, 2024, deadline.</p>


Electric Vehicle Sales Surge 66% YoY in Q2 2023 with 371,340 Units Sold


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					</table><p>Electric vehicle (EV) sales in India reached 349,676 units in the first quarter of 2023, a year-over-year (YoY) increase of 81% compared to 192,565 units sold in the same period last year.</p>
<p>Sales increased by 2% compared to 343,485 units sold in the previous quarter.</p>
<p>EVs accounted for 6% of overall automobile sales, according to data released by the Ministry of Road Transport and Highways 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 has over 2 million registered EVs as of March 2023.</p>
<p><strong>Electric two-wheelers</strong></p>
<p>Out of the total EVs sold, nearly 62% (216,482) were electric two-wheelers. <a href="https://olaelectric.com/" target="_blank" rel="noopener">Ola Electric</a> had the highest number of sales in this category with 57,365 units sold, followed by <a href="https://www.tvsmotor.com/" target="_blank" rel="noopener">TVS</a> with 39,893 units. Other significant electric two-wheeler companies in the market include Ather (31,378), Ampere (19,557), and Hero Electric (18,917).</p>
<p><strong>Electric three-wheelers</strong></p>
<p>Nearly a third (115,520) of all EVs sold during the quarter were electric three-wheelers. YC Electric had the highest sales at 7,954 units, followed by <a href="https://www.saeraauto.com/" target="_blank" rel="noopener">Saera Electric</a> with (5,841) units. Mahindra and Mahindra (6,951), Dilli Electric (5,086), and Mahindra Reva Electric Vehicles (4,108) were the other major electric three-wheeler companies in the market.</p>
<p><strong>Electric four-wheelers</strong></p>
<p>Electric four-wheelers (cars) represented 4% of the total sales at 14,200 units.</p>
<p><a href="https://www.tatamotors.com/" target="_blank" rel="noopener">Tata Motors</a> accounted for the highest sales with 11,132 units, followed by <a href="https://www.mgmotor.co.in/" target="_blank" rel="noopener">MG Motors</a> with 1,259 units. Other significant electric four-wheeler companies in the market include BYD (558), Mahindra (243), and BMW (182).</p>
<p>India aims for EVs to make up 30% of all vehicles by 2030. The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) program, state subsidies, and a wider range of consumer options have contributed to the rising sales. There is also increased awareness among consumers about the benefits of using environmentally friendly modes of transport.</p>
<p>Recently, a parliamentary committee <a href="https://www.mercomindia.com/parliamentary-panel-fame-program-by-two-years" target="_blank" rel="noopener">recommended</a> extending the FAME-II program by two years beyond its March 31, 2024, deadline.</p>
<p>EV sales in India <a href="https://www.mercomindia.com/ev-sales-clocked-record-one-million-units-2022" target="_blank" rel="noopener">reached</a> an unprecedented one million units in 2022, a jump of over 300% against the 322,877 units sold in 2021.</p>


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