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EV sales witness growth across categories in FY24
Photo Courtesy: Pixabay

EV sales witness growth across categories in FY24

| @indiablooms | 09 Apr 2024, 11:17 pm

New Delhi: Electric vehicle retail sales in India witnessed growth across all segments in the previous fiscal year ended on March 31, 2024, including passenger vehicles and two-wheelers, according to the Federation of Automobile Dealers Associations (FADA).

Electric passenger vehicle sales surged to 90,996 units in 2023-24 from 47,551 units in FY23, a substantial 91 percent increase.

Tata Motors emerged as the leader in this segment, recording registrations of 64,217 units, a notable 66 percent rise from the 38,728 units registered in the 2022-23 financial year.

Likewise, registrations of electric two-wheelers increased by 30 percent to 947,087 units in the fiscal year 2023-24, compared to 728,205 units in FY23.

Ola Electric dominated the market with retail sales reaching 329,237 units, followed closely by TVS Motor Company, which registered 182,969 units.

Electric three-wheeler retail sales experienced a significant increase of 56 percent, reaching 632,636 units in the last fiscal year, compared to 404,430 units in FY23.

The Mahindra Group witnessed notable growth in retail sales, reaching 60,618 units in the last fiscal year, marking a 69 percent increase from 35,916 units in the 2022-23 fiscal year.

In the same vein, sales of electric commercial vehicles surged to 8,571 units in the last fiscal year, a significant increase from 3,111 units in the 2022-23 financial year, marking a three-fold rise over the previous fiscal.

Tata Motors led the market with sales of 5,590 units in FY24, followed by JBM Auto, which registered 530 units.

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