India EV Inc. reported 11-month sales of 1.38 million units and a respectable 50% YoY growth. The company is only 112,886 units away from setting a record sales of 1.5 million units in CY2023. Retail sales of electric cars, trucks, and motorcycles as well as passenger and commercial vehicles were disclosed along with company-specific statistics. As November ends, India’s electric vehicle growth story only gets better.
It still generates impressive numbers. As of December 3, Vahan reported that total Electric Vehicles sales in India for November 2023 were 152,610. This represents a 26% year-over-year increase from November 2022’s 121,598 units, and just 5,810 units below the record monthly sales of 158,420 in May 2023, which were fueled by buyers who hurried to purchase EVs before the FAME subsidy was eliminated on June 1.
India EV Inc. will have sold more than 100,000 units in November 2023, making it 14 months in a row. The sales momentum continued in November 2022 (121,602 units) and December (105,003 units) of last year, as well as during the first 11 months of CY2023, reaching a peak in May 2023. The milestone was first reached in October 2022 (117,200 units).
Demand of EV vehicles market
In 2023, 857,165 electric two-wheelers made for about 56% of all EVs sold. With 266,869 units sold, Ola Electric was the segment leader once more. TVS Motor Company, Ather Energy, Bajaj Auto, and Ather Energy were the next three highest-grossing companies (71,798).
Electric three-wheelers constituted 38% (582,119) of all EVs sold in 2023. With the largest sales of 40,657 units, YC Electric once again emerged as the category leader. The other companies were Saera Electric (29,324), Dilli Electric Auto (25,068), Piaggio Vehicles (20,800), and Mahindra & Mahindra (37,945 units).
In 2023, 72,623 electric four-wheelers accounted for 5% of total sales. Once again, Tata Motors was the most popular automaker, selling 51,189 units, ahead of MG Motors with 9,263 units. Mahindra (4,140), BYD (1,774), and Hyundai (1,577) are some of the other notable electric four-wheeler companies in the industry. A total of ₹52.28 billion (~$627 million) in subsidies has been given to manufacturers in an attempt to hasten the adoption of EVs. The sale of roughly 1.15 million EVs by December 2023 has prompted the extension of this financial support.
