According to data on the government’s Vahan website, about 9,89,000 EVs have been registered with regional transport offices till Thursday. The numbers already show a more than three-fold increase from 2021. The numbers do not include data from Telangana.
EV fleet operators and individuals buying two-wheelers have been the main drivers of the growth, with new launches and increased availability of charging points, along with low running cost, attracting buyers. Manufacturers such as Ola Electric, Tata Motors and Ather Energy are the main gainers from the increased adoption of EVs.
What is likely to give a further fillip to sales in 2023 is increasing financing and leasing of EVs.
E-vehicle registrations in December till Thursday were 90,000 units, as per the Vahan site, lower than the 1,19,000 EVs retailed in November.
December is traditionally a weaker month for automobile sales as consumers wait for the new year to purchase. But the number is still expected to touch 1,00,000 by the month end.
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“Our aggressive approach in the EV segment helped us being the first Indian auto manufacturer to cross the 50K (50,000) EV sales milestone this year,” said Shailesh Chandra, managing director of Tata Motors Passenger Vehicles & Tata Passenger Electric Mobility.
Tata Motors holds 85% market share in the electric passenger vehicle segment.
Multiple product launches announced by major industry players, rising acceptance of EVs as a mainstream choice with barriers to adoption reducing, and stringent emission regulations that make automakers to include EVs as a part of their portfolio are all aiding the industry growth, said Chandra.
Tata Motors plans to launch 10 EVs in the next five years.
In the two-wheeler segment, EV sales slowed sequentially in December to 56,976 units so far from 76,000 units the previous month. But the segment, the top contributors to EV sales, is expected to regain the momentum in the new year.
“The growth momentum in electric two-wheeler industry has been building positively in the last few months. In the next few years, there would be more electric two-wheeler product launches at competitive price points, which would help boost their adoption”, said Hero Electric chief executive Sohinder Gill.
Vehicle retail sales – including electric and fossil fuel-powered – totalled more than 1.48 million units in December.
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