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

EVs accounted for 6.4% of the total automobile sales


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 sold in 2022.

EVs accounted for 6.4% of overall automobile sales, according to data released by the Ministry of Road Transport and Highways through its Vahan Dashboard. The numbers do not include data for Telangana and Lakshadweep.

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.

India now has over 3.45 million registered EVs.

Electric two-wheelers

Electric two-wheelers accounted for nearly 56% (857,165) of total EVs sold in 2023. Ola Electric once again led the segment with the highest sales at 266,869 units, followed by TVS Motor Company (166,372), Ather Energy (104,514), and Bajaj Auto (71,798).

Electric three-wheelers

Electric three-wheelers constituted 38% (582,119) of all EVs sold in 2023. YC Electric emerged as the leader in this category once again, achieving the highest sales with 40,657 units. The others were Mahindra & Mahindra, with 37,945 units, Saera Electric (29,324), Dilli Electric Auto (25,068), and Piaggio Vehicles (20,800).

Electric four-wheelers

Electric four-wheelers represented 5% of the total sales at 72,623 units in 2023. Tata Motors was the most preferred automobile maker once again, with 51,189 units sold, followed by MG Motors with 9,263 units. Other significant electric four-wheeler companies in the market include Mahindra (4,140), BYD (1,774), and Hyundai (1,577).

In an effort to accelerate the adoption of EVs, subsidies totaling ₹52.28 billion (~$627 million) have been provided to manufacturers. This financial support has been extended in conjunction with the sale of approximately 1.15 million EVs as of December 2023.

In October, Union Minister for Power and New & Renewable Energy R K Singh announced 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.

Earlier this year, the Parliamentary Standing Committee on Industry recommended 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.