Electric Vehicle Sales Surge 81% YoY in Q1 2023, 349,676 Units Sold

Nearly 62% of all the EVs sold were electric two-wheelers


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.

Sales increased by 2% compared to 343,485 units sold in the previous quarter.

EVs accounted for 6% 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.

India has over 2 million registered EVs as of March 2023.

Electric two-wheelers

Out of the total EVs sold, nearly 62% (216,482) were electric two-wheelers. Ola Electric had the highest number of sales in this category with 57,365 units sold, followed by TVS 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).

Electric three-wheelers

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 Saera Electric 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.

Electric four-wheelers

Electric four-wheelers (cars) represented 4% of the total sales at 14,200 units.

Tata Motors accounted for the highest sales with 11,132 units, followed by MG Motors with 1,259 units. Other significant electric four-wheeler companies in the market include BYD (558), Mahindra (243), and BMW (182).

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.

Recently, a parliamentary committee recommended extending the FAME-II program by two years beyond its March 31, 2024, deadline.

EV sales in India reached an unprecedented one million units in 2022, a jump of over 300% against the 322,877 units sold in 2021.