Electric Vehicle Sales Surge 66% YoY in Q2 2023 with 371,340 Units Sold

Nearly 59% of all the EVs sold were electric two-wheelers


Electric vehicle (EV) sales in India reached 371,340 units in the second quarter (Q2) of 2023, a year-over-year (YoY) increase of 66% compared to 223,293 units sold in the same period last year.

Sales increased by 6% compared to 349,676 units sold in the previous quarter.

EVs accounted for 7.2% of overall automobile sales, according to data released by the Ministry of Road Transport and Highways through its Vahan Dashboard. India has over 2.4 million registered EVs as of June 2023.

The numbers do not include data for Telangana and Lakshadweep.

Electric two-wheelers

Two-wheeler EVs accounted for nearly 59% (217,998) of the total EVs sold during the quarter.

Ola Electric had the highest number of sales in this category, with 68,245 units sold, followed by TVS with 36,973 units.

Other significant electric two-wheeler companies in the market include Ather (27,745), Ampere (19,561), and Bajaj (16,673).

In a gazette notification, the Ministry of Heavy Industries announced that the cap on incentives for e-2Ws is reduced to 15% of the total cost of the vehicles from the previous 40% under the Faster Adoption and Manufacturing of Hybrid & Electric Vehicles Phase-II program.

Electric three-wheelers

Nearly a third (130,662) of all EVs sold during the quarter were electric three-wheelers. YC Electric had the highest sales at 6,632 units, followed by Mahindra and Mahindra (11,486).

Saera Electric (6,280) units, Dilli Electric (5,947), and Piaggio (4,843) were the other major electric three-wheeler companies in the market.

Electric four-wheelers

Electric four-wheelers (cars) represented 5% of the total sales at 18,917 units.

Tata Motors accounted for the highest sales with 10,846 units, followed by MG Motors with 1,902 units.

Other significant electric four-wheeler companies in the market include Mahindra (1,297), BYD (454), and Hyundai (382).

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