Electric Vehicle Sales Surge 40% YoY in Q3 2023 with 371,214 Units

Nearly 45% of all the EVs sold were electric three-wheelers


Electric vehicle (EV) sales in India reached 371,214 units in the third quarter (Q3) of 2023, a year-over-year (YoY) increase of 40% compared to 264,781 units sold in the same period last year.

Sales showed a minor drop from the 371,340 units sold in the previous quarter.

EVs accounted for 7.3% of overall automobile sales, according to data released by the Ministry of Road Transport and Highways through its Vahan Dashboard.

India has over 2.7 million registered EVs as of September 2023.

The numbers do not include data for Telangana and Lakshadweep.

Electric two-wheelers

Two-wheeler EVs accounted for nearly 49% (181,019) of the total EVs sold during the quarter.

Ola Electric had the highest sales in this category, with 56,734 units sold, followed by TVS with 41,397 units.

Other significant electric two-wheeler companies in the market include Ather (20,925), Bajaj (17,757), and Greaves (8,689).

In May, the government slashed the subsidy for electric two-wheelers from ₹15,000 (~$181)/kWh to ₹10,000 (~$121).

Electric three-wheelers

Nearly 45% (167,888) of all EVs sold during the quarter were electric three-wheelers. Mahindra and Mahindra had the highest sales at 15,424 units, followed by YC Electric (11,570).

Saera Electric (8,718) units, Dilli Electric (7,531), and Piaggio (5,860) 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 18,603 units.

Tata Motors accounted for the highest sales with 12,491 units, followed by MG Motors with 3,205 units.

Other significant electric four-wheeler companies in the market include Mahindra (1,101), Hyundai (490), and BYD (324).

In August, a parliamentary committee recommended that the government extend Phase II of the Faster Adoption and Manufacturing of Electric and Hybrid Vehicles program for at least three years beyond March 31, 2024, to make EVs more affordable.