EV Sales Sustain Growth Momentum, Up 40% YoY in Q1 2024

March witnessed the highest-ever quarterly sales figure of 204,337 units


Electric vehicle (EV) sales in India reached a record 486,669 units in the first quarter (Q1) of 2024, a jump of over 40% year-over-year (YoY) against the 347,676 units sold in the same period of 2023.

The EV market consistently exceeded the 100,000-unit threshold each month during the quarter, and March witnessed the highest-ever monthly sales figure of 204,337 units.

EVs account for 7.9% of overall automobile sales, which totaled 6,157,070 units in Q1 2024, 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 now has over 3.95 million registered EVs.

Electric two-wheelers

Electric two-wheelers accounted for nearly 62% (301,010) of total EVs sold in Q1 2024.

Ola once again led the segment with the highest sales at  116,810, followed by TVS  (56,412), Bajaj Auto (40,530), Ather (35,627), and Greaves Electric (7,852).

Electric three-wheelers

Electric three-wheelers constituted 33% (164,696) of all EVs sold in Q1 2024.

Mahindra Last Mile Mobility emerged as the leader in this category, achieving the highest sales with 16,136 units sold, followed by YC Electric (10,052), Piaggio Vehicles (7,424), Saera Electric Auto (6,640), and Bajaj Auto (6,312).

Electric four-wheelers

Electric four-wheelers represented 4% of the total sales at 20,963 units in Q1 2024.

Tata Motors was once again the most preferred electric four-wheeler automobile maker, with 14,075 units sold. MG Motor (3,215), Mahindra & Mahindra (1,982), Hyundai (436), and BYD India (350) were the other major players.

Phase II of the Faster Adoption and Manufacturing of Electric and Hybrid Vehicles (FAME) program ended on March 31, 2024.

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.

In March, the Ministry of Heavy Industries launched the Electric Mobility Promotion Program 2024 with a funding of ₹5 billion (~$60.34 million). The program is scheduled from April 1, 2024, to  July 31, 2024, and targets electric two-wheelers and three-wheelers, including e-rickshaws, e-carts, and L5 category vehicles.