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Electric vehicle sales zooms 49 percent to 1.52 million units in 2023
Latest report from the Federation of Automobile Dealers' Association (FADA) indicates EV sales rose 114.16 percent year-on-year to 5,673 units in 2023 compared to 2,649 vehicles in the preceding year.
In the short-term, OEMs are likely to continue the shift from performance-centered to price-centered EVs as the market slows, leveraging strategies to expand sales of cost-effective EVs with Chinese LFP batteries.
Electric vehicle sales in India jumped 49.25 percent year-on-year to 15,29,947 units in 2023, according to the data released by the Federation of Automobile Dealers' Association (FADA). The sale of two-wheelers in category grew 36.09 percent to 8,59,376 units in 2023 against 6,31,464 units in 2022. The e-three-wheeler sales volumes surged 65.23 percent year-on-year to 5,82,793 units from 3,52,710 units sold in 2022.
The auto retail body said that the surge in two-wheeler EV (E2W) and three-wheeler EV (E3W) sales―the former constituting 7 percent of total sales and the latter, a whopping 56 percent, resulted in the positive sales report of the category. Overall, EV sales accounted for about 8 percent of the total vehicle retails in May 2023. As per FADA data, electric passenger vehicle sales grew 114.71 per cent to 82,105 units last year against 38,240 vehicles in 2022.
FADA indicates that the positive sales performance is due to multiple factors. The e-two-wheeler sales were positively influenced by seasonal factors like the marriage season, changes in the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) subsidies and the recovery of rural demand.
Curated by Y Devyani
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