According to the latest information, the EV industry recorded a sales record of 112,396 units in April 2024, across the electric two- and three-wheeler, car and SUV, and commercial vehicle segments.
April 2024 EV sales record 112,396 units - Check two wheelers record
The report shows the sales grab less record as compared to the March 2024’s 209,276 units. In April 2024, two- and three-wheeler sales were impacted by the reduced subsidy as well as increased product prices. If you are an Electric Vehicle news reader you might get demotivated as the registrations declined over 53% month-on-month (MoM) from over 1.37 Lakh units in March, as per Vahan data on May 1, amid lowered vehicle subsidies and seasonal factors.
Combined sales of 105,140 units – 64,013 e-two-wheelers and 41,127 e-three-wheelers – account for 93.54% of India EV Inc’s total retails of 112,396 units. With the FAME II subsidy coming to an end on March 31, 2024, it was expected that March 2024 would be a record-breaking month.
As an answer to EV OEMs urging that the subsidy be continued, the government announced the rollout of a new scheme on March 13. The Electric Mobility Promotion Scheme (EMPS), valid for a four-month period from April 1 to July 31, 2024, has a total outlay of Rs 500 crore and aims to support the purchase of 372,000 EVs including 333,000 two-wheelers and 38,828 three-wheelers (L5 category). While e-two-wheelers get a subsidy of Rs 5,000 per kWh with a maximum limit of Rs 10,000 per unit under EMPS, e-three-wheelers can avail a subsidy of Rs 5,000 per kWh with a maximum limit twice that of two-wheelers at Rs 10,000 per unit. Suffice it to say, July 2024 will see a similar spike in EV sales as in March 2024.
In April 2024, TATA Motors managed to sell a total of 47,983 units of passenger vehicles. This includes passenger vehicles sold in the Indian domestic market and passenger vehicles exported from India by the company. This also indicates a growth in total sales by 876 units which translates into 1.85 percent year-on-year growth in monthly sales of passenger vehicles.
The sales figures for total (domestic + export) passenger vehicles sold by Tata Motors in April 2023 stood at 47,107 units. It can be expected that May and June 2024 will display a similar tepid demand for EVs but will see strong growth in the EMPS-ending month of July 2024. Ola Electric continued to top the chart even as its vehicle registration declined almost 35% MoM to 33,062 units last month. IPO-bound Ola Electric had witnessed its highest-ever monthly vehicle registrations of over 50,000 units in March. If we talk about the TVS Motor sales, in April 2024 it maintained its second position in terms of vehicle registrations but saw a 71% MoM dip to 7,653 units. This was the lowest monthly vehicle registrations since October 2022 for the legacy automobile player.
