With a growth rate of 49%, a total of 1,21,815electric two-wheelers were sold in FY2021-FY2022
- Sales of EVs increased by three-folds in the first half of FY 2022.
- Tata motors sold around 4547 units in F1 GY 2022.
- Two-wheeler contributed majorly with a growth rate of 49%
The electric vehicle sector in India had phenomenal growth after the Covid-19 pandemic scenario. According to the data published by the Centre for Energy Finance at Council on Energy, Environment and Water at Centre for Energy Finance (CEEW-CEF) sales of Electric vehicles increased by three times to 1.18 Lakhs units in the first half of FY 2022.
According to the stats of CEEW-CEF, a total of 1,21,815 electric vehicles were sold in FY 2021-FY 2022. Out of which 57,043 were 2-wheelers, 58,396 were 3-wheelers, 4,726 were 4-wheelers, and 910 were goods and heavy-duty electric vehicles.
Electric Vehicle sales by manufacturers reportedly increased post-pandemic scenario which shooted up Electric vehicles stocks listed in the stock market.
The supportive government policies and the state-wise incentives to lower the initial cost of owning an electric vehicle made a very positive impact on the overall sales of electric vehicles in India. History is being made with the largest shift in the mobility pattern in India.
The major factors driving the sales of electric vehicles in India include customer awareness, less reliability on battery imports due to indigenous manufacturing, rising fuel prices, and the deployment of nationwide charging infrastructure.
Naveen Munjal, MD, Hero Electric says “Incentives from the government have aided growth as we continue to see a hockey stick kind of a growth going forward,”. “It is only a matter of time where various states apart from the ones which already launched an EV policy will also come up with policies to make EVs affordable for the masses.”
Tata Motors with its star models – Tata Nexon and Tata Tigor contributed major to these sales figures. In the first half of FY 2022, Tata motors sold around 4547 electric cars in India. Tata made its highest-ever monthly sales in October 2021 with 1,586 units sold.
Shailesh Chandra, President, PVBU, Tata Motors says “ Sales of Tata electric vehicles increased a whooping three-fold in the first half of FY 2022”
Two-wheeler EVs being the primary driver of EV sales contributes about 90% of total electric vehicle sales in India. With a growth rate of 49% in FY2021, a total of 39,875 electric two-wheelers were sold in FY2021-FY2022. Hero electric sold the maximum number of two-wheeler EVs attaining 37% of the market share, followed by Okinawa, Ampere, and Ather.
- Three-fold increase in Electric Vehicle Sales in India during the First Half of FY2022: Report - November 2, 2021
- Financial analysis of electric vehicles market in India : Future of EV India | EV India Stocks 2022 - October 28, 2021
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