Electric Passenger Vehicle Sales Surge 91% In FY24: FADA

In the electric vehicle sector, Ola Electric took the lead with impressive retail sales figures, totalling 3,29,237 units, while TVS Motor Company followed closely behind

Electric vehicle (EV) retail sales in India experienced a notable uptick during the last fiscal year, according to the Federation of Automobile Dealers Associations’ (FADA) Data. Across all segments, including passenger vehicles and two-wheelers, there was a noticeable surge in registrations. Specifically, the sales of electric passenger vehicles surged to 90,996 units in the fiscal year 2023-24, compared to 47,551 units in the previous fiscal year (FY23), marking a substantial increase of 91 per cent.

Tata Motors emerged as the frontrunner in the segment, recording registrations of 64,217 units, reflecting a 66 per cent increase from 38,728 units in FY23. Similarly, registrations for electric two-wheelers saw a 30 per cent uptick, reaching 9,47,087 units in the fiscal year 2023-24 (FY24), compared to 7,28,205 units in FY23.

In the electric vehicle sector, Ola Electric took the lead with impressive retail sales figures, totalling 3,29,237 units, while TVS Motor Company followed closely behind, with registrations reaching 1,82,969 units. Furthermore, electric three-wheeler retail sales witnessed a substantial increase of 56 per cent in the last fiscal year, reaching 6,32,636 units compared to 4,04,430 units in FY23.

In the previous fiscal year, Mahindra Group achieved retail sales of 60,618 units, marking a significant growth of 69 per cent from 35,916 units in the 2022-23 fiscal year. Similarly, the retail sales of electric commercial vehicles saw a notable increase, reaching 8,571 units in the last fiscal year compared to 3,111 units in the 2022-23 financial year, representing a three-fold surge. Tata Motors recorded sales of 5,590 units in FY24, while JBM Auto followed with registrations totalling 530 units.

Commenting on the outcomes, Federation of Automobile Dealers Associations (FADA) President Manish Raj Singhania said, "While the base for EV adoption in India is still expanding, these figures underscore the accelerating shift towards electric mobility and highlight the market's potential for sustainable transportation solutions."