EV Sales Soar 19 Per Cent In H1, But Growth Remains Modest Against Previous Month

The Vahan data from the Ministry of Road Transport and Highways showed that sales in Sep remained the third highest seen in the current year, after 203,506 units sold in Mar and 169,746 units in July

Sector experts noted that the modest increase in EV sales in September is a good indication as majorly consumers avoid buying vehicles, properties, or homes during the Shradh/Pitru Paksha month.

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Electric vehicle sales in India grew significantly in the first half of the current fiscal year 2024-25 (FY25). The sales touched 836,621 units in the period, in comparison to 702,013 units sold in the corresponding period a year earlier.

However, on a monthly basis, the growth seen in the sales in the segment was muted and rose 1.22 per cent against 146,745 units sold in August this year, reported Business Standard. On a year-on-year basis, EV sales surged to 148,539 units in September, rising 24.65 per cent against 119,163 units sold in the same month a year earlier.

The Vahan data from the Ministry of Road Transport and Highways revealed that sales in September remained the third highest seen in the current calendar year, after 203,506 units sold in March and 169,746 units logged in July 2024.

Sector experts noted that the modest increase in EV sales in September is a good indication as majorly consumers avoid buying vehicles, properties, or homes during the Shradh/Pitru Paksha month. This month is typically considered inauspicious by Hindus for purchasing expensive items.

The marginal rise in the sales can be attributed to higher discounts and offers announced by automotive manufacturers. Further, a low base in August also helped add to the sales growth in the month under review. Notably, EV sales in August decreased nearly 13 per cent in comparison to 169,746 units sold in July this year.

Further, executives in the industry anticipate sales to further grow in October as the festive season continues in full swing starting October 3, 2024. The experts predict sales to jump by 10 per cent to 15 per cent during the month which is lined up with festivals such as Diwali, Dusshera, Karwa Chauth, etc.