The electric vehicle (EV) market maintained a decent pace, with the increase in registration up by 23% year on year in September 2024. At the same time, though, at a marginal level, it did not improve as much as it did in the previous month. For H1 of the current fiscal year, EV volumes rose by 20% over the same period last year.
Total EV registrations stood at 159,000 units in September 2024, which translated to a higher number compared to 129,000 units recorded in September 2023 and just above the 157,000 units registered in August 2024, as indicated by Vahan.
Where in the electric two-wheeler segment, 90,000 units were sold in September 2024. Significantly, its sales were growing from last year’s same-month tally of 64,000 units and were up a little from 89,000 units sold in August 2024. In the electric three-wheeler segment, 63,000 units were sold in September 2024, which was more than comparable numbers for September 2023, which stood at 58,000 units, and also more than what it sold last month in August 2024, which stood at 61,000 units.
Ola Electric, however, retained its number-one position in the electric two-wheeler market. Sales for September fell to 24,659 units from 27,587 in August. Bajaj Auto remained on a steady rise, with registrations at 19,103 units in September against 16,789 units. Bajaj pipped TVS Motor to the post. The latter sold 18,084 units in September, having registered an increase from 17,649 units in August.
Ather Energy also witnessed an increase in sales, and the company sold 12,676 units in September through new product launches and the expanding business. Hero MotoCorp, however, is one of the losers: sales fell to 4,304 units from 4,755 units. Greaves Electric Mobility recorded 2,775 units compared to 2,821 units.
In the electric three-wheeler segment, Mahindra Last Mile Mobility maintained its leadership position at 6,087 units in September compared to last year’s 5,105 units for the same period. Bajaj Auto similarly closed in on the top spot with 5,004 units compared to 4,032 units in the same period last year. YC Electric Vehicle and Piaggio both saw a growth in sales, respectively, closing the month off at 3,826 units and 1,683 units.
However, electric PV car and SUV sales declined, with registrations falling to 5,761 units from 6,632 units.
Total registrations in all segments of EV for the first half of the current fiscal year stood at 893,000 units, while it had reported 745,000 units in the same period last year. Electric PV sales, however, managed to notch up some 2% higher at around 43,314 units from 42,724 units recorded in the same period last year, and it was supported largely by a strong performance from the first quarter.
Electric PV sales improved to 22,969 units in Q1 FY25, up from 21,617 units sold in the same period in FY24. The electric PV sales contracted by 2,936 units in Q2 FY25 to 20,345 units, registering lower sales than 21,107 units sold in Q2 FY24.
