Electric vehicle retail sales grow across segments in FY'24: FADA

New Delhi: Electric vehicle retail sales in India increased last fiscal with all the segments, including passenger vehicles and two-wheelers, witnessing enhanced registrations, according to automotive dealers' body FADA.

The overall sales of electric passenger vehicles rose to 90,996 units in 2023-24 as compared to 47,551 units in FY'23, registering an increase of 91 per cent. Tata Motors led the segment with registrations of 64,217 units, up 66 per cent over 38,728 units in the 2022-23 financial year.

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Similarly, registrations of electric two-wheelers rose by 30 per cent to 9,47,087 units in 2023-24 fiscal as compared to 7,28,205 units in FY'23.

Ola Electric led the space with retail sales of 3,29,237 units, followed by TVS Motor Company with registrations of 1,82,969 units. Electric three-wheeler retail sales rose 56 per cent to 6,32,636 units last fiscal as against 4,04,430 units in FY'23.

Mahindra Group retailed 60,618 units last fiscal, registering a growth of 69 per cent over 35,916 units in the 2022-23 fiscal.

Similarly, retails of electric commercial vehicles rose to 8,571 units last fiscal as against 3,111 units in the 2022-23 financial year, up three-fold over the 2022-23 fiscal.

Tata Motors sold 5,590 units in FY24, followed by JBM Auto with registrations of 530 units.

"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," Federation of Automobile Dealers Associations (FADA) President Manish Raj Singhania said.

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