EV Sales Recorded a Significant Growth of 55.2% in July 2024: FADA Reported

Electric vehicle (EV) sales in India surged significantly in July, with overall volumes increasing by 55.2% year-on-year to 179,038 units, according to data released by the Federation of Automobile Dealers Association (FADA).

The primary driver of this growth was the electric two-wheeler segment, which recorded a staggering 96% increase compared to the same period last year. Electric three-wheeler sales also climbed 18.18%.

While the commercial vehicle segment doubled its sales compared to July 2023, the passenger EV segment saw a slight decline of 2.92%. However, despite the marginal drop, electric passenger vehicles continue to hold a 2.4% market share.

The government’s Electric Mobility Promotion (EMP) scheme, aimed at boosting EV adoption, has been extended until September 30 with an increased outlay of ₹778 crore. The scheme was initially announced in March for a four-month period.

FADA President Vinkesh Gulati highlighted the strong performance of the electric commercial vehicle segment and its potential for further growth.

“The rising market share in the 2W and 3W EV segments for July 2024, with YoY growth rates of 95.94% and 18.18%, respectively, and a market share of 7.4% and 57.6%, respectively, for the month, is a clear indication of the growing acceptance and demand for electric vehicles in India,” FADA President, Manish Raj Singhania said.

The combination of attractive discounts and the anticipation of the discontinuation of the EMPS (Electric Mobility Promotion Scheme), despite its extension, has significantly boosted sales, he said.

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