In June 2024, electric car and SUV sales in India fell by 20 percent compared to the same month last year. Major brands like Tata, Mahindra, MG Motor, Mercedes, BMW, and Audi sold a combined total of 5,562 EVs. Despite this decline, the first half of 2024 saw a 16 percent year-on-year increase in overall EV sales. The withdrawal of the FAME II subsidy has impacted the market, but the new Electric Mobility Promotion Scheme (EMPS) and the anticipated FAME III scheme aim to boost future growth in the EV sector.
EV Sales January-June 2024
| Segment | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Two-wheelers | 4,83,998 | 4,35,703 | 11 |
| Three-wheelers | 3,07,404 | 2,46,850 | 25 |
| Passenger vehicles | 40,663 | 33,706 | 21 |
| Light PVs | 4,544 | 5,047 | -10 |
| Buses | 1,944 | 893 | 118 |
| Heavy goods vehicles | 126 | 234 | -46 |
| Light goods vehicles | 3,467 | 684 | 407 |
| Others | 71 | 375 | -81 |
| TOTAL | 8,42,217 | 7,23,492 | 16 |
EV Sales June 2024
| Segment | June 2024 Sales | Share (%) | May 2024 Sales | Month on Month Change (%) | June 2023 Sales | Year on Year Change (%) |
|---|---|---|---|---|---|---|
| Two-wheelers | 53,151 | 48.87 | 64,001 | -17 | 46,108 | 15.27 |
| Three-wheelers | 49,186 | 45.23 | 52,328 | -6 | 48,153 | 2.14 |
| Passenger vehicles | 5,562 | 5.11 | 6,643 | -16.27 | 6,960 | -20 |
| Light PVs | 335 | 0.3 | 123 | 172 | 1,010 | -66.83 |
| Buses | 129 | 0.12 | 224 | -47 | 204 | -37 |
| Heavy good vehicles | 3 | 0 | 30 | -90 | 2 | 50 |
| Light good vehicles | 372 | 0.34 | 284 | 31 | 195 | 91 |
| Others | 4 | 0 | 27 | -85 | 3 | 33 |
| TOTAL | 1,08,742 | 100 | 1,23,710 | -12 | 1,02,635 | 5.95 |
Electric vehicle (EV) sales in India experienced a noticeable decline in June 2024. Major brands like Tata, Mahindra, MG Motor, Mercedes, BMW, and Audi sold a total of 5,562 EVs during the month, which is a 20 percent drop compared to the 6,960 units sold in June 2023. This figure also represents a 16.27 percent decrease from the previous month of May 2024.
Despite the decline in June, the first half of 2024 saw an overall increase in EV sales, with total retail sales of two-wheelers, three-wheelers, passenger vehicles, and commercial vehicles rising by 16 percent year-on-year to 8,42,217 units. Specifically, electric passenger vehicle sales rose by 21 percent year-on-year to 40,663 units in the first six months of 2024, indicating a growing trend towards electric mobility.
The largest volume segments, electric two- and three-wheelers, have been significantly impacted by the withdrawal of the FAME II subsidy scheme on March 31, 2024. The subsequent price increase by companies has resulted in a combined share of 94 percent of total EV sales for these segments, with 7,91,402 units sold in the first half of 2024.
In response to these changes, the Electric Mobility Promotion Scheme (EMPS) was introduced in mid-March 2024 to support the purchase of EVs. With a total outlay of Rs 500 crore, EMPS aims to support the purchase of 3,72,000 EVs, including 3,33,000 two-wheelers and 38,828 three-wheelers. The Indian automotive industry is hopeful that the introduction of the FAME III scheme will further boost EV sales and market share.
- Electric car and SUV sales dropped by 20 percent in June 2024 compared to June 2023.
- Overall EV sales increased by 16 percent in the first half of 2024 compared to the same period in 2023.
- The withdrawal of the FAME II subsidy scheme negatively impacted sales of electric two- and three-wheelers.
- The new Electric Mobility Promotion Scheme (EMPS) aims to support the purchase of EVs with a total outlay of Rs 500 crore.
- The industry is looking forward to the FAME III scheme to sustain and boost EV demand.
