Electric vehicle sales topped 100,000 units in February for the fifth consecutive month

The sale of electric vehicles surpassed 100,000 units in February for the fifth month in a row

Electric vehicle (EV) sales in India have passed the 100,000 milestone for the fifth consecutive month. Government vehicle data show a total of 106,107 newly purchased electric vehicle registrations in February 2023, up from 101,060 in January 2023 and 102,522 in December 2022.  However, it is lower than 119,539 units in November 2022 and 116,090 units in October 2022. 

When it comes to numbers, there are plenty of significant developments. During the first 11 months of this fiscal year (April 2022 to February 2023)electric vehicle sales exceeded 100 for the first time in a fiscal year. There were 10.09.911 electric vehicles sold in the 2022 financial year, for the first time exceeding one million. Numbers are expected to be slightly higher as data for vehicles sold by Telangana State and the Armed Forces are not included. 

Electric two-wheelers: TVS records highest monthly sales with Ola

With 65,572, the electric two-wheeler industry hit its highest sales volume in three months, surpassing 65,091 in December 2022 and 64,458 in January. However, the previous month’s balance was favorable at 11,066 units, down from 76,638 units in October 2022. 

Market leaders Ola Electric and TVS Motor Company were the only two companies to record five-digit volume of vehicle sales in February, both exceeding 10,000 units. It has seven others with four-digit sales. 

Ola Electric tops the company rankings with 17,612 units, second only to 18,282 units in January 2023, for the second-best monthly sales this year. This is despite his 27% share of the February segment. Having achieved a total of 129,866 units in the first 11 months of fiscal 2023, significantly higher than its competitors, the company is poised to become the market leader this fiscal year.

A surprise package, TVS Motor Co. won 19% market share for two consecutive months. The company has been steadily improving its market performance month-over-month, with monthly sales of 12,573 in February, up from 10,423 in January. 

Ather Energy was third with 9,949 units, the highest monthly sales since launch. Cumulative sales for 11 months totalled 63,963 units.

Ampere Vehicles was its fourth-largest OEM in February 2023 with 5,839 units, and they sold 74,932 units in the first 11 months of fiscal 2023. However, the cumulative sales volume is lower than Okinawa Autotech (89,785 units) and Hero Denki (80,954 units). Both OEMs had much higher monthly numbers for CY2022, ranking in the top three not so long ago. The slowdown in monthly sales is a result of the cancellation of the FAME II subsidy. 

Electric 3-wheelers: With 3,668 units, M&M maintains its No. 1 position

The sales volume of 35,657 units in February 2023 is better than January’s 32,908 units. However, it is lower than November 2022’s 38,720 units or September 2022’s 36,138 units, which will lead the electric tricycle industry in 2023. Two of the best months for 350,000 marks for the fiscal year.

With 3,668 units and a 10% share, Mahindra & Mahindra remains the leader in this EV sub-segment contested by more than 300 OEMs. The company continues to see demand for electric tricycles that transport cargo and passengers.

M&M plus 5 other OEMs – YC Electric (2,582), Saera Electric Auto (1,839), Dilli Electric Auto (1,528), Champion Polyplast (1,236), Piaggio Vehicles (1,054) with over 1,000 five figures Record sales of Eleven companies, including Kinetic Green (501), each sold over 500 units last month.

Electric passenger vehicles: Best-ever monthly sales for electric carmakers

The Electric vehicles industry hit a record monthly sales volume of 4,164 units in February. This equates to 149 units sold per day. This is clearly a result of the introduction of new models on the market and the increase in the number of electric vehicles.

February sales reflected strong month-over-month growth for the financial year, up 42% from 2,940 in January 2023. In the first 11 months, he sold 32,922 units, up 136% from 13,958 units from April 2021 to February 2022. With one month to go until the end of 2023, total ePV retail sales are just 196 less. In February, Tata Motors, the market leader with India’s largest EV portfolio with Nexon EV, Tigor EV, Tiago EV and Xpres-T (for fleet buyers) sold an estimated 3,442 units, a staggering 83% achieved. MG Motor India followed with 344 units and BYD India with 175 units.

M&M plus 5 other OEMs – YC Electric (2,582), Saera Electric Auto (1,839), Dilli Electric Auto (1,528), Champion Polyplast (1,236), Piaggio Vehicles (1,054) with over 1,000 five figure record sales.

Eleven companies, including Kinetic Green (501), each sold more than 500 units last month.

The Indian EV growth story

India is transitioning from ICE vehicles to EVs, and it is projected that by 2030 EVs will account for 30% of India’s mobility needs. These industry dynamics are driven by FAME programs, government subsidies, and an expanding product portfolio across all vehicle segments.

Domestic EV industry revenue growth can be attributed to increased product availability, higher petrol, diesel and CNG prices, government subsidies and SOPs offered as part of FAME II. Growing consumer awareness of the need to use environmentally friendly modes of transportation and the low long-term cost of ownership of electric vehicles are the main factors driving the adoption of electric mobility.

Given the focus of the 2023 federal budget on this segment of the automotive industry, increased FAME II subsidy allocations should help drive electric vehicle sales across all sub segments. 

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