Surge in Electric Vehicle Sales Drives EV Market Growth

Electric vehicle sales surged by 55.2% year-on-year in July, with e-two-wheeler sales seeing a remarkable 96% increase. According to the Federation of Automobile Dealers' Association (FADA), the total electric vehicle sales for July 2023 reached 1,79,038 units, indicating growing acceptance and demand for EVs in India.

Electric vehicle sales saw a significant surge in July, registering a 55.2% increase year-on-year to reach 1,79,038 units. This growth was driven primarily by an impressive 96% rise in e-two-wheeler sales, the Federation of Automobile Dealers' Association (FADA) reported on Tuesday.

According to FADA's monthly sales data, the total electric vehicle sales for July 2023 were 1,16,221 units. The sales of electric two-wheelers in July reached 1,07,016 units, up by 95.94% from the 54,616 units sold in the same month last year. Electric three-wheeler sales also showed an 18.18% increase, totaling 63,667 units compared to 58,873 units in July 2022.

Commercial vehicle sales followed an upward trend, doubling year-on-year to 816 units from 364 sold in July 2022. However, passenger vehicle sales experienced a marginal decline of 2.92%, with 7,541 units sold last month compared to 7,768 units in July 2022. FADA President Manish Raj Singhania highlighted that the combination of attractive discounts and the anticipated discontinuation of the Electric Mobility Promotion Scheme (EMPS) had significantly boosted sales.

(With inputs from agencies.)