The Overall EV Sales In October 2022 Increased Month-On-Month By 28.1% To Reach 1,19,889 Units – Report

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The overall EV sales in October 2022 increased m-o-m by 28.1% to reach 1,19,889 units. In addition, there was a y-o-y leap of more than 200%.

As depicted in the figure below, EV registrations in October 2022 were driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 93.16% of total registrations in the month. The shares of these categories were followed by E-Cars (4.16%), cargo-type electric three-wheelers (2.47%), and so on.

Among the states and UTs, Maharashtra accounted for the highest EV registration this month witnessing an m-o-m rise in sales of more than 44%. This was followed by Uttar Pradesh accounting for 15% of overall EV sales. Rajasthan and Karnataka both attained the third spot this month with 9% shares each. This was followed by Delhi (7%), Gujarat (6%), and Bihar (5%). Delhi witnessed a rise of more than 69% in registrations this month. The highest rise in registrations was however witnessed by Chhattisgarh (82%) this month.

The overall HS E2W sales in the country in October 2022 stood at 79,844 units, signifying an increase of more than 50% m-o-m and more than 3x y-o-y leaps in registrations. The Top 10 players accounted for 93% of the total registrations witnessed in the month of October 2022.

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Ola Electric retained its top slot this month as well, becoming the first-ever E2W manufacturer in India to dispatch 20,000 units in October. The festive season accompanied by the opening of physical stores primarily led to this surge in sales. Okinawa retained its number two position while Hero Electric further slid to the number four slot. Ampere jumped to the number three position witnessing an increase in more than 50% of sales from the previous month. Jitendra New EV-Tech made a surprise entry to the top 10 clubs, replacing Revolt.

The sales of registered E3Ws passenger and cargo-type in October 2022 stood at 31,837 units and 2,959 units respectively, signifying an m-o-m decline of 4.82% for E3W – Passenger and a rise of 10.12% for E3W – Cargo. The decline in sales of E3W – Passenger this month was primarily on account of reduced sales of E-Rickshaw (P).

The cumulative sales of the top 7 electric 3-wheeler players across passenger and cargo segments in October 2022 accounted for a 37.15% share of the entire E3W market. YC Electric Vehicle replaced Mahindra for the top position, accounting for ~9% share of the entire E3W market. Mahindra came in the second position and accounted for a share of 8.91%. This was followed by Saera Electric Auto (5.47%), Dilli Electric (4.50%), Champion Poly Plast (3.72%), Mini Metro EV LLP (3.44%), and Piaggio Vehicles Pvt. Ltd. (2.47%). Piaggio made its entry to the top 7 clubs this month for the first time, replacing Unique International.

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The total sales of E-cars in October 2022 stood at ~4,984 units, witnessing an m-o-m rise of 17.6% however a y-o-y surge of more than 2.8 times in registrations. Tata Motors has been driving E-car sales this month as well. The Company accounted for more than 80% share of the total E-car registrations. Other than Tata Motors and MG Motor, Hyundai was the only other car manufacturer that witnessed a slight increase in its E-car sales this month. Kia Motors witnessed sales of its E-cars for the first time this month.

The cumulative sales of E-buses in October 2022 stood at 241 units, with an m-o-m rise of 18.14% and a y-o-y surge of more than 170%. This month’s sales were driven by PMI Electro Mobility (39.83%) followed by Switch Mobility (24.48%). This was followed by VE Commercial Vehicles (12.03%), JBM Auto (9.96%), and Olectra Greentech (8.71%) which sold more than 20 E-buses each this month. Mytrah Mobility (4.98%) sold 12 E-buses this month against 6 E-buses last month. Tata Motors has not been witnessing any sales of E-bus for the last three months now.

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