Electric Vehicle Sales In February Dropped By 13% Month-on-Month, Reaching The Lowest Level Since September 2022

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According to data from the VAHAN portal of the Ministry of Road Transport and Highways, Electric vehicle sales fell 13% month-on-month to 4,838 units in February – the lowest level since September 2022

The October data shows that sales fell by more than 40% from an all-time monthly record of 8,154 units.

The second month of FY23 saw electric two-wheelers account for 55% of all EVs sold. Three-wheeler sales made up 34%, while four-wheelers made up 11%.

Also, the contribution of EVs to overall automotive sales dropped to 10% from 16% last December.

EVs are a larger percentage of overall vehicle sales in the National Capital than the national average of 4.7%. However, this has caused concern for the Delhi government. It has set a goal to increase the share of EVs to 25% of all new registrations in Delhi by 2024.

Arvind Kejriwal launched the Switch Delhi campaign in 2021 in order to raise awareness about the environmental benefits associated with EVs, and make the capital clean.

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Experts believe that the National Capital will not achieve its goal, even though it is performing better than the national mean.

Delhi registered 103,776 EVs between August 2020 and February 28, 2023, after the policy was launched. More than 62,000 EVs have been registered by Delhi since August 2020.

According to data, an analysis of Delhi’s February sales of fuel-wise vehicles shows that EVs are more popular than CNG and diesel vehicles.

The 46,210 vehicles that were sold in the month included 73.6% petrol, 10.5% electric, 5.2% CNG, 4.9% petrol/hybrid, and 3.7% petrol/CNG.

Industry analysts believe that the rise in EV prices is limiting the growth of the electronic vehicle market.

“The fall in sales started just after the FAME subsidy suspension, which was October. Gupta stated that the fall was caused by an increase in prices for barred OEMs and supply chain constraints.

FAME II subsidies were halted, resulting in a price rise of up to 20% in the two-wheelers segment. These segments account for roughly 55-60% of Delhi’s sales.

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