The overall EV sales in June 2023 witnessed a m-o-m decrease of ~35% to reach 1,01,832 units. On a y-o-y basis, EV sales in June 2023 increased by 39% from that of EV sales in June 2022 as per the report by JMK Research.
As depicted in the figure below, EV registrations in June 2023 were again driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 87.06% of total registrations in the month.
Among the states and UTs, Uttar Pradesh secured the number one position in EV registration this month, pushing Maharashtra to the second position. Karnataka attained the third spot this month with a 9.12% market share.
In June 2023, the retail sales of high-speed electric two-wheelers (HS E2Ws) in India amounted to 45,734 units. However, there was a significant decline of over 55% m-o-m in the overall HS E2W sales for that month. This notable decrease can be attributed to the reduction in the FAME-II subsidy amount and the consequent increase in vehicle prices, which came into effect on June 1, 2023. The top 10 players in the industry accounted for approximately 91% of the total registrations witnessed in June 2023. Furthermore, compared to June 2022, E2W sales in June 2023 experienced a y-o-y surge of 8%.
Ola Electric recorded the highest-ever sales in this month with 28,438 units sold. Maintaining its significant market leadership with a substantial 38% share, Ola Electric experienced a decline in sales. TVS moved into second place this month. Hero Motocorp made an entry to the top 10 squads this month.
The sales of registered passenger and cargo-type E3Ws in Jun 2023 stood at 42,923 units and 5,086 units respectively, signifying a m-o-m increase of 9% in passenger E3W and a 2% decrease in E3W cargo. Overall E3W sales recorded a m-o-m rise of ~7.5% over last month. On a y-o-y basis, passenger E3W sales in June 2023 increased by 79% and cargo E3W sales increased by more than 70% from that of passenger and cargo-type E3W sales in June 2022.
The cumulative sales of the top 8 electric 3-wheeler players across passenger and cargo segments in June 2023 accounted for a 37.81% share of the entire E3W market. Mahindra and YC Electric came in at first (9.36% share) and second (7.23% share) positions respectively. This was followed by Saera Electric Auto (4.92%), Dilli Electric (4.46%), Piaggio (3.69%), Mini Metro (3.13%), Hotage Corporation (2.57%), and Champion Poly Plast (2.45%).
The total sales of E-cars in June 2023 stood at 7,687 units, witnessing a m-o-m rise of ~4%. Tata Motors has been driving E-car sales (with 69.30% of the market share) this month as well. Tata Motors has been witnessing a decrease while MG Motor has seen an increase in sales this month. On a y-o-y basis, E-Car sales in June 2023 increased by more than ~97.41% from that of E-Car sales in June 2022.
The total sales of E-buses in June 2023 stood at 200 units, witnessing a m-o-m decrease of ~27%. On a y-o-y basis, E-Bus sales in June 2023 increased by ~37% from that of E-Bus sales in June 2022.
Tata Motors is the leader in June 2023 (with a 76.50% market share), followed by PMI Electro Mobility (9.50%), Olectra Greentech (6.50%), Mytrah Mobility (5.00%), and Switch Mobility (2.50%).
