Electric Vehicle Sales Show Strong Growth In July 2023; 45% YoY Increase – Report


Electric Vehicle (EV) sales in India showed a promising trend in July 2023, with a month-on-month (m-o-m) increase of approximately 14% and a year-on-year (y-o-y) increase of 45%. The total number of EVs sold during the month reached 1,15,756 units, according to data from JMK Research.

The growth in EV registrations was primarily driven by electric two-wheelers and passenger-type electric three-wheelers, which accounted for an impressive 88.52% of total registrations in July 2023.

Among the states and union territories, Uttar Pradesh emerged as the leader in EV registrations for the month, surpassing Maharashtra and securing the top spot. Karnataka ranked third with a market share of 9.93%.

In the category of High-Speed Electric Two-Wheelers (HS-E2W), retail sales amounted to 54,232 units in July 2023, showing a marginal improvement with an m-o-m increase of over 18.58%. Ola Electric continued to dominate the market with a substantial 35.4% share, selling 19,237 units during the month.

Electric Three-Wheeler (E3W) sales witnessed a significant surge, with passenger E3Ws increasing by approximately 76% and cargo E3Ws rising by over 100% compared to July 2022. Mahindra and YC Electric topped the list among E3W players, securing the first and second positions, respectively.

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In the Electric Cars (E-Cars) segment, total sales in July 2023 reached 7,471 units. Tata Motors led the E-Car sales with a commanding 65.60% market share, while MG Motor saw an increase in sales compared to the previous month.

For Electric Buses (E-Buses), a total of 135 units were sold in July 2023, with Tata Motors leading the market with a 47.40% share.

The data indicates that the EV industry in India is experiencing steady growth, with various players contributing to the country’s efforts in promoting sustainable and clean transportation solutions.

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