Electric car, SUV gross sales drop 20 % in June 2024

July 4, 2024

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Electric car (EV) gross sales in India are slowing, based on the newest knowledge for June 2024. While the overall retail gross sales of two-wheelers, three-wheelers, passenger automobiles and industrial automobiles rose 16 % year-on-year to eight,42,217 items within the first half of 2024, the quantity for June—though up 6 % at 1,08,742 items over the year-ago interval—is the bottom month-to-month determine since July 2023. As in comparison with May, the drop is about 14 %.

Electric passenger car gross sales in Jan-Jun 2024

EV gross sales January-June
Segment	2024	2023	Change (%)
Two-wheelers	4,83,998	4,35,703	11
Three-wheelers	3,07,404	2,46,850	25
Passenger automobiles	40,663	33,706	21
Light PVs	4,544	5,047	-10
Buses	1,944	893	118
Heavy items automobiles	126	234	-46
Light items automobiles	3,467	684	407
Others	71	375	-81
TOTAL	8,42,217	7,23,492	16

A complete of 5,562 all-electric cars and SUVs had been offered by manufacturers equivalent to Tata, Mahindra, MG Motor, Mercedes, BMW and Audi EVs in June. That’s a fall of 16.27 % from the earlier month and 20 % from a 12 months in the past. These automobiles comprised barely over 5 % of whole EV gross sales in June. However, their gross sales within the first six months of 2024 rose 21 % on-year to 40,663 items—forming 4.82 % of the overall EV pie.

EV gross sales June 2024
Segment	June 2024 gross sales	Share (%)	May 2024 gross sales	Month on month change (%)	June 2024 gross sales	Year on 12 months change (%)
Two-wheelers	53,151	48.87	64,001	-17	46,108	15.27
Three-wheelers	49,186	45.23	52,328	-6	48,153	2.14
Passenger automobiles	5,562	5.11	6,643	-16.27	6,960	-20
Light PVs	335	0.3	123	172	1,010	-66.83
Buses	129	0.12	224	-47	204	-37
Heavy good automobiles	3	0	30	-90	2	50
Light good automobiles	372	0.34	284	31	195	91
Others	4	0	27	-85	3	33
TOTAL	1,08,742	100	1,23,710	-13.77	1,02,635	5.95

Two-, three-wheeler EV gross sales in Jan-Jun 2024

Sales within the largest quantity segments—electrical two- and three-wheelers—have been impacted by the withdrawal of the FAME II subsidy scheme on March 31, 2024 (which itself was diminished in June 2023). As a outcome, the businesses raised costs.

These two segments’ mixed share of whole EV gross sales is an amazing 94 %, with 7,91,402 items offered in H1. Of whole EV gross sales, e-two-wheelers comprised 57.46 % and e-three-wheelers 36.49 %. Electric buses and heavy and light-weight items carriers, at 5,537 items, account for a 0.65 % share.

In mid-March 2024, FAME II was changed by the Electric Mobility Promotion Scheme (EMPS). Valid for 4 months from April 1 to July 31, 2024, EMPS has a complete outlay of Rs 500 crore and goals to assist the acquisition of three,72,000 EVs, together with 3,33,000 two-wheelers and 38,828 three-wheelers (L5 class).

The Indian automotive business is banking on the federal government extending the EV subsidy to maintain demand in addition to allow the transition to electrical mobility. Industry captains stay hopeful that the federal government will lengthen the EV subsidy scheme. On June 11, FADA president Manish Raj Singhania mentioned. “The automotive industry is eagerly looking forward to the announcement of FAME 3 by the newly formed government. We believe that the introduction of new subsidies and incentives under FAME 3 will provide the necessary boost to EV sales and help increase their market share significantly.”

Also see:

Audi India Q2 gross sales fall 6 % 12 months on 12 months to 1,431 items

BMW, Mini promote 7,089 cars in H1 2024 for highest-ever half-yearly gross sales

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