Electric Car Sales Showed a Massive Spike of 234% on a YoY basis

Electric Car Sales Showed a Massive Spike of 234% on a YoY basis

Indian automobile industry saw a massive spike in sales of electric cars from April 2021 to September 2021, despite being lagging behind the adoption of electric cars. This new record-breaking sale grew by 234 percent on a Year-on-Year (YoY) basis for this year. During the same period last year (2020) the sales figure was 1,872 units. 

List of high ranking cars

  1. Tata Nexon EV ranked first in the sales chart with 3618 units sold during the first half of the year (YoY basis). Its compelling value proposition has attracted buyers. The modern tech- like a connectivity suite, sunroof, and other amenities, it feels like the first electric car from the company that could serve as an alternative to a petrol car.
  2. MG ZS EV became the second-highest selling car achieving a sales of 1,789 units showing a growth of 250 percent (YoY basis). Offers a longer range from its 44.5kWh battery pack. 
  3. Tata Tigor EV grabbed third place with a figure of 801 units with sales growth of 701 percent (YoY basis).
  4. Hyundai Kona is in the fourth position with a figure of 51 units sold in the first half through its sales have gone down by 50 percent (YoY basis) during that time period.

Mahindra Verito sold only 2 units leading to a sales decline of 75 percent.

Source – Rushlane.com

Sales of EV’s in the Indian market 

SIAM’s India industry sales reveal that electric SUVs are leading in the overall electric passenger vehicle sales. e-SUVs have helped in the acceleration of sales in the electric vehicle industry. 

All Tata Tigor Sedans, a total of 261 electric cars have sold out between April-December 2020. The sale is down 79% year-on-year from the 1,262 units sold in April-December 2019. 

The share of electric SUVs saw a rise from 0.40% to 0.48% in April-December 2020 even though e-car sales had fallen from 0.10% in April-December 2019 to 0.03%.

While the proportion of e-cars to total passenger car sales has fallen from 0.10% in April-December 2019 to 0.03%, correspondingly the share of e-SUVs has risen from 0.40% to 0.48% percent in April-December 2020.

Hyundai Motor India started it all with the Kona EV in July 2019 in India but failed to grasp the market. Due to its unconventional looks and costs higher than its rivals. 

Tata Motors electric vehicles have maintained their growth rate in October 2021 with sales of 1586 units with their three models – Nexon, Tigor, and the X-Pres T EV. From April-October total of 6,005 units, it can be safely said that the company can head for a new record in FY 2022. 

The first six months’ sales of 6,251 e-PVs have already surpassed the entire FY2021’s e-PV sales of 5,905 units. The rising price of fuels (petrol/diesel) is compelling buyers to opt for electric cars as an alternative. 

On a quarterly basis, an average of 94% growth has been recorded from Q1 to Q4 of FY 2021, the sales dropped 20% below that of FY202. 

Region/ state wise Uttar Pradesh leads the chart with a 23% share of total registered EV sales. Bihar and Karnataka record 10% share each. 

High-Speed electric two-wheeler segment records 49% Y-o-Y growth to reach 39,845 unit sales.

  • Hero Electric sold the maximum number of units, recording – 37% share of the market.
  • Okinawa- 18% market share
  • Ampere- 15% market shares 

Electric 3-Wheeler sales in FY21 have declined by 38% (YoY). The sales of Cargo-E3Ws showed a high sales rate by 97% over the same period, making the share of Cargo-E3W to 11% of the total registered E3W sales.

Despite the average growth of 94% Q-o-Q basis from Q1 to Q4 of FY2021, the sales during the corresponding fiscal year plummeted 20% below that of FY2020, failing even to cross the FY19 sales level. With regard to the state or UT region-wise sales, Uttar Pradesh has a clear lead with a 23% share of total registered EV sales in India, followed by Bihar and Karnataka with 10% share each.

Upcoming EV cars in India in the year 2022

The unbelievable shift in sales of EV cars in India with an estimated 70 percent increase in sales has welcomed automobile companies to launch more EVs in India in the upcoming year 2022.

Tata Motors, Hyundai, Kia, and MG Motors are all planning to launch their EV models in the Indian market next year.

Tata Motors plans to launch new EVs including Altroz EV and Punch EV. Hyundai and Kia are planning to introduce a low-cost EV car in the upcoming year. Audi Q4 e-Tron, BMW iX, Kia EV6, and Mercedes EQS are also heading their way towards the Indian market. 

EV cars are slowly gaining popularity in the Indian market and the recent Year-on-Year basis sales record has proven it. The first half of the current financial year (FY 2021-2022, or between April 2021 and September 2021) sets a new record with sales of a total of 6,261 electric cars. This shows EV cars have more potential and may become an essential part of the future automobile industry of India. 

Tata Motors EVs have maintained the growth rate in October 2021 with 1,586 units through their three models i.e Nexon, Tigor, and the X-Pres T EV taking its seven-month (April-October) total to 6,005 units. The company is targeting a new record in FY2022 to surpass the 10,000-unit EV sales for the first time. 

Centre and state governments as well as the private sector and OEMs can look into it and help in setting up EV-friendly infrastructure with more accessible EV charging pods across the country. This will lead to a consumer shift to e-mobility much faster than expected. 

The progress behind the EV sector due to various Central and several State EV policies, FAME subsidy, and also a new interest from car buyers is showing the great potential of EV cars in India. The government has started wide installation of charging stations all over the country more access to easy and quick charging of cars. Many cab companies like Uber, Ola have also started EV transport and Electric Bike rental services in India. Electric cars are seeing a sudden surge in sales due to the recent surge in fuel prices. People are opting for electric vehicles for its low running cost.

They are eco-friendly and have fewer maintenance costs than traditional gasoline cars. According to Globalists electric vehicles are going to take over the market of conventional ones by 2030. 

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