Vahan portal added that registrations for electric vehicles at 84,635 units, whereas retail sales have reached 105,976 units in February this year
According to the media reports, automobile experts mentioned that in the coming financial year, sales of electric cars is likely to cross around 2 million, but the ample incentives, which is yet to be provided by the government of India under FAME II scheme is expected to add a huge momentum in the sector. Reports also highlighted that in the current financial year, EV’s retail sales already crossed 1.11 million units.
The point is that the retail sales accounted for 5 percent of the entire automobile sales and boosted a growth of 14 percent from financial year 2022. India government’s Vahan website added that in the current financial year, around 1.1 million EVs have been registered with regional transport offices. Electric two wheelers and three wheeler buyers and the fleet operators have actually spearheaded the growth. Apart from that, low operating costs, escalating volume of charging stations, and new launches have gained traction among the people.
According to an exclusive report of ET, electric two- and three-wheelers accounted for maximum sales this fiscal at 690,000 units and 372,000 units, respectively. Vahan portal added that registrations for electric vehicles at 84,635 units, whereas retail sales have reached 105,976 units in February this year. Experts further mentioned that in the coming fiscal year of 2024, e-scooters are speculated to reach a penetration of 25 percent and it is increasing from 12.2 percent in April 2022 to 15.1 percent in February 2023.
In an exclusive interaction with the ET, Ravneet Phokela, chief business officer, Ather Energy, said "Ather has also witnessed sharp growth this year, with retail sales of 70,392 in the 11-month period. This is despite a very soft first six months in this fiscal on account of chip shortage that severely limited our production volumes. We also expanded our retail footprint by 4x this year to 130 stores from 30 stores last year. For faster adoption of EVs, Ather set up an additional 851 public fast charging points in the year and now has 1,164 grids in the country."
EV manufacturers are now busy increasing their capacity in order to meet the augmenting demand. The second manufacturing unit of Ather commenced with a yearly production capacity of 4,20,000 in November 2023, whereas, Mahindra on the other hand, signed an agreement with the government of Telangana for the expansion of its Zaheerabad unit.
