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Quarterly India EV sales snapshot | Q1 FY 2024-25

Q1 FY 23-24 to Q1 FY 24-25 (EV sales – April 2023 to June 2024)

Source: EVreporter Research, Vahan and Telangana open data portal. Low-speed 2W data not included.

Observations:

  • After a regular increase in quarterly sales over the last three quarters, Q1 FY24-25 registered a marked decline in EV sales. YoY sales increased by 3.5%, while QoQ sales declined by 20.5%.
  • Only the e-cart category registered a QoQ increase (8%). The rest of the categories suffered a QoQ decline, including a notable 48.5% decline in the L5N category. E-2W sales witnessed a QoQ decline of 26.5%
  • Looking at YoY changes, L5M was the highest gainer, with a 122.6% rise in EV sales, followed by e-carts registering a 64.8% increase in sales over the year.

Source: EVreporter Research, Vahan and Telangana open data portal. Low-speed 2W data not included.

Observations:

  • Uttar Pradesh accounts for the highest share (19%) of EVs sold, with 78,259 units in Q1 FY 24-25. Of the total EVs sold in Uttar Pradesh, 59.8% (46,810 units) are pax e-rickshaws.
  • E-2W sales are highest for Maharashtra, Karnataka, Tamil Nadu, Uttar Pradesh, and Rajasthan, accounting together for 50.9% of high-speed e-2W sales for the quarter.
  • Uttar Pradesh and Bihar have the maximum sales in the e-rickshaw category, with a sales share of 42.8% and 16.3%, respectively, of all e-rickshaws sold in Q1 FY24-25.
  • Maharashtra registered the highest sales of e-4Ws, with 3,356 units sold for Q1 FY 24-25, followed by Kerala and Karnataka, with 2,803 and 2,779 units sold, respectively. Maharashtra also saw the highest e-Bus sales, with 191 units.

Note: EV sales Q1 2024-25 full report will be added to EVreporter Data Portal by July 21

Also read: India’s Electric Vehicle sales trend | June 2024

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