EV Sales In India Fall Face First From March to April 2024

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Electric Vehicle sales, across segments, have fallen short of the promise the sector was witnessing over the last few months. Despite the extension of FAME scheme for two and three wheelers, these verticals managed poor show!

The month of April, also the first month of a fiscal year, is known to be tough for the automobile industry, but numbers sourced from the Vahan portal point towards the strongest verb for ‘bad’ to define what the electric vehicle (EV) industry went through in India during April 2024.

Segments leaders Ola Electric (Electric two-wheelers) and Mahindra Last Mile Mobility (electric three-wheelers) went through 34.83 degrowth month on month (MoM) and 66.21 MoM degrowth, respectively! Tata Motors, the leader in the electric car segment, also saw a decline of around 5% MoM (See chart below).

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Apart from Shema E-Vehicle & Solarand Revolt Intellocorp, every top electric two-wheeler (E2W) brand saw sales decline in April over March. Kinetic Green, having launched the electric avatar of Luna recently had registered 3,965 E2Ws in March but the company only managed to register 442 in April 2024! Its registrations fell 88.85% MoM.

Similarly, Hero Motocorp, which seemed to be coming on the right track for E2W sales, only managed to register 946 E2W units in April 2024, leading to a decline of over 76% MoM. The company had registered close to 4,000 E2Ws during March 2024. Ather Energy’s sales also declined over 76% MoM as the brand’s registrations fell from 17,305 in March 2024 to 4,054 in April 2024.

In the electric three-wheeler space, the biggest downfall among the top players came for Omega Seiki. The company has registered 2,247 E3W units during March 2024, and could only manage to register 309 during April 2024 leading to a over 86% decline MoM.

Bajaj Auto, shuttling between the number two and three ranks durin the last few months, managed to register 1,280 units in April 2024. This resulted in a decline of over 61% MoM. There’s also a new player in the segment. Called E Royce Motors India, it registered 230 E3Ws during April 2024.

In the electric car market in India, registrations for MG Motor India fell over 23% MoM as the brand could only manage to register 819 electric cars during April 2024. Hyundai and Kia registered only 84 and 20 units during the month, respectively, leading to over 44% and 41% MoM decline.

Electric Two-Wheeler OEM

MAR APR MoM Change
1 OLA ELECTRIC TECHNOLOGIES PVT LTD 50,762 33,084 -34.83
2 TVS MOTOR COMPANY LTD 26,606 7,655 -71.23
3 BAJAJ AUTO LTD 18,054 7,517 -58.36
4 ATHER ENERGY PVT LTD 17,305 4,054 -76.57
5 GREAVES ELECTRIC MOBILITY PVT LTD 3,010 2,511 -16.58
6 WARDWIZARD INNOVATIONS & MOBILITY LIMITED 1,021 1,205 18.02
7 HERO MOTOCORP LTD 4,077 946 -76.80
8 SHEMA E- VEHCILE & SOLAR PVT LTD 749 819 9.35
9 REVOLT INTELLICORP PVT LTD 594 743 25.08
10 BGAUSS AUTO PRIVATE LIMITED 3,114 711 -77.17
11 OKINAWA AUTOTECH PVT LTD 681 592 -13.07
12 KINETIC GREEN ENERGY & POWER SOLUTIONS LTD 3,965 442 -88.85

 

Electric Three-Wheeler OEM
MAR APR MoM Change %
1 MAHINDRA LAST MILE 6,088 2,057 -66.21
2 BAJAJ AUTO 3,356 1,280 -61.86
3 PIAGGIO VEHICLES PVT 3,302 699 -78.83
4 OMEGA SEIKI 2,247 309 -86.25
5 E ROYCE MOTORS INDIA 0 230 #DIV/0!
6 TI CLEAN MOBILITY 749 194 -74.10
7 EULER MOTORS 554 165 -70.22
8 ATUL AUTO 175 164 -6.29

 

Electric Car OEM MAR APR MoM Change
1 TATA PASSENGER ELECTRIC 5,276 5,013 -4.98
2 MG MOTOR INDIA 1,077 819 -23.96
3 MAHINDRA & MAHINDRA 645 581 -9.92
4 BYD INDIA 108 127 17.59
5 MERCEDES -BENZ AG 53 119 124.53
6 HYUNDAI MOTOR INDIA 152 84 -44.74
7 BMW INDIA PVT 73 52 -28.77
8 VOLVO AUTO INDIA PVT 46 36 -21.74
9 PCA AUTOMOBILES INDIA PVT 31 24 -22.58
10 KIA MOTORS INDIA PVT 34 20 -41.18
11 AUDI AG 8 11 37.50
12 PORSCHE AG GERMANY 17 8 -52.94

 

 

 

 

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Mukul Yudhveer Singh
Mukul Yudhveer Singh
Mukul Yudhveer Singh is an Editor at EFY. He’s an experienced business journalist who is both an enthusiast and a cynic of technology. Believes in data, as well as hunch-based journalism. He defines journalism as- reporting facts which help the audience take their own decisions, not ones that influence them!

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