Autobayng News Team
The festive season in October, coupled with improved consumer sentiment, has given a much-needed boost to electric vehicle (EV) sales, which have crossed the two-lakh mark and are inching closer to the highest monthly volume recorded in March, with two days still remaining in the month. The strong performance comes despite lingering challenges such as magnet supply constraints and the recent GST cut for ICE vehicles.As of Oct 29, total EV registrations (including all segments of battery-operated vehicles) stood at about 2.04 lakh units, marking an 11per cent sequential increase after reporting a M-o-M decline for two consecutive months.
This October witnessed a strong rebound in electric two-wheeler (E2W) volumes, with about 1.24 lakh registrations (as of Oct 29), up 18per cent M-o-M, supported by the festive season and renewed retail traction.
K N Radhakrishnan, director & CEO, TVS Motor Company, said the E2W market grew despite magnet availability challenges that affected EV production. TVS Motor, Bajaj Auto and Ather Energy accounted for about 62per cent of total E2W sales in Oct. In Oct, Bajaj Auto emerged as the leader with sales of over 27,000 units (up from 19,685 units in Sept), followed by TVS Motor with over 25,600 units (up from 22,657 units) and Ather at about 24,300 units (up from 18,300 units). Hero MotoCorp and Greaves Electric Mobility reported their highest-ever monthly volumes in this calendar year, at about 13,700 units and 6,150 units, respectively. In the electric passenger vehicle segment (including e-cars and e-SUVs), though leading players like Tata Motors and JSW MG Motor reported strong festive season sales, overall PV volumes in Oct were lower than in the previous three months, as shown in the Vahan Dashboard. “After recording a 59per cent increase in EV sales in Q2, the momentum continued through the festive season in Oct. During the 30-day period from Navratri to Diwali, we retailed over 10,000 EVs — a robust 37per cent year-on-year growth. This performance came despite the absence of any specific incentives under GST 2.0,” said Vivek Srivatsa, chief commercial officer, Tata Passenger Electric Mobility. The electric three-wheeler segment also received a boost, with Oct sales at about 63,000 units, showing an improvement over the previous month’s volume of 61,044 units.
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