India EV Inc Nears Historic Milestone with 1.5 Million Units Target in CY2023, Recording 1.38 Million Sales in 11 Months and an Impressive 50% Year-Over-Year Growth.
India’s electric vehicle (EV) sector continues its remarkable growth trajectory, achieving significant numbers as November 2023 concludes. The total EV sales across India in November 2023 reached 152,610 units, marking a 26% increase compared to November 2022’s 121,598 units. This figure is just shy of the all-time monthly high of 158,420 units recorded in May 2023, spurred by a rush of purchases before the FAME subsidy reduction on June 1. November 2023 marks the 14th consecutive month where India’s EV sales have surpassed the 100,000-unit threshold, a streak that began in October 2022 with 117,200 units and has maintained momentum through each month of CY2023, peaking in May.
The cumulative sales for the EV industry, including two-wheelers, three-wheelers, passenger vehicles, and commercial vehicles for the first 11 months of 2023, hit a record 1,387,114 units, representing a substantial 50% year-on-year growth from the 924,111 units sold in the same period in 2022. The primary contributors to this surge are the more affordable segments: two- and three-wheelers. Electric two-wheelers, with 783,128 units, constitute 56% of total EV sales from January to November 2023, while three-wheelers contribute 38% with 524,949 units. Electric cars, SUVs, MPVs, and vans, with an estimated 74,290 units sold, hold a 5.35% share, and commercial vehicles, including goods carriers and buses, account for a 0.35% share.
