Backed by strong incentives from the state and the centre, electric vehicles are on a bull run as the segment recorded the highest ever sales of 28,906 units in August 2021, according to Vahan Data and JKM Research.
The segment recorded a 10% jump on a month-on-month basis and a 256% jump in retail sales compared to the same month last year. It is noted that sales figures represent EVs registered across 1,313 RTOs in 33 states/ UTs.
E2Ws largely drove the EV sales in August at 51.5%, followed by passenger e3Ws, which contributed 39.3%, and cargo e3Ws contributed to only 5.2%.
This composition gives a clear picture that as the market is opening up, demand for passenger e3Ws is rising, and demand for cargo e3Ws is stabilising compared to previous months when cargo e3Ws were in high demand.
The overall HS-E2W sales in the country in August 2021 stood at 14,896 units, posting a growth of 11% on a month-on-month basis and a 654% rise on a YoY basis. The top ten players, as shown below, account for 96% of the total registrations recorded in August 2021.
The sales of registered E3Ws (both passenger and cargo-type) in August 2021 stood at 12,883 units, increasing MoM by 11.6%. This can be attributed to the MoM increase of 14% in passenger E3W sales, whereas the cargo E3W sales fell by 4% compared to the previous month.
On the electric four-wheeler front, the overall electric car contributed about 3.3% of the total EV retail sales. The cumulative sales of e-cars in August 2021 stood at 961 units.
However, Tata Motors has dispatched over 1,000 units of electric cars in August. The company has also launched an electric Tigor for the personal segment. Similarly, MG Motor ZS EV has also received the highest ever booking of 700 units.
The cumulative sales of e-buses in August 2021 stood at 80 units in August 2021.
Region-Wise EV Sales
Uttar Pradesh continues to lead EV retail sales with a 20% share in overall sales in India in August 2021. Karnataka has the second-highest sales at 13% share, followed by Tamil Nadu (11%) and Maharashtra (10%).