Electric vehicle (EV) sales across various segments saw significant growth in July 2024, driven by attractive discounts and anticipation of the end of the Electric Mobility Promotion Scheme (EMPS), despite its recent extension.
The two-wheeler (2W) and three-wheeler (3W) EV segments experienced significant year-on-year (YoY) growth, with rates of 95.94% and 18.18%, respectively.
According to Manish Raj Singhania, President of the Federation of Automobile Dealers Associations (FADA), the market shares for these segments now stand at 7.4% for 2Ws and 57.6% for 3Ws, reflecting the increasing acceptance and demand for electric vehicles in India.
Despite a marginal YoY decline of 2.92% in the passenger vehicle (PV) segment, it retains a stable market share of 2.4%, indicating sustained consumer interest in electric cars. The commercial vehicle (CV) segment has seen impressive growth, with a YoY increase of 124.2%, reaching a market share of 1.02%. This surge highlights the expanding adoption of electric commercial vehicles.
Singhania attributed the robust sales figures to attractive discounts and the anticipation of the end of the Electric Mobility Promotion Scheme (EMPS), despite its recent extension. He emphasised that this momentum underscores FADA's commitment to promoting sustainable mobility and supporting India's transition towards a greener future.
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