India EV monthly Report – October 2026
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Summary
This monthly EV report highlights key developments in India’s electric vehicle ecosystem for October 2026, covering sales trends, segment performance, product launches, policy updates, and investments.
Sales Trends
Overall EV sales increased by 6.21% m-o-m to 3,54,378 units in October 2026, and EV sales grew 51.43% y-o-y compared with October 2025, while overall EV adoption declined to 11.15%, indicating that overall vehicle sales grew faster than EV sales during the month.
Segment-wise Performance
- Electric Two-Wheelers (E2W): Sales increased by 8% m-o-m to 2,23,964 units while registering a 48% y-o-y increase. The top three players accounted for ~63% of total registrations.
- Passenger Electric Three-Wheelers (E3W-P): Sales increased to 74,789 units (+1% m-o-m, +22% y-o-y).
- L3: 27,529 units
- L5: 47,260 units
- Cargo Electric Three-Wheelers (E3W-Cargo): Sales declined to 13,780 units (+17% m-o-m, +44% y-o-y).
- L3: 6,912 units
- L5: 6,868 units
- Electric Cars (E-Cars): E-cars marked the highest monthly sales with 36,823 units (2% m-o-m, +87% y-o-y). Tata Motors (39.64%) led the market, followed by Mahindra (23.08%). VinFast captured an 6.97% share to be in the top four position.
- Electric Buses (E-Bus): E-bus sales recorded 768 units, registering an 8% m-o-m decline while showing a 133% y-o-y increase. JBM Auto and Olectra Greentech led the E-bus market with a 26.30% share each, followed by PMI Electro Mobility (16.93%).
- Electric Trucks (E-Truck): E-Trucks marked the monthly sales with 4,162 units (+23% m-o-m, +156% y-o-y). Light Goods Vehicles (LGVs) dominated the segment with a 94.6% share, while Heavy Goods Vehicles (HGVs) accounted for the remaining 5%.
Key Developments:
- Product Launches: 7 new launches have been recorded.
- Policy Updates: 5 state updates, including Odisha Extends EV Policy Incentives Until December 2026
- Charging Infrastructure: 6 developments, including Jio-bp and Kia India Integrate EV Charging Networks
- E-Bus Developments: 11 updates, including Uttar Pradesh Approves Deployment of 1,725 Electric Buses Across 18 Cities
- Investments & Partnerships: total of INR 342 crore in investments and 4 new partnerships, including Kinetic EV Partners with IDFC FIRST Bank for Electric Two-Wheeler Financing