Electric Vehicles

India’s Electric Vehicle Sales crossed 2 million in CY2024 The future of mobility is electric, and India is riding the wave of the e-mobility revolution. As of 2024, the country boasts over 5.6 million Electric Vehicles (EVs). Electric vehicle sales in India have reached a historic milestone this year, crossing the 2 million mark for the first time. In 2023, total EV sales were ~1.6 million units; Excitingly, in 2024 that figure surged to over 2 million units, marking a…

From ICE to EV: Traditional Players Navigating Change The rapid shift towards Electric Mobility has compelled the traditional Indian automotive industry to shift gears and embrace EVs. From personal vehicles, including two-wheelers and cars, to public transportation options, such as three-wheelers and buses, although the pace of EV adoption has varied across the segments, there is a clear trend towards greener, more sustainable transportation solutions. This transition presents a unique landscape where traditional Internal Combustion Engine (ICE) vehicles continue to…

Cabinet approves PM E-Drive scheme with outlay of INR 10,900 Crore In a significant move towards promoting electric mobility, the Indian government has launched the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-Drive) scheme. This initiative, managed by the Ministry of Heavy Industries, marks a crucial step forward from the expiring FAME scheme and aims to accelerate the adoption of electric vehicles (EVs) across various segments. Policy Timeline: Budgetary Outlay and Coverage: With a budget of INR 10,900…

EV Sales in India increased by 21% in H1 2024 Electric vehicle (EV) sales in India reached an impressive 9,27,097 units in H12024 (Jan-Jun-24), with the E2W and E3W passenger segments leading the charge, accounting for 89.13% of the total sales. Sales have increased by 20.73% in H12024 compared to H12023 EV sales. Fig 1: EV sales trend in India in H12024 Vs. CY2023 In terms of leading players’ market share, following trends are seen: Table 1: Comparison of EV OEM…