Q1 2022 EV Update

Q1 2022 EV Update

The report analyses the major trends and the movement in market shares of the key players in the January-March 2022 period (Q1 2022) in the Indian electric vehicle (EV) space. The report focuses on new product launches announced during the quarter as well as the sales trend for electric two-wheelers (E2Ws), electric three-wheelers (E3Ws), electric cars (E-Cars), electric buses (E-Buses), and the overall EV market. The report also compares the overall BEV sales in the leading EV markets of Norway, China, the United States, and other such 6 countries. The recent policies announced have paved the way for an increase in EV adoption and investments in the sector. Hence separate sections on investments, policy announcements, and market updates during the quarter have also been included in the report.

The EV segment continues to grow at an enormous pace in India with increasing sales and new product variants introduced across various vehicle categories. For the last quarter Q1 2022, key updates across EV sector include:

  • Launch of 25 electric two-wheeler models, 1 electric three-wheeler model, and 2 electric cars. This quarter witnessed the entry of Poise with both its models being introduced with a swappable battery pack, similar to Bounce offered last quarter. The quarter also witnessed the entry of Mini Cooper for the first time in the Indian E-Car market.
  • Sales of 1,92,780 registered EVs in Q1 2022, increasing by 40% from the previous quarter sales.
  • Announcement of successful bidders under the Production Linked Incentive (PLI) Schemes for Automobile and Auto Component Industry and the National Programme on Advanced Chemistry Cell (ACC) Battery Storage. The Government of India increased the subsidy under the Faster Adoption and Manufacturing of Hybrid & Electric Vehicles (FAME) for fiscal 2023 to INR 2,908 crore (US$ 373.6 million), which is more than three-and-a-half times the allocation of INR 800 crore (US$ 103.2 million) for this fiscal and almost nine times higher than FY21. Chandigarh administration approved the city’s first draft EV policy for 5 years on Feb 10.
  • More than INR 2,179 Crore (US$ 280 million) of equity fundings were raised across various segments. Biggest funding was raised by Ola Electric for INR 1,556 Crore (US$ 200 million).
  • Announcements of setting up ~3,00,000 charging stations/charge points in the coming years.
  • Announcement of investments worth ~INR 1,751 Crore (US$ 225 million) in the EV manufacturing sector.
  • Globally, the total sales of battery electric vehicles (BEVs) for the nine analysed markets (China, United States, Germany, UK, France, Norway, South Korea, Netherlands, Japan) declined by 11% from 1,584,371 units in Q4 2021 to 1,411,855 in Q1 2022.
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