Q2 2021 India EV Update

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The report analyses the major trends and the movement in market shares of the key players in the April-June, 2021 period 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 (e-2W), electric three-wheelers (e-3W), and the overall EV market. An attempt has also been made to compare the Indian EV market with the top EV markets of Norway, China, United States, and other such countries. The recent policies announced have paved way for increase in EV adoption and investments in the sector. Hence separate sections on investments and policy announcements during the quarter have also been included in the report.

EV segment has witnessed decline in sales in India at a considerable rate due to the second wave of covid-19 pandemic. Further, no EV segment (except the Electric Two-Wheeler (E2W) segment) saw launch of a new model in India during the last quarter. In Q2 2021, key updates across EV sector include:

  • Launch of 16 electric two-wheeler models. There has been no new product launch in the Electric Three-Wheeler (E3W), Electric Four-Wheeler (E4W) and E-Tractor categories. However, new launches have been planned like Model S, X and 3 by Tesla in the upcoming months under the four-wheeler category.
  • Gujarat released its ‘Electric Vehicles Policy 2021’. Effective from 1st July 2021, it will be valid for 4 years from the date of implementation.
  • Approval for Advanced Chemistry Battery Cells under PLI Scheme by Cabinet with an outlay of Rs. 18,100 crore over a five-year period.
  • More than Rs. 305 Crores (USD 40 million) of fundings were raised across various segments. Biggest funding was raised by Revolt Intellicorp of Rs. 150 crores from RattanIndia.
  • The Q2 2021 sales of registered EVs has declined by 53% from previous quarter’s sales, reaching merely 28,680 units.
  • The worldwide sales of battery electric vehicles (BEVs) has witnessed a 23.8% surge in growth from 737,722 units in Q1 2021 to 913,509 in Q2 2021.
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