Q3 2021 India EV Update
The report analyses the major trends and the movement in market shares of the key players in the July-September, 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. The report also compares the overall BEV sales in the leading EV markets of Norway, China, the United States, and other such 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 and policy announcements during the quarter have also been included in the report.
The EV segment continues to grow at an enormous pace in India with rising sales and new product variants introduced across various vehicle categories. For the last quarter i.e. Q3 2021, key updates across EV sector include:
- Launch of 9 electric two-wheeler models and 4 electric car models. This quarter witnessed the highly anticipated launch of Ola’s and Simple Electric’s E2Ws and the entry of a new player in the E-Cars’ space, Audi. There has been no new product launches in the electric three-wheeler space for the last two quarters in a row.
- Maharashtra, Odisha, and Assam released their ‘Electric Vehicle Policy’. Further, Rajasthan and Uttarakhand too announced incentives for EV buyers in these two states.
- More than Rs. 2,754 Crore (USD 367.9 million) of fundings were raised across various segments, the highest ever in any quarter so far. Biggest funding was raised by Ola Electric of Rs. 2,251 Crore which included a mix of debt and equity investments.
- The Q3 2021 sales of registered EVs surged by 205% from the previous quarter’s sales to reach 95,384 units, the highest ever in a single quarter.
- Globally, the total sales of battery electric vehicles (BEVs) for the nine analyzed markets (China, United States, Germany, UK, France, Norway, South Korea, Netherlands, Japan) increased by 28.7% from 884,832 units in Q2 2021 to 1,139,071 in Q3 2021. China has, once again, claimed the top position in the global BEV sales’ in the third quarter of 2021 and witnessed a Q-o-Q increase of ~47%.