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Cautious optimism prevails as EV market cools

As electric vehicle manufacturers grapple with the withdrawal of subsidies for fleet vehicles and the continued exclusion of private cars from government support schemes, the industry faces significant challenges in maintaining adoption rates and market momentum in the coming years.

By Prerna Lidhoo

25 Nov 2024

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Cautious optimism prevails as EV market cools

Electric passenger vehicle sales in India have been on a downward trajectory, with September 2024 marking a 17-month low of just 6,098 units sold. Month-on-month sales have been declining since March, when subsidies for fleet EVs were discontinued.

Sales in March stood at 9,769 units, but by September, they had plummeted 37% -- when they hit a 17-month low of 6,098 units (excluding a temporary boost during the festive season in October when it crossed the 10,000 mark). EV market leader Tata Motors held a 65% market share for the January-October 2024 period. However, this marks a significant year-on-year ...

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