Around 1,56,000 Electric Vehicles were sold in India in Fy2019-20 with a YoY growth of 20%.
Electric Two Wheeler constituted to 97% of the electric vehicle sales in India. EV is in a very nascent stage in the Indian market and the government is slowly focusing to enhance the EV penetration in the subcontinent. We did highlight how the Indian government had revised the GST on EVs from 12% to 5% in 2019 (here). However; due to the lack of adequate electric infrastructure the EV sales haven’t been significant. Around 1.74 crore units Two Wheelers (gasoline powered) were sold in India for FY2019-20. But only 1.52 Lakh units Electric Two Wheelers were sold in the same time! We hope the push from the government and further breakthrough in battery technology shall help lower the costs of EVs even further and thus increase its volumes.
- Do note that the Electric Cars Sales actually fell down by 6%! Only 3,400 Electric Passenger vehicles were sold in FY20 v/s 3,600 units in FY19.
- Electric Buses saw a good jump of 50% YoY and sold almost 600 units in last fiscal. This was also primarily due to the push from government to induce electric buses in their fleet.
The Sales Figures was released by Society of Manufacturers of Electric Vehicles (SMEV) and do not include the sales volumes of the e-rickshaw segment. SMEV says that the electric three wheeler segment is still unorganised and almost 90,000 units were sold in FY20. “The EV industry is taking shape and we believe that despite Covid-19, FY21 will be a defining year for all EV segments,” SMEV Director General Sohinder Gill said, adding that given the right push by the government and the industry, “EV industry can spring back faster than the ailing IC vehicles segment”.