October sees record EV registrations, up 26 per cent year-on-year to reach 1.1 million units: Report

October sees record EV registrations, up 26 per cent year-on-year to reach 1.1 million units: Report

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By: ANI
, updated on: November 13, 2024, 09:49 am

  • EV penetration improved by 100 basis points (bps) year-on-year, with total EV registrations growing 26 percent year-on-year to 1.1 million units.
The growth in EV registrations was mainly led by the electric two-wheeler segment, while passenger cars recorded a modest eight per cent growth. (AFP via Getty Images)

According to Haitong report, electric vehicle (EV) registrations witnessed a modest growth in October 2024, mainly due to increased festive season demand, leading to strong year-on-year (YTD) growth in EV penetration across all regions. increased.

YTD EV penetration improved 100 basis points (bps) year-on-year (YoY) to 7.6 percent, with total EV registrations increasing 26 percent to 1.1 million units.

This growth was mainly led by the two-wheeler (2W) segment, while the passenger vehicle (PV) segment recorded a marginal growth of 8 per cent.

Also read: Creta, Venue SUV could not save Hyundai India's profit from 16.5 percent decline in Q2 FY25

In October, sequential penetration rates for electric two-wheelers (E2W) and electric passenger vehicles (EPV) increased by 10 bps with YTD growth of 100 bps and 10 bps respectively.

Although the electric three-wheeler (3W) segment saw a monthly decline of around 290 bps in penetration, it maintained a YTD penetration gain of 250 bps.

Strong festive demand led to the highest number of PV EV registrations ever in October, even though penetration in the segment remains relatively low.

The recent surge in rural demand in contrast to the slowdown in urban areas has created short-term pressure on overall EV penetration. However, the upcoming launch of new EV models by major PV original equipment manufacturers (OEMs) such as Tata, Mahindra & Mahindra (M&M) and Maruti Suzuki is expected to increase the adoption rate.

Total E2W registrations in October reached 139,379 units, representing an impressive growth of 118 percent year-on-year. While YTD penetration for E2Ws grew 100 bps YoY, October saw a modest 10 bps monthly gain.

Also read: Tata Motors misses Q2 profit estimates due to weak sales, hopes for festive turnaround

Ola Electric maintained its market leadership with 30 per cent share and regained some of its lost ground last month. Ola registrations grew by 75 per cent year-on-year and 69 per cent month-on-month (MoM), totaling 41,713 units.

TVS regained its second position from Bajaj Auto with 21 percent market share, while Bajaj stood second with 20 percent. TVS experienced a growth of 82 per cent year-on-year reaching 29,964 registrations, while Bajaj's registrations increased by 212 per cent to 28,288 units.

Electric three-wheeler registrations in October reached 67,172 units, up 17 per cent YoY and 11 per cent MoM, reflecting solid growth in demand. YTD penetration in this segment grew by 250 bps year-on-year.

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Mahindra & Mahindra (M&M) strengthened its position as the market leader with YTD market share up 50 bps to 9.5 per cent in October.

Bajaj Auto also made significant progress, increasing its YTD market share to 6.3 percent from a negligible share last year.

The EPV segment achieved record monthly registrations in October with 10,752 units, a growth of 70 per cent year-on-year due to the festive season. YTD penetration in the EPV category grew marginally by 10 bps YoY.

Tata Motors retained its position as the market leader with a YTD market share of 63 percent, though this was down from 72 percent last year. MG Motors showed considerable progress and increased its YTD market share from 12 per cent to 20 per cent year-on-year.

Check out Upcoming EV Cars in India, Upcoming EV Bikes in India.

First publication date: 13 November 2024, 09:49 am IST

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BYD sets record by selling over 400,000 vehicles in September amid new subsidies

BYD sets record by selling over 400,000 vehicles in September amid new subsidies

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By: bloomberg
, updated on: 02 October 2024, 08:55 am

  • Chinese automaker BYD Company set a new record for monthly deliveries by selling more than 400,000 vehicles in September for the first time.
Chinese automaker BYD set a new record for monthly deliveries and sold more than 400,000 electric vehicles in September. While sales are up 46 percent compared to September 2023, total vehicle sales this year stand at 2.75 million. (Bloomberg)

Chinese automaker BYD Co. set a new record for monthly deliveries by selling more than 400,000 vehicles in September for the first time.

Passenger vehicle sales last month stood at 417,603 units, including 164,956 battery electric cars and 252,647 plug-in hybrid models, BYD said in an exchange filing on Tuesday.

This is 46 percent higher than in September 2023, reflecting BYD's strong growth as it dominates its domestic market and increases exports abroad. Of those September deliveries, more than 33,000 units were sold overseas.

Also read: Tesla sales increase after China increases electric vehicle subsidies

BYD's total vehicle sales so far this year are 2.75 million. With three full months left to run, the automaker is looking a long way from its annual target of 4 million units, given that the Golden Week holidays in China have just begun and the Christmas season begins after that.

Beijing's recent announcement of a series of economic stimulus measures to boost disposable incomes could also contribute to a strong finish for BYD, already China's best-selling car brand.

BYD last month lifted its 2024 annual sales target to 3.6 million, Morgan Stanley auto analysts led by Tim Hsiao wrote in a note, citing comments from BYD management. BYD later denied that it had increased its annual target.

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Sales of electric and hybrid vehicles widely in China are also being boosted by a newly increased government rebate of 20,000 yuan ($2,900) for eligible models.

Also Read: Skoda Alroq promising 560 km range makes global debut, likely to launch in India in 2025

Zhejiang Geely Holding Group Co.'s September sales were 201,949 units, up from 166,955 a year earlier. Year-to-date, its vehicle sales now stand at 1.49 million units, up 32 percent.

But the power of those big automakers is hurting the smaller players to some extent.

Great Wall Motor Co.'s September sales were 108,398 units, including 30,129 new energy cars, down 11 percent year-on-year.

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First publication date: 02 October 2024, 08:55 AM IST

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World EV Day: Which Indian states are best for electric vehicles?

World EV Day: Which Indian states are best for electric vehicles?

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By: Ryan Paul Massey
, updated on: 09 Sep 2024, 08:35 am

Uttar Pradesh, Maharashtra, Delhi and Karnataka have a strong position in terms of EV sales and charging infrastructure. But there are some states that have performed better in terms of EV charging infrastructure.

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India is rapidly moving towards electrification. The incentives provided by the government are acting as a catalyst for EVs in the Indian automotive industry. (Reuters)

There is a power war going on among Indian states. It is a war for good, a war to adopt new technology and a war for zero-emission mobility. It is a race to win the highest electric vehicle (EV) adoption. With a clear shift towards electric mobility, many states are positioning themselves as leaders in EV adoption and the infrastructure that supports such mobility options.

As part of World EV Day celebrations, we take a closer look at what each state in India has done to accelerate EV adoption and how many EVs have been sold across states so far by 2024.

Also Read: Complete Guide To Electric Vehicles In India

What is the status of electric vehicles in Uttar Pradesh?

Uttar Pradesh leads the country in terms of total EV registrations with over 2 lakh electric vehicles. A large portion of this number is of 3-wheelers. The state's population and economic activities play a vital role, but the government's proactive policies have helped drive EV adoption in the state. Recently, the UP government also announced the Electric Vehicle Manufacturing and Mobility Policy to be extended till 2027. The EV breakdown by vehicle type in UP is as follows:

  • Two-wheeler EVs – over 38,000 sold
  • Three-wheeler EVs – over 1.6 lakh sold
  • Four-wheeler EVs – over 2,800 sold

What has Maharashtra done to promote the adoption of electric vehicles?

With over 1.26 lakh registered vehicles, Maharashtra ranks second after Uttar Pradesh in terms of EV-friendly policies. The state's governance policies have made it conducive for early adoption of electric vehicles. Moreover, Maharashtra is also emerging as an EV manufacturing hub, attracting companies like Tata Motors and Mahindra Electric. The breakup of EVs sold in Maharashtra is as follows:

  • Two-wheeler EVs – over 1 lakh sold
  • Three-wheeler EV – over 8,500 sold
  • Four-wheeler EVs – over 8,000 sold

How is the Karnataka EV movement progressing?

Karnataka is projected to sell over 99,000 vehicles in 2024, making it another contender for the title of most EV-friendly state. The Karnataka Electric Vehicle and Energy Storage Policy aims to boost EV sales and establish the state as an EV and battery manufacturing hub. Karnataka's capital Bengaluru has already emerged as a major EV adopter thanks to its tech-savvy population. The sales of various vehicles are as follows:

  • Two-wheeler EVs – over 86,000 sold
  • Three-wheeler EV – over 4,800 sold
  • Four-wheeler EVs – over 6,800 sold

Can Tamil Nadu lead the EV race?

Tamil Nadu, which sold around 73,900 vehicles, is not only encouraging EV adoption but is also a leader in EV manufacturing. Tamil Nadu is already home to major auto manufacturing companies. The dual approach of promoting EV usage along with becoming a manufacturing hub has put Tamil Nadu in a strong position in India's EV landscape. The state report is as follows:

  • Two-wheeler EVs – over 64,000 sold
  • Three-wheeler EVs – over 4,200 sold
  • Four-wheeler EVs – over 4,600 sold

Will Bihar stealth and get ahead in the EV game?

Bihar has sold more than 65,000 electric vehicles in 2024 and a large portion of this number is three-wheelers, just like Uttar Pradesh. Below is a breakdown of the vehicles sold according to their types:

  • Two-wheeler EVs – over 10,900 sold
  • Three-wheeler EV – over 54,000 sold
  • Four wheeler EVs – more than 500 sold

Which state in India has the highest penetration of electric vehicles?

While the population and economic condition of a state play a big role in determining the fate of EV adoption, it is also important to note which states lead in terms of EV to population ratio. In this regard, Goa dominates, with EVs accounting for 14 per cent of total vehicle sales. Tripura is in second place with 13.73 per cent penetration of battery-powered mobility options, followed by Chandigarh (13.50 per cent), Delhi (10.72 per cent) and Assam (9.93 per cent).

Which state has the maximum number of EV charging stations?

Maharashtra leads in terms of charging stations, with 3,079 charging stations across the state. Delhi has 1,886 charging stations, while Karnataka has 1,081 stations. This is as per government data available till February 2024.

Data taken from Vahan Government Portal

Take a look at the upcoming EV bikes in India.

First Publication Date: 09 Sep 2024, 08:35 AM IST

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Hop Electric delivered 1 EV every 2 minutes on festive days, retails 500+ EVs

Hop Electric delivered 1 EV every 2 minutes on festive days, retails 500+ EVs

by with No Comment Electric vehicles cars

Jaipur-based electric two-wheeler maker, Hop Electric Mobility ended the festive season on a high. The company announced that it delivered one electric vehicle every two minutes to customers on the festive days with HOP retailing over 500 EVs. The electric scooter and motorcycle maker attributed the success to its special offers and discounts rolled out during this period.

By: HT Auto Desk
| Updated on: 15 Nov 2023, 19:03 PM

HOP Electric delivered over 500 EVs to customers over the festive days this year

Customers were handed keys to the LEO and LYF e-scooters in both low-speed and high-speed options. Prices for the HOP e-scooter range start from ₹69,000 (ex-showroom). As part of the festive offers, the company offered the LYF e-scooter on an EMI option of ₹1,899 per month, while the HOP LEO e-scooter was available on an EMI of ₹2,199 per month. The OXO electric motorcycle was available on a monthly EMI of ₹3,499 per month.

Also Read : Hop Electric rolls out festive offers for OXO e-bike, LEO 7 LYF e-scooters. Check out

HOP OXO electric motorcycle
Hop Electric rolled out special offers and discounts for the festive season that helped boost sales

Ketan Mehta, Founder & CEO of HOP Electric Mobility said, “The festive season has proved to be a turning point for the electric vehicles’ segment, which continued the momentum from the previous month when more than 71,000 electric two-wheelers were sold, according to Govt. estimates. The season presented a unique opportunity for people to join the green-mobility bandwagon, while also taking advantage of these incredible deals. We thank our customers, who expressed their trust in our brand vehicles and aligned with a common goal to contribute to a sustainable future for our planet.”

Furthermore, HOP Electric also offered zero per cent down payment, benefits of up to ₹5,100 and flexible EMIs across its range.

First Published Date: 15 Nov 2023, 19:03 PM IST


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