The EV market set a new record with sales of 11.70 lakh vehicles. EV sales are rising!

The new fiscal year has arrived, and it is time to shut down the old accounts, but that does not imply forgetting about the prior data. As a result, we have highlighted all of the facts and numbers from the prior year's EV sales data.

Electric vehicle sales in the country are increasing and surpassing one million in the fiscal year 2023. During the previous six months, from October 2022 to March 2023, over 1 lakh EV units were sold across India's states. In the calendar year 2022, EV sales in India totalled 10,23,735 units.

Sales of electric vehicles (EVs) in India have surpassed one million in a single fiscal year, representing an astonishing 155% year-on-year growth. Due to the increase in demand, sales have surpassed 100,000 units within six months. The total number of units sold in the month of March 2023 is 131,175.

In FY23, Indian customers purchased 11,70,916 EV units, breaking the million mark for the first time in a year. This represents a significant increase of more than 150% over the previous fiscal year's (FY22) sales of 4,58,748 EV or battery-powered operated vehicles. The petrol category sold the most vehicles, with 1,74,36,125 sold.

Electric three-wheelers recorded a 47% year-on-year growth, with 399,540 units sold. With a combined sales number of 1,120,273 units in FY2023, the two and three-wheeler sectors are leading the charge in the EV market, accounting for 95% of total EV sales.

Around 1 lakh EV units were sold per month in the second half of the fiscal year. In October 2022, 117,252 electric vehicles were sold. The following month, Indians purchased 121,389 EVs, compared to 104,783 in December 2022. In March 2023, 124,289 electric vehicles were sold, setting a new monthly high.

Meanwhile, the Centre has taken many initiatives to address the obstacles to the country's adoption of electric mobility. The Government of India has announced Phase II of the Faster Adoption and Manufacture of (Hybrid &) Electric Vehicles in India (FAME India) Plan for a five-year period beginning April 1, 2019, with a total budgetary contribution of Rs 10,000 crore.

This phase primarily focuses on promoting electrification of public and shared transportation, with the goal of supporting 7090 e-buses, 5 lakh e-3 wheelers, 55000 e-4 wheeler passenger cars, and 10 lakh e-2 wheelers through demand incentives. This scheme provides incentives to electric car owners in the form of an upfront reduction in the purchase price of electric automobiles.