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Tata Motors Leads EV Recovery as May 2024 Sales Show Signs of Rebound

EV Sales Data for May 2024 Released

New Delhi: The Federation of Automobile Dealers Associations (FADA) has released the electric vehicle (EV) retail sales data for May 2024, showing a slight recovery across various segments following the significant decline caused by the conclusion of FAME 2 subsidies in March.

FADA President Manish Raj Singhania commented on the latest data, saying, “May 2024 has shown a slight recovery in electric vehicle (EV) retail across various segments following the major decline caused by the conclusion of FAME 2 subsidies in March. Despite this modest increase, the market share for electric commercial vehicles, two-wheelers, and three-wheelers has remained relatively stagnant over the past few months.”

Singhania also highlighted the industry’s anticipation for the announcement of FAME 3 by the newly formed Government. “The automotive industry is eagerly looking forward to the announcement of FAME 3 by the newly formed Government. We believe that the introduction of new subsidies and incentives under FAME 3 will provide the necessary boost to EV sales and help increase their market share significantly. FADA remains committed to supporting this transition and looks forward to collaborating with all stakeholders to drive the growth of sustainable mobility solutions in India,” he added.

In May 2024, Tata Motors led the electric passenger vehicle retail market with 5,083 vehicles sold, followed by MG Motor India with 1,441 vehicles. Mahindra sold 564 electric passenger vehicles, while BYD India and Hyundai sold 163 and 96 vehicles, respectively.

In the electric commercial vehicle segment, Tata Motors also emerged as the leader with 247 vehicles sold. PMI Electro Mobility Solutions followed with 65 vehicles, VE Commercial Vehicles sold 45, and both JBM Auto and Olectra Greentech sold 34 vehicles each.

The electric three-wheeler market was dominated by the Mahindra Group, which sold 4,536 vehicles. YC Electric Vehicle followed with 3,779 vehicles, Saera Electric Auto sold 2,474, Bajaj Auto sold 2,358, and Dilli Electric sold 2,205 vehicles.

The data underscores a cautious optimism within the industry, with stakeholders closely monitoring the impact of future government policies on the EV market’s growth trajectory.

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