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June 2024: A Mixed Performance in EV Retail Sales Reflects Seasonal Challenges

As the automotive industry continues its pivot towards sustainability, June 2024 showcased both the momentum and the hurdles faced by electric vehicles (EVs) in India. The Federation of Automobile Dealers Associations (FADA) President, Manish Raj Singhania, provided insights into the mixed performance of EV retail sales, highlighting both year-on-year (YoY) gains and month-on-month (MoM) fluctuations.

Passenger Vehicles: A Slight Dip

The electric passenger vehicle (PV) category experienced a minor contraction in market share, slipping from 2.5% in May to 2.4% in June. This represents a modest YoY decrease of 1.3%. While the overall trend indicates a growing acceptance of electric PVs, the month-on-month data suggests a need to address seasonal and environmental factors that may be impacting sales.

Two-Wheelers: A Surge in Popularity

The electric two-wheeler (2W) segment demonstrated a robust YoY growth, leaping from a market share of 3.5% last year to 5.8% in June 2024. This significant increase of 72.49% underscores the rising preference for electric two-wheelers among consumers. However, similar to the PV segment, there was a slight decline on a MoM basis, indicating potential areas for improvement in sustaining this growth trajectory.

Commercial Vehicles: Steady Progress

Commercial electric vehicles (CV) marked a steady improvement, with the market share rising from 0.57% a year ago to 0.7% in June. This reflects a YoY growth of 16.6%, showcasing the sector’s gradual yet consistent transition towards electric mobility. The commercial sector’s progress is crucial as it highlights the broader adoption of EVs beyond personal use.

Three-Wheelers: Stability and Growth

The electric three-wheeler (3W) segment maintained its substantial market share at 55.5%, achieving a YoY growth of 8.68%. This segment’s stability is a positive sign, indicating sustained demand and the successful integration of electric three-wheelers into the market.

Looking Ahead: Optimism for the Future

Singhania emphasized the potential for further growth in the coming months, driven by favorable monsoon conditions and government policies supporting green technologies. FADA’s commitment to promoting eco-friendly practices and supporting the EV transition remains strong, with ongoing efforts to foster sustainable mobility across the auto retail industry.

Top Performers in June 2024

Electric Passenger Vehicles:

  1. Tata Motors: 4,346 units
  2. MG Motor: 1,405 units
  3. Mahindra: 446 units
  4. PCA Automobiles: 236 units
  5. BYD: 229 units

Electric Three-Wheelers:

  1. Mahindra: 4,786 units
  2. YC Electric: 3,355 units
  3. Bajaj Auto: 2,547 units
  4. Saera Electric: 2,471 units
  5. Dilli Electric: 1,963 units

Electric Commercial Vehicles:

  1. Tata Motors: 328 units
  2. PMI Electro: 50 units
  3. Switch Mobility: 43 units
  4. JBM Auto: 35 units
  5. Mahindra: 27 units

As the automotive landscape evolves, June 2024 serves as a snapshot of the ongoing transformation towards sustainable mobility. Despite the mixed results, the overall upward trend in EV adoption highlights the industry’s resilience and potential for future growth.

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