Electric Vehicle Sales In India Jump By 218% In 12 Months! Total 4.19 Lakh EVs Sold In 2021-22

Electric vehicles’ sales reached new heights, having sold 4,29,217 units in FY22 compared to 1,34,821 units in FY21.

This is a growth of over 200 percent over FY21 and 155 percent over FY2020.

Factors Behind Sales Growth

This surge can be attributed to a wider range of products in the market, rising fuel prices, state subsidies and sops offered under FAME II taking down costs. 

Two- and three-wheelers accounted for most of the growth with sales of 2,31,338 units and 1,77,874 units, respectively.

While the passenger vehicle tally was 17,802 units, 2,203 electric CVs were sold.

Two-Wheeler Sales

In the two-wheeler segment, the top five companies accounted for 74 percent of the market share.

They are: 

• Hero Electric (65,303 units)
• Okinawa Autotech (46,447 units)
• Ampere Vehicles (24,648 units)
• Hero MotoCorp-backed Ather Energy (19,971 units) 
• Pure Energy (14,862 units)

Ola Electric stood at sixth position with sales of 14,371 units.

TVS Motor Company took the seventh position with registrations of 9,458 units.

Four-Wheeler Sales

Coming to the passenger vehicle segment, Tata Motors has been dominant with 15,198 units sold followed by MG Motor with 2,045 units.

Tata has two offerings – the Nexon and Tigor and MG Motor India has the ZS EV.

Mahindra & Mahindra and Hyundai Motor India take up the third and fourth spots with dispatches of 156 and 128 units respectively.

Both have a market share of less than 1 per cent.

M&M and Hyundai had sold 94 and 184 units respectively in the 2020-21 fiscal.

EV Popularity Undeterred

Tata is set to launch the long-range version of the Nexon EV later this month which should help it garner more sales. 

What works in the Nexon’s favor is that it is still cheaper than other EV SUVs like the MG ZS EV.

The EV segment in general will continue riding this momentum with rising fuel prices, improving EV charging infrastructure and innovations such as Battery as a Service (BaaS).