India EV Market Trend Update2024-July* The copyright of this report is owned by Intage India Pvt. Ltd./ Intage group.
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Contents of this publication
Table of contents
EV Sales by Fiscal Year

P3

Percentage of BEVs/hybrids in FY24 total

P4

Comparison of unit sales by category

P5

Electric two-wheeler sales by fiscal year

P6

Share of sales by manufacturer: FY24P7

Top 5 Best-Selling EV Brands: Jun 2024

P8Comparison with hybrid vehicle sales volume and EVs in Jun

P9Trends in EV Policies

P10

AUTO PLI Overview

P11FAME3P12EV News: Jun 2024

P13abbreviation

term

EV

Electric Vehicle

ICE

Internal combustion engine

FY

Financial year

FAME

Faster Adaptation Manufacturing of Electric Vehicle

EMPS 2024

Electric Mobility Promotion Scheme-2024

AUTO PLI

AUTO Production Linked Incentive

With some exceptions, it was created on July 01, 2024.

2

EV Sales by Fiscal Year••Two-wheelers and three-wheelers account for the majority of sales in the Indian EV market. This is considered to bebecause, although the initial cost is a little higher than that of ICE vehicles, the difference in running costs enables theinitial cost to be recovered.
On the other hand, sales of four-wheelers are less than 100 000 units.

Unit sales by fiscal year

Sales by vehicle type: FY24
1.67 million
units

Unit: Number of units

E-2 Wheelers

944,126

9.82x
1.18 million
units

E-3 Wheelers

632,485

450,000
units

E-Buses

E-4 Wheelers

170,000
units

140,000
units

19-20

20-21

21-22

22-23

23-24

4343731,194

1,984

3,693

E-4 Wheelers

2,377

5,154

18,62247,49990,432E-3 Wheelers

143,051

90,898172,543

401,882

632,485

E-2 Wheelers

26,83444,803

252,642728,054944,126

Source: SMEV. https://www.smev.in/statistics

E-Buses

90,432

3,693

Unit: Number of units3Percentage of EVs/hybrids in total FY24••

Sales of the 2-Wheeler and 4-Wheeler are on the rise, but at present, they account for less than 10% of the total sales, including gasoline
types.
On the other hand, the 3-Wheeler has more than 50% of EVs sold, and EVs are sold in a very large number.

2-Wheeler

3-Wheeler

4-Wheeler
2%
7%

5%

46%
54%
95%

E-2-Wheeler

91%

Other

E-3-Wheeler

Other

Source: VAHAN. (As of June 03, 2024). https://vahan.parivahan.gov.in/vahan4dashboard/vahan/view/reportview.xhtml

BEVHybrid

Other4

Comparison of unit sales by category
June was also an off-season month (see page 6), and there was no significant increase in sales volume, but with regard to 2-wheel and 3wheel, sales volume increased over last year.
The number of 4-wheelers sales is lower than last year, but one possible reason is that 4-Wheeler is not covered by subsidy program.

••Sales volume by category over the past year

Jun sales year-on-year: FY24 vs. FY25
Unit: Number of units

Unit: Number of units

53,135
46,10649,187
48,151
FY24

FY25

7,974
5,877
JulAugSep

Oct

2-Wheeler

Nov

Dec
3-Wheeler

FAMEJanFeb

Mar

4-Wheeler

AprMayBus

204 129

Jun2W

3W

4W

BusEMPS

Source: SMEV. https://www.smev.in/statistics (as of July 01, 2024).

※3W includes e-rickshaw and e-auto

5Electric two-wheeler sales by fiscal year•••

The two-wheeler category has been increasing its sales every year, and FY24 has exceeded the previous year inalmost every month of the year.
The major shopping seasons in India are the festive season and the end of the year.
Although June is a month of low sales, it is the most sold month since FY21.
Year-end
shoppingseasonUnit: Number of units

Last-minutedemand due tonews of the endof subsidies

160,000
140,000

FY25JunDiwali andother festive
shoppingseasons

120,000
100,000
80,00060,00040,00020,000-AprMayJunJul
FY21Aug
FY22Sep
FY23Oct
FY24NovDecJanFebMar

FY25

Source: SMEV. https://www.smev.in/statistics (as of July 01, 2024).
6

Share of sales by manufacturer: FY24••

In the two-wheeler segment, OLA leads the way, followed by TVS, Ather, and Bajaj, with the top four
companies accounting for 77%.
In four-wheelers, TATA now controls two-thirds of the market share, followed by MG Motor and Mahindra.
7%

OLA ELECTRIC
2%
2%
3%

13%

TVS MOTOR
35%

3%

5%

MAHINDRA & MAHINDRA LIMITED4%

ATHER ENERGY

4%

BAJAJ AUTOGREAVES ELECTRIC

11%2-wheeler

YC ELECTRIC VEHICLE

5%AMPERE VEHICLES
12%SAERA ELECTRIC AUTO PVT LTD
MAHINDRA LAST MILE MOBILITY LTD

3-wheeler

75%

DILLI ELECTRIC AUTO PVT LTD

OKINAWA AUTOTECH
19%

Other

HERO MOTOCORPOtherTATA MOTORS LTD
2%2%

12%

10%

TATA

6%

JBM AUTO LIMITED10%

MG MOTOR

50%

4-wheeler

MAHINDRA & MAHINDRA

12%68%PCA AUTOMOBILESHYUNDAI MOTOROLECTRA GREENTECH LTD

13%BusPMI ELECTRO MOBILITY SOLUTIONSPRIVATE LIMITED
15%

OtherOtherSource: VAHAN. https://vahan.parivahan.gov.in/vahan4dashboard/vahan/view/reportview.xhtml

7Top 5 Best-Selling EV Brands: Jun 2024
•OLA dominates sales of 2-wheelers, while TATA holds a large share of the 4-wheelers market.

Top 5 2W
OLA

Unit: Number of units

36,716

TVS

Unit: Number of units

MAHINDRA LAST MILE MOBILITY

13,899

BAJAJ

HERO

6,097

2,547

SAERA ELECTRIC

2,471

DILLI ELECTRIC
Unit: Number of units

TATA

1,963

Top 5 Bus

Unit: Number of units

4,307

MG MOTOR
MAHINDRA & MAHINDRA

3,355

BAJAJ

3,068

Top 5 4W

4,713

YC ELECTRIC

8,985

ATHER ENERGY

1,403
440

PCA AUTOMOBILES

236

BYD

229

*EVs cover BEVs only.

Top 5 3W

PMI ELECTRO

50

JBM AUTO

35TATA34

OLECTRA GREENTECHSWITCH MOBILITY

94

Source: VAHAN. (as of July 01, 2024). https://vahan.parivahan.gov.in/vahan4dashboard/vahan/view/reportview.xhtml
8

Comparison with hybrid vehicle sales volume and EVs in Jun••

In a comparison of EVs and hybrids, hybrid sales far outnumber electric four-wheelers.
Hybrid vehicle mainstream Maruti Suzuki and Toyota are number one and number two in terms of volume, followed by
EV mainstream Tata. Hybrid vehicles are currently the mainstream in India.
Comparison of EV and hybrid sales

Comparison of EV and hybrid sales by manufacturer
HybridTotal Sales: 31,042 units

MARUTI SUZUKI

326

Unit: Number of units

EV

3,867

TOYOTAMERCEDES-BENZ

TATA

15,841

MG MOTOR

7,292
699

4,307
1,403

MAHINDRA & MAHINDRA

440

78

PCA AUTO

236

SKODA AUTO… 38

BYD

229

HONDA

19,845

Unit: Number of units

Comparison of total sales of EVs and hybrids by manufacturer
15,841

7,004
Unit: Number of units

7,292
E-4WHybrid – 4W

4,307
3878

229236

440

699

1,403

EV maker
Hybrid maker* Hybrids include diesel hybrids, petrol hybrids, plug-in hybrids, andstrong hybrids.
Source: VAHAN (as of July 01, 2024).
https://vahan.parivahan.gov.in/vahan4dashboard/vahan/view/reportview.xhtml

9Trends in EV Policies•••

The Faster Adaptation Manufacturing of Electric Vehicles (FAME 2) ended on 31 March 2023 and a new government-led policy ElectricMobility Promotion Scheme-2024 (EMPS 2024) was launched on 1 April.
FAME 2 was planned for three years (eventually five years) and covered not only two and three-wheelers but also four-wheelers andbuses, with a budget of R100 billion. On the other hand, EMPS2024 will be implemented for four months, with a budget of RUR 5 billion
and will only cover two and three wheelers as the targeted EV categories.
Support for four-wheelers and buses will continue under the Auto PLI and PM-eBus Sewa Scheme, which are already in place.
FAME 2EMPS 2024

Implementation Period•

3 years (eventually 5 years) (April 1, 2019 - March 31,2024)•

4 months (April 1, 2024 - July 31, 2024)

Budget•

100 billion rupees (eventually 115 billion rupees)•

5 billion rupees (of which 3.333 billion rupees will beallocated to two wheels) )Eligible Vehicle Models•

e-2-wheeler、e-3-wheeler、e-4-wheeler Strong Hybrid
4W, e-Buses•e-2-wheeler ・e-3=wheeler

Subsidy for purchaser

Purchase subsidy amount• All types except 10,000 rupees/kWh buses• 20,000 rupees/kWh bus
Approximate maximum subsidy amount• 2 wheels: 20,000 rupees• 3 wheels (including e-rickshaw): Rs 50,000• 4 wheels: No upper limit. However, up to 1.5 million
rupees of the ex-factory value.

Purchase subsidy amount• 5,000 rupees/kWh for e-2-wheeler ・e-3-wheeler
Maximum subsidy amount• 2-wheeler: 10,000 ルピー• E-Rickshaw ・e-cart: 25,000 ルピー• E-3-wheeler (L5 カテゴリー): 50,000 ルピー

Subsidies formanufacturers•

The manufacturer receives a refund as a sales incentive.

•The manufacturer receives a refund as a sales incentive.

Domestic manufacturing
requirements••

Localization of manufacturing
Phase manufacturing Program (PMP) is applicable.

••

Localization of manufacturing
Phase manufacturing Program (PMP) is applicable withsmall changes.

Installation of charging
stations•Assistance in setting up charging stations

Source: Ministry of Heavy Industries
https://heavyindustries.gov.in/sites/default/files/2024-03/emps-2024.pdf
https://fame2.heavyindustries.gov.in/content/english/11_1_PolicyDocument.aspx•Not planned.

10

AUTO PLI Overview•The GOV offer different scheme for complete EV vehicle manufacturers and for advanced component manufacturers,
with different incentive rates, etc.

ItemEligible products

Criteria

OEM Incentive Schemes••

Incentive Scheme for Component Companies•

Battery Electric Vehicle
Hydrogen fuel vehicle••OEM• Global group revenue (from automotive and/orautomotive component manufacturing): 100 billion
rupees.
• Investments: fixed assets by the company or its
group companies (gross): 30 rupees billion.
• Minimum domestic new investment requirement.

Components using advanced automotivetechnology
CKD/SKD Kits
Vehicle AggregateComponents• Global group revenue (from automotive and/orautomotive component manufacturing): 5 billion
rupees.
• Investments: fixed assets by the company or its
group companies (gross): 1.5 billion rupees.
• Minimum domestic new investment requirement.

Incentive Rates•

13~16% of sales•

8~11% of sales

Additional Incentives•

Cumulative total of over R100 billion +2%.

••

+2% for a cumulative total of over R12.5 billion+5% for electric/hydrogen fuel cell vehicles

Other criteria••
At least 50% domestic added value
At least 10% increase in sales in the following year

Source: myscheme. https://www.myscheme.gov.in/schemes/plisaaci#eligibility
11

FAME 3•

FAME3 is likely to be rolled out within 100 days of the new administration.

FAME3 proposal currently reported
Category

FAME3 Plan Draft

Budget10,000 Crore INR

Period2 years (5 years for FAME2)

TargetAuthentication••••electric2-wheeler
electric3-wheelerbusWith regard to four-wheelers, whether electric vehicles will be covered is underdiscussion. On the other hand, hybrid vehicles are likely to be covered.

FAME3 is a new scheme and will have to be re-applied for.

Source: ET AUTO. https://auto.economictimes.indiatimes.com/news/passenger-vehicle/fame-3-likely-to-be-rolled-out-soon-with-inr-10000-croutlay-with-support-for-hybrids-but-not-e-cars/110517596?utm_source=top_news&utm_medium=tagListing12

EV News: Jun 2024
British International Investment (BII) to Invest $300
Million India in EV Sector
BII (the British International Development Finance) plans to invest $300
million in India's EV sector over the next three years. India's automotive
market is well developed, but the penetration rate of EVs lags behind therest of the world. However, the overall penetration of EVs in India is around
6%, but we see it easily expanding and more than doubling," said the headof the company, predicting further growth in the future.
BII bullish on Indian EV ecosystem, expects to invest USD 300 mn in 3 yrs:
MD Abhinav Sinha, ET EnergyWorld (indiatimes.com)•Hyundai Motors to go public

The company is seeking regulatory approval to list on the Mumbai stock
market, which could be the largest in the country. Hyundai has identified
India as an important market and will invest another $4 billion in thecountry. Hyundai is expected to be valued at up to $30 billion and islooking to raise about $2.5 billion to $3 billion.
Hyundai: India’s biggest IPO could come from South Korean carmanufacturer | CNN Business•Electric two-wheeler manufacturer Ather Energy toestablish a new plant in Maharashtra.

Electric two-wheeler manufacturer Ather Energy is setting up a newmanufacturing plant in Aurangabad district, Maharashtra. The plant,
located in Bidkin, will produce both electric two-wheelers and battery packs.
The Aurangabad plant will be Ather‘s third plant in India. The company
already has two manufacturing facilities in Hosur, Tamil Nadu, for battery
production and vehicle assembly.
https://www.indiatoday.in/auto/latest-auto-news/story/this-indian-evmaker-to-set-up-new-plant-in-maharashtra-already-has-two-in-tamilnadu-2559681-2024-06-28

The new EV policy will further accelerate competition.

•The new electric vehicle policy will likely increase competition in the EV passenger
car segment, but will benefit domestic auto parts makers because of its emphasis
on localization, analysts said. The Indian government has approved a new electricvehicle policy that will pave the way for global brands such as the U.S.-based Tesla
and Vietnamese automaker Vinfast to enter the Indian market. The policy allows
automakers to import up to 8,000 electric vehicles priced at $35,000 or more forfive years at a reduced import duty of 15% from 70%, provided they invest at least$500 million in India for local production.
https://www.livemint.com/industry/manufacturing/ev-policy-to-intensifycompetition-in-passenger-vehicle-segment-auto-component-makers-keybeneficiaries-say-analysts-11710739216831.html•Bajaj expands its lineup of electric two-wheelers.

Bajaj, the two-wheeler and three-wheeler leader, will launch Chetak 2901 at Rs.
95,998 (ex-showroom price, Bangalore) Chetak 2901 will be available at an onroad price close to that of a petrol scooter and has an ARAI certified range ofover 123 km. Retail availability to consumers will begin after June 15.
https://auto.economictimes.indiatimes.com/news/two-wheelers/bajajexpands-electric-portfolio-with-chetak-2901-price-starts-at-inr-95998/110790161?utm_source=tagListing&utm_medium=tagListing13

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