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: July 2024

P8

Comparison with hybrid vehicle sales volume and EVs in July

P9Trends in EV Policies

P10

AUTO PLI Overview

P11

EV News: July 2024

P13

abbreviation

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

434

373

1,194

1,9843,693

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 July 03, 2024). https://vahan.parivahan.gov.in/vahan4dashboard/vahan/view/reportview.xhtml

BEVHybrid

Other4

Comparison of unit sales by category
4W sold unit is slightly declining since April.
2W is getting attention. Unit sold jumped from last year at the same month.

Sales volume by category over the past year

July sales year-on-year: FY24 vs. FY25

160,000Unit: Number of units

140,000

Unit: Number of units

61,43054,614

120,000

53,87749,187FY24100,000

FY25

80,00060,00040,00020,0007,771 6,596

Aug

Sep

Oct2-Wheeler

Nov

Dec

Jan

3-Wheeler

FAME

Feb

Mar

Apr

4-Wheeler

MayJunBus

144

Jul

2W

3W

4W

392

Bus

EMPS

Source: SMEV. https://www.smev.in/statistics (as of Aug 12, 2024).

※3W includes e-rickshaw and e-auto5

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.
Year-end
shoppingseasonUnit: Number of units

Last-minutedemand due tonews of the endof subsidies

160,000
140,000

FY25
July

Diwali andother festive
shoppingseasons

120,000
100,000
80,00060,00040,00020,000-AprMayJunJul
FY21Aug
FY22

Sep
FY23

Oct
FY24

Nov

DecJanFeb

Mar

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 fourcompanies 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 VEHICLES12%SAERA ELECTRIC AUTO PVT LTD
MAHINDRA LAST MILE MOBILITY LTD

3-wheeler

75%

DILLI ELECTRIC AUTO PVT LTDOKINAWA 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 MOTOR

OLECTRA GREENTECH LTD

13%

Bus

PMI ELECTRO MOBILITY SOLUTIONSPRIVATE LIMITED
15%

Other

Other

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

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

Top 5 2W

Top 5 3W
Unit: Number of units

OLA

41,597TVS

MAHINDRA LAST MILE MOBILITY

19,471BAJAJ
10,0805,044

Top 5 4W
TATA

3,857

BAJAJ

3,694

SAERA ELECTRIC

2,573

DILLI ELECTRIC

2,268

Unit: Number of units

Top 5 Bus

4,721
TATA

MG MOTOR
MAHINDRA & MAHINDRA

BYD*EVs cover BEVs only. PCA

6,899

YC ELECTRIC

17,642ATHER ENERGY
HERO

Unit: Number of units

Unit: Number of units

286

1,520
JBM AUTO

69

OLECTRA GREENTECH

65485
341
Causis7

SWITCH MOBILITY

5155

Source: VAHAN. (as of Aug 01, 2024). https://vahan.parivahan.gov.in/vahan4dashboard/vahan/view/reportview.xhtml
8Comparison with hybrid vehicle sales volume and EVs in July••

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: 35,952 units（EV：7,967台、Hybrid：27,985台）

EV

MARUTI SUZUKI
2

Unit: Number of units

346

6,241

TATA

18,351TOYOTA

4,721

MG MOTOR

8,598

1,520

MERCEDES-BENZ

776

MAHINDRA & MAHINDRA

485

BYD

341

Plug-in Hybrid

Diesel Hybrid

HONDA

107

Strong Hybrid

Petrol Hybrid

JAGUAR38

21,396

Unit: Number of units

155

Comparison of total sales of EVs and hybrids by manufacturer
18,351

7,967

Unit: Number of units

8,598
E-4W

Hybrid-4W* 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

4,721
38

107

155

341

485

776

1,520

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). Extended 2 months

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 Hybrid4W, e-Buses•e-2-wheeler ・e-3=wheeler

Subsidy for purchaser

Purchase subsidy amount• All types except 10,000 rupees/kWh buses (20% of price)• 20,000 rupees/kWh bus (40% of price)
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 (Or 15% of factory price, whicheveris lower)• 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 chargingstations•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.

Item

Eligible products

Criteria

OEM Incentive Schemes••

Incentive Scheme for Component Companies•

Battery Electric Vehicle
Hydrogen fuel vehicle••

OEM• Global group revenue (from automotive and/or
automotive 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 Aggregate

Components• Global group revenue (from automotive and/or
automotive 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

EV News: July 2024•

51% of Indian EV4W owners want to return
to ICE vehicles next

•Founded in 2017, electric two-wheeler manufacturer OLA Electric islaunching an IPO on 2 August, comprising a new share offer of up to SEK
5,500 crore and an equity offer (OFS) of up to 84,941,997 shares by thepromoters and existing shareholders. The company said the money would
be used for reimbursement or advance payments, research and productdevelopment, and capital expenditure for general corporate purposes.
Ola Electric Mobility IPO price band announced, opens on August 2: 10 points - HindustanTimes

Around 51% of 4W EV owners feel that they would not buy a second EV andwould like to return to owning an ICE vehicle. The reasons mentioned are dueto the fact that resale of EVs is not widespread in the industry and that theresale value of EVs is currently lower than the perceived price. Also, Indianowners' biggest concern was finding a functioning charging station, rather thanrange anxiety. Often, charging stations found in India are not functioning.
Electric Vehicles: Survey finds 51% Indian e-car owners want to return to ICE vehicles, ETAuto (indiatimes.com)•The Government has extended EMPS for twomonths and increased the budget to 7.78billion.

The Electric Vehicle Promotion Scheme has been extended by two months to30 September, increasing expenditure to INR 7.78 billion. The extension is due
to delays in finalising the third version of the FAME scheme. The EMPS will
support more than 560,000 electric vehicles, including two-wheelers and threewheelers. The issue of subsidy deployment was also raised.
Electric Vehicle Promotion Scheme: Government extends EMPS by 2 months, increases
funding to INR 778 crore, ET Auto (indiatimes.com)•Largest EV station hub near Hyderabad Airport.

EV charging facility operator GLIDA has installed a charging hub in Hyderabad
with a capacity to charge 102 vehicles. Charging station hubs of this scale give
users a new sense of security and incentivise them to adopt electric vehicles,
according to the company.。
https://www.thehindu.com/news/cities/Hyderabad/ev-charging-hub-openednear-hyderabad-airport/article68454396.ece

Two-wheel giant OLA launched its IPO on 2August.

•Uttara Pradesh exempts Strong Hybrid vehicles
from full registration tax.

Uttara Pradesh exempts 100% of registration fees for strong hybrid vehicles ina policy issued on 5 July. The policy will benefit Japanese OEMs such as Maruti
Suzuki, Toyota and Honda.
Zero Registration Charges For Strong Hybrid Cars In Uttar Pradesh, Expect Huge Price Cuts - BT
TV BusinessToday•FAME 3 is planned but has not been approved.

There was no direct mention of subsidies for the EV sector in the July budget
proposal, and according to ET AUTO, a third version of the FAME scheme,
which will continue to provide subsidies for EVs, is planned but has not yet
been approved by the Prime Minister's Office. The official said that the newversion of FAME is likely to include etrack for the first time and that thebudgetary outlay for this is likely to be comparable to the second version of thescheme, which ended on 31 March this year.
Budget 2024-25 For EV Sector: EV sector gets no direct benefits in the Budget, FAME III yet to befinalised, ET Auto (indiatimes.com)
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