India EV Market Trend Update2024-May* 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: May 2024

P8Comparison with hybrid vehicle sales volume and EVs in May

P9Trends in EV Policies

P10

AUTO PLI Overview

P11FAME3P12EV News: May 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 Maye 3, 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

1,1941,984

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

BEVHybrid

Other4

Comparison of unit sales by category••

In March 2024, sales of two-wheelers were particularly strong due to last-minute demand following the end of FAME. As a result, sales of
two-wheeled vehicles in April were slightly lower than the previous year. In May, sales of non-three-wheelers were slightly lower than in April,
but there was no significant difference.
In May, three-wheelers were more than 7,000 units higher than last year, while other categories were lower than last year.

Sales volume by category over the past year

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

Unit: Number of units

105,582

63,841
52,324
44,69863,841
52,324

6,476
215
JunJulAug
2-Wheeler

SepOctNov3-Wheeler

Dec

Jan4-Wheeler

FAME
Source: SMEV. https://www.smev.in/statisticsFebMarApr

7,718 6,476
280

MayBus215

FY24 FY25

FY24 FY25

FY24 FY25

FY24 FY252W3W

4W

BusEMPS
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.
It's been two months since FAME2 was taken over by EMPS, and although it didn't reach last year, it still soldalmost the same number as in April 2024.
Unit: Number of units

Last-minutedemand due tonews of the endof subsidies

160,000
140,000

FY25May

Diwali andother festive
shoppingseasons

Year-end
shoppingseason120,000
100,000
80,00060,00040,00020,000
AprMayJunJulAug

FY21

Sep

FY22

Oct

FY23

Nov

FY24

Dec

JanFebMar

FY25

Source: SMEV. https://www.smev.in/statistics
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 VEHICLES12%SAERA ELECTRIC AUTO PVT LTD
MAHINDRA LAST MILE MOBILITY LTD

3-wheeler

75%

DILLI ELECTRIC AUTO PVT LTD

OKINAWA AUTOTECH
19%

Other

HERO MOTOCORP
OtherTATA MOTORS LTD
2%2%12%10%TATA

6%JBM AUTO LIMITED10%

MG MOTOR50%4-wheeler

MAHINDRA & MAHINDRA

12%
68%

PCA AUTOMOBILESHYUNDAI MOTOR

OLECTRA GREENTECH LTD

13%

Bus

PMI ELECTRO MOBILITY SOLUTIONSPRIVATE LIMITED
15%

OtherOther

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

7Top 5 Best-Selling EV Brands: May 2024•

In two-wheelers, OLA dominates the market in terms of sales volume, maintaining its dominance in two-wheelers
with a 49% market share in May 2024.
Top 5 2W

Top 5 3W
Unit: Number of units

OLA ELECTRIC

37,215TVS MOTOR

9,199ATHER ENERGY

6,025

HERO MOTOCORP

TATA
1,432

MAHINDRA & MAHINDRA*EVs cover BEVs only.

3,779

SAERA ELECTRIC

2,474

BAJAJ AUTO

2,358

Unit: Number of units

2,205

Top 5 Bus

Unit: Number of units

5,021

MG MOTORHYUNDAI MOTOR

4,427

DILLI ELECTRIC AUTO

2,454

Top 5 4W

BYD

MAHINDRA LAST MILE MOBILITYYC ELECTRIC VEHICLE

11,778BAJAJ

Unit: Number of units

557
160

PMI ELECTRO MOBILITY

65

TATA MOTORS

46

JBM AUTO

34

OLECTRA GREENTECH

3495
VE COMMERCIAL

Source: VAHAN. (As of Jun 03, 2024). https://vahan.parivahan.gov.in/vahan4dashboard/vahan/view/reportview.xhtml
ET AUTO. https://auto.economictimes.indiatimes.com/news/two-wheelers/ola-electric-e2w-may-2024-market-share-at-49-records37191-registrations/110614228?utm_source=branded_content&utm_medium=homepage30

8Comparison with hybrid vehicle sales volume and EVs in May••

Comparing EVs and hybrid vehicles, hybrid vehicles sell more than three times as many EVs as EVs.
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: 33,689 units

EVMARUTI SUZUKI INDIA LTD

Unit: Number of units
1413

PETROL/HYBRID

3,263
STRONG HYBRID EV

TOYOTA KIRLOSKAR MOTOR
PVT LTD
MERCEDES-BENZ INDIA PVTLTD

17,866
7,062

90

SKODA AUTO VOLKSWAGENINDIA PVT LTD

4922,186
DIESEL/HYBRID

5,021

MG MOTOR INDIA PVT LTD

700

HONDA CARS INDIA LTD

TATA PASSENGER ELECTRICMOBILITY LTD

MAHINDRA & MAHINDRA
LIMITED

1,432557

BYD INDIA PRIVATE LIMITED160

HYUNDAI MOTOR INDIA LTD

95

Unit: Number of units

Comparison of total sales of EVs and hybrids by manufacturer
17,866

6,720
PLUG-IN HYBRID EV

BEV

HEV

E-4W

Hybrid – 4W

Unit: Number of units
7,062
5,052
90

91

95

160

557714

1,432* Hybrids include diesel hybrids, petrol hybrids, plug-in hybrids, andstrong hybrids.
Source: VAHAN (as of Maye 03, 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 billionand 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.

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 billionrupees.
• 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 billionrupees.
• 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-wheelerbus
With 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: May 2024
Hyundai Creta EV to launch in September
South Korean giant Hyundai Motors plans to launch an EV version of its
popular Creta model in September, with the Creta EV expected to be
powered by a 45 kWh battery and have a range of nearly 450 km. It will
also feature a Level 2 Advanced Driver Assistance System (ADAS), a
10.25-inch touchscreen system, a 360-degree camera, Apple CarPlay andventilated seats, according to the company. Prices are expected to range
between RUR 2.0-2.5 million.
https://news24online.com/auto/hyundai-creta-ev-set-to-revolutionizeelectric-vehicle-market-in-india/273629/

EV penetration in India to reach 15% by 2030: BNPParibasFrench financial major BNP Paribas forecasts that the penetration of electricpassenger cars in India will reach 15% by 2030. ‘With Indian car market
leaders Hyundai, Tata and Mahindra launching EV models and Maruti
Suzuki potentially entering the market, 2025 will be a very critical year forthe industry.’ The report mentions.
India EV penetration to be 15% by 2030: BNP Paribas - The Hindu
BusinessLine

Hyundai High-Speed EV Charging Station is installed.
Hyundai Motors has installed a 180 kWh fast-charging station in TamilNadu. In addition, the company has announced the installation of 100
electric vehicle (EV) fast-charging stations in the coming years. The 180
kW DC fast charging station, consisting of 150 kW and 30 kW connectors,
has been installed at Spencer Plaza here and will be compatible withcompatible four-wheelers regardless of brand or model.
https://www.telegraphindia.com/business/hyundai-motor-india-sets-upev-charging-station-in-chennai-plans-100-facilities-across-tamilnadu/cid/2022757

Kia has released its fourth EV, the EV3. Scheduled for 2025
in India
Kia Motors has unveiled its fourth electric vehicle, the EV3. Initially, it is expected
to be sold in the international market, and it is expected to be launched in India in2025。
https://economictimes.indiatimes.com/industry/renewables/kia-unveils-its-4thelectric-car-the-ev3-expected-in-india-nextyear/articleshow/110383440.cms?from=mdr

India Mahindra to invest Rs 120bn by FY27 for EVs, alsofor IC engines.
Leading Indian car manufacturer Mahindra & Mahindra is likely to invest Rs 120
billion over the next three years to further expand its EV development. It is alsoplanning a major capital investment of Rs 140 billion in its existing IC engine
business.
Mahindra to invest ₹12000 crore in EV business till FY27, remain aggressive onIC-engine biz (msn.com)

Mercedes-AMG S 63 E Performance launched byMercedes for 33 million INR.
Mercedes-Benz has launched the new AMG S 63 E Performance as the flagshipmodel of the S-Class in India at a price of Rs 33 million (excluding tax).
Powered by a plug-in hybrid 4.0-litre V8 engine, it is the second Mercedes plugin hybrid model in India after the GT63 S E Performance.
https://www.autocarindia.com/car-news/mercedes-amg-s63-e-performancelaunched-at-rs-330-crore-431661
13

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