Electric Vehicle (EV) Sales in April 2023
Taking note of the highly intense period of electric vehicle (EV) adoption in the Indian ecosystem, the rate of adoption of EVs can be directly related to EV sales happening every month or year in different domains catering to the electric mobility space.
Stepping in the first week of May 2023, a variety of EV-focused companies have released their monthly sales data for April 2023 to compare the growth rate of EVs from the previous month.
Rounding up the previous month’s sales in the Indian EV sector as a whole from the Vahan dashboard, the figures show a meteoric rise of EV sales in April 2023, the first month of the new fiscal year 2024, rising at a rate of 41% as compared to April 2022 sales of 77,493 units,
In short, the electric vehicle segment recorded EV sales of 110,580 units in April 2023.
Extracted from the Vahan dashboard, the EV sales data signify a new milestone for EV sales in April 2023 as it makes it the seventh month in a row wherein the Indian EV industry witnessed an overall EV sales jump of crossing the 100,000-unit mark.
However, the monthly comparison for the year 2023 shows a different story.
As recorded, EV sales in April 2023 are showcasing a hike as compared to January 2023 with sales of 102,709 units and February 2023 with sales of 107,039 units, April 2023 data sees a drop in EV sales figure by 28% concerning March 2023’s 140,550 units, hence observing a reduction of around 29,970 units.
Digging a little deeper, categorizing the EV industry according to the most affordable price range in the zero emissions segment, electric two-wheelers and electric three-wheelers have clocked the largest sales figures.
Out of the total 110,580 EVs sales in April 2023, two and three-wheeled EVs alone account for 60% and 34% share respectively.
On the other hand, electric passenger vehicles that are generally purchased for personal usage held a 4.70% share with figures of 5,828 units in retail.
Bifurcating the sales figures of each sub-segment according to their monthly EV sales performance, let’s take a brief look at some of the sales figures of each domain along with the company-wise retails.
Electric Two-Wheelers Segment Sales – April 2023
Registering one of the biggest EV sales records as compared to other domains, the Indian two-wheeler space has shown one of the highest growth rates in EV sales in April 2023.
Encompassing around 103 players in the growing marketplace, the Electric two-wheeler industry has listed an overall EV registration of 66,466 units in April 2023, which shows a positive spike of around 23.42% or 53,256 units registered in April 2022.
Out of which, the top ten industry players have alone clocked in a record sale of 59,474 units in April.
Holding an overall share of around 21% share, Ola Electric has cemented its position in the two-wheeler segment with an EV sales record of 21,845 units in April 2023, one of its best-ever monthly sales yet.
Unlike Ola, TVS Motor Co registered a total EV sale of 8,728 iQubes last month.
Standing in third place is Ampere Electric that has sold around 8,869 units in April. Following close behind is Ather Energy which has shown an EV sales record of 7,746 units of its smart electric scooters.
Other names in the top list include Bajaj Auto having sold 4,013 units of the Chetak scooter, Hero Electric with 3,331 and Okinawa Autotech with 3,216 units. Okaya EV came at last with four-figure sales of 1,562 units.
Electric Three-Wheelers Segment Sales — April 2023
Known as one of the commercial units of the electric vehicle segment, three-wheeler EVs has seen EV sales in April 2023 with a record of 37,500 units, which amounts to 73.40% as compared to April 2022 sales that were recorded at 21,626 units.
Having around 330 players and still counting, India has seen tremendous growth in sales of electric three-wheelers largely due to sustained demand for passenger transportation and the expansion of last-mile operator services catering to e-commerce applications, food deliveries and others.
Mahindra Last Mile Mobility has come out to be the leader for FY2023 with record registrations of over 35,000 units and has revealed a sales figure of 3,522 units in April 2023.
The company maintains its 9% share of the market and is expanding production. On April 18, a new line of Treo e-three-wheelers was inaugurated at the Haridwar plant.
YC Electric is another key player that has maintained its rank for EV sales in April 2023 with a sales record of 2,838 units.
Some other players that have shown better EV registrations include Saera Electric with 1,855 units, Dilli Electric with 1,730 units, Piaggio Vehicles with having sales figure of 1,411 units and last but not least Mini Metro with a sales record of 1,037 units.
Electric Four-Wheeler Passenger Vehicles Sales — April 2023
After covering two of the highest sales grossing sub-segments, India recorded its second-best monthly passenger EV sales in April 2023 with 5,828 units.
Recording a 185% year-to-year increase rate once compared to the April 2022 sales record of 1,803 units, the electric three-wheeler market has observed a sales dip of 1,946 units, one of the best monthly EV sales of 7,093 units in March 2023.
Tata Motors, India’s one of the biggest passenger vehicle manufacturers has a wide range of offerings like Nexon EV, Tigor EV, Tiago EV and the Xpres-T.
Retaining its top position, Tata Motors sold a total of 4,388 units.
However, the company has seen a dip when it comes to its market share which has dropped down to 75% as a result of growing competition.
Mahindra & Mahindra which has recently launched its all-electric XUV400 is now battling with Tata Nexon EV, which is currently one of the best-selling ePV in India.
As per the sources taken from the Vahan portal, M&M which sells e-Verito has clocked sales of 505 units in April 2023, hence taking a lead ahead of MG Motor India with 335 units.
Citroen eC3 retailer, PCA India has observed a sales record of 229 units, keeping it ahead of BYD India’s EV sales in April 2023 at 154 units.
Electric Bus Sales — April 2023
Contrary to the sales data of selling 165 electric buses in April 2022, the number has dropped to 52% or only 79 buses sold in April 2023.
This EV sales in April 2023 dip can be possibly attributed to Tata Motors not participating in any fresh tenders from the Central and State governments for procurement.
Coming at the top, Olectra Greentech has emerged as the top e-bus player of April 2023 with sales of 27 units.
Following behind is PM Electro Mobility showing a purchase record of 16 units.
Apart from them, JBM Auto and Switch Mobility have sold 13 units each as recorded for EV sales in April 2023.
The data fed and accumulated are as on date May 4 ,2023 and has been taken from VAHAAN dashboard.