EVs ring in new fiscal on strong note

Electric passenger vehicle sales surged 73% year-on-year in April to 23,343 units, while electric two-wheelers climbed 61% to 148,677 units, according to government’s Vahan registration data, as new model launches, rising consumer awareness, and fuel-price anxiety fuelled by West Asia tensions converged to drive demand.

Sequentially, however, sales dipped 2% for E-PVs and 23% for two-wheelers as many people rushed to buy their vehicles in March ahead of anticipated price hikes as a subsidy scheme was slated to come to an end. However, the scheme has been extended since then.

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In the E-PV space, Tata Motors, M&M, and JSW MG Motor collectively commanded nearly 82% market share last month, even as they ceded some ground to Kia Motors. The Korean company’s latest offering, Kia Carens Clavis – a three-row electric MPV – charged up its EV portfolio and helped sales increase to 341 units from 34 units a year ago.

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Underscoring the competitive intensity, Kia’s market share increased to 1.5% in April compared to 0.3% in the year ago period.
In the E-2W segment, TVS, Bajaj and Ather lead a consolidating market with a combined 65% share. Led by market leader TVS which saw its sales jump 88% to 37,661 units year on year, sales at the top ten manufacturers galloped but with exceptions.
Ola Electric, which once led the pack, conceded more ground to the rivals as its volumes fell 38.6% year-on-year to 12,166 units while market share plunged to 8.2% from 21.4%. Kinetic Green volumes also dropped 49% to 666 units during the month.

Meanwhile, third-largest player Ather Energy’s sales rose 102% year on year to 27,024 units, powered by a massive expansion in sales outlets to over 700 centres coupled with competitively priced models. Bajaj Auto-manufacturer of Chetak electric scooters-registered a 71.6% increase in sales to 32,883 units from 19,162 units.