India EV Market Trend Update 2024-May/ English
In recent years, the EV market in India has been growing, supported by government policies. Not only startups but also major companies are entering this promising market.
This report provides a monthly update on the rapidly growing EV market in India.
Sales Figures for FY24
E-2 Wheelers: 944,126 units
E-3 Wheelers: 632,485 units
E-4 Wheelers: 90,432 units
E-Buses: 3,693 units
Top EV Brands (May 2024)
2-Wheelers: OLA (37,215 units), TVS (11,778 units), Bajaj (9,199 units), Ather (6,025 units), Hero (2,454 units)
4-Wheelers: TATA (5,021 units), MG Motor (1,432 units), Mahindra (557 units), BYD (160 units), Hyundai (95 units)
Recent News (May 2024)
- Hyundai Creta EV: Hyundai Motors plans to launch the Creta EV in September.
- Mahindra's Investment Plan: Mahindra plans to invest ₹120 billion in the EV business by FY27.
- Mercedes' New Model: Mercedes-Benz launched the AMG S 63 E Performance for ₹33 million.
- Kia's New EV: Kia unveiled its fourth EV model, EV3, expected to launch in India in 2025.
- BNP Paribas Forecast: BNP Paribas predicts EV penetration in India to reach 15% by 2030.
- Hyundai's Charging Stations: Hyundai Motors installed a fast-charging station in Tamil Nadu and plans to set up 100 more.
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