India EV sales in H1 FY2024 jump 51% to 738,000 units

If there is one growth story which shows no signs of slowing down and instead is accelerating month on month, then it is that of the electric vehicle (EV) industry. As demand grows for this eco-friendly form of transportation – both passenger and transport – new sales records continue to be set. The latest one is the industry scaling a new high for the first-half of the ongoing fiscal year.

At 738,844 units retailed across India (at 8pm on September 30, 2023 on the Vahan website), India EV Inc has clocked handsome 51% year-on-year growth (April-September 2022: 488,074 units).

With September 2023’s 123,290 units, India EV Inc has surpassed the 100,000-unit sales mark for the 12 month in a row. Having first notched the milestone in October 2022 (117,200 units), the sales momentum continued in November (121,602 units) and December (105,003 units) last year and through each of the first nine months of CY2023, hitting a high in May 2023 (158,381 units) when e-two-wheeler buyers rushed to buy EVs before the slashed FAME subsidy kicked in from June 1, 2023.

Saietta Group plc (LON:SED) is a multi-national business which designs, engineers and manufactures complete Light Duty and Heavy Duty electric drive (eDrive) systems for electric vehicles on land from scooters to buses (vehicle categories L, M, N and T) as well as marine applications.

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