The country has witnessed a significant surge in EV adoption, driven by supportive government policies, increasing environmental awareness, and technological innovations. This article delves into the latest developments within India’s EV sector.
Ampere decreases the prices of its electric scooters.
As of now the brand retails five E-scooters, among which the price of two have been revised.
Greaves Electric’s brand Ampere has significantly cut the price of two scooters that they make among others. The entry level scooter, Reo Li Plus gets a price cut of Rs 10,000 and the Magnus EX and LT are Rs 10,000 and Rs 9,000 cheaper than the previous price respectively.
| Models | Old Price | New Price |
| Reo Li Plus | Rs 69,900 | Rs 59,900 |
| Magnus EX | Rs 1,04,900 | Rs 94,900 |
| Magnus LT | Rs 93,900 | Rs 84,900 |
India’s EV sales surge past 1.7 Mn in FY2024
India’s EV sales surge past 1.7 Mn in FY 2024, with electric 2-wheeler emerging as the primary driver of growth. The electric 2-wheelers constituted around 54% of the total EV sales, totaling 41,35,000 units by the end of FY2024. The passenger electric three-wheeler followed with approx 32% market share.
Uttar Pradesh, Maharashtra, Karnataka, Tamil Nadu, and Rajasthan emerged as the leading states for electric vehicle (EV) sales, collectively capturing over 50% of the market share.
In the electric two-wheeler (E2W) segment, there was an approximately 28% increase in sales in FY2024 compared to FY2023. The dominant companies in this category—Ola Electric, TVS Motor, and Ather—together held over 65% of the market.
Additionally, the sales of both passenger and cargo electric three-wheelers rose by 55% year-on-year. In the passenger electric three-wheeler (E3W) market, Mahindra Last Mile Mobility, YC Electric Vehicle, and Saera Electric were the top players, with market shares of 9.01%, 7.14%, and 5.08%, respectively. For cargo E3Ws, Mahindra Last Mile Mobility, Omega Seiki, and Piaggio Vehicles led the market.
India surpasses China as the global leader in the electric three-wheeler market.
India has already taken over China to become the biggest market for electric 3 wheelers, with over 5,80,000 sales, according to IEA. This can be contributed to a couple of factors, India’s rapid adoption of EVs in response to increasing domestic demand and government support.
This development underscores India’s increasing impact on the worldwide electric vehicle (EV) industry, which is steadily growing despite economic hurdles. The International Energy Agency (IEA) anticipates that global electric car sales will hit around 17 million in 2024, making up over 20% of the total car market.
The IEA report also highlights substantial investments and policy support, such as India’s Production Linked Incentives (PLI) Scheme, which has played a key role in enhancing domestic manufacturing capabilities and increasing adoption rates.
With India maintaining its leadership in electric three-wheeler sales, the emphasis on sustainable transportation solutions seems poised to transform the future dynamics of the global automotive market.
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