Electric Vehicle Sales Pick Up Speed in February 2022; New Players Enter Market

With the rise in the sale of electric vehicles and buyers making the switch, many new players are trying to enter this market.

Currently, in India, the sales volume of electric cars is lower than electric two-wheelers. A total of 2,264 electric cars were sold in February 2022, up from 434 units in February 2021. A total of 1,360 units were sold in January, a three-digit year-over-year increase.

NUMBERSPEAK

Tata Motors’ electric vehicle sales stood at 2,264 units in February 2022, representing a 421% increase over February 2021 (YoY) and a 66% increase over the previous year (MoM). In this segment, Tata offers the Nexon EV and Tigor EV, both of which are entry-level electric vehicles priced between Rs 10-20 lakh.

The second name on the list is MG Motor ZS EV, which has sold 38 units. However, its YoY sales dropped by more than two-thirds to 127 units, while sales of 59 units were reported in January 2021. The MoM decline is reported to be more than one-third.

In case of Mahindra, which has been in the electric vehicle market for long, 12 units were sold in February and 31 in January. BYD India sold 10 units each in January and February 2022. This a subsidiary of China-based world’s leading electric vehicle manufacturer. BYD offers the e6 electric car in the country.

Last month, Hyundai India sold six electric vehicles. In the country, Hyundai Kona is the brand’s only electric vehicle.

Data showed that Hero Electric clinched the top position in February sales. It sold 7,357 units, up from 2,194 units the previous year. The 7,764 units sold in January 2022 was a touch lower on a month-over-month basis. Similarly, another top player in the electric two-wheeler market, Okinawa, has reported sales of little under 6,000 units, up from just over a thousand a year ago. The increase in units from the previous month was 5%.

Ampere EV sold over 4,000 units, up from around 800 previously. Sales were comparable in January, with 4,220 units sold. The newbie, Ola Electric, reportedly sold over 3,000 units, compared to 1,102 in January.

Ather Energy sold 2,230 units, up from 626 the previous year. In January, they sold 1,883 units.

Bajaj Auto reported Chetak sales of 1,314 units, up from 111 units YOY. Their MoM growth from 611 units is significant. Haryana-based Being India Energy has reported that sales have increased to 1,149 units, up from 256 units. MoM growth is reported to be 8%, up from 1,062 units.

THE FUTURE

EV sales in India will account for 1.3% of total vehicle sales in 2022. With significant improvements projected in the next five years, electric automobiles are expected to have a market share of slightly over 10%.

Electric two-wheelers, too, are attracting more consumers. Policies encouraging the deployment of electric vehicles have become prominent in recent years.

According to a report by consulting firm RBSA Advisors, India’s EV market—both two and four-wheeler—is predicted to develop at a compounded annual growth rate of 90 percent this decade, reaching $150 billion by 2030.

It is understood that the shift from traditional mobility to EV in India could help the country save nearly one gigatonne of CO2 emissions by 2030.

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