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EV Sales Dip 54 per cent Since March April is usually a slow month in terms of sales. In March, OEMs were offering discounts which led to a boost in sales.

By Priyanka Tanwer

Opinions expressed by Entrepreneur contributors are their own.

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Photo Curtesy: Freepik

The electric vehicle industry has seen only one per cent increase (112,396 units) in sales in April as compared to the same period for the last year (111,356 units) across the electric two- and three-wheeler, car and SUV, and commercial vehicle segments. It has witnessed 54 per cent decline when compared to March 2024's 209,276 units.

The electric two-wheeler registrations has declined to almost an eight-month low at 64,013 after it crossed one lakh mark in March 2024, according to Vahan Dashboard.

It is important to note that Vahan only records the total number of sales registered. It also does not record low-speed E2W and excludes the data for Lakshadweep, Madhya Pradesh and Telangana.

This is usual trend in India which is also seen across the automobile market. However, the EV industry has been impacted by the reduced subsidy for two-and three-wheelers which contribute to over 94 per cent to overall EV industry sales.

According to sources, April is usually a slow month in terms of sales. In March, OEMs were offering discounts which led to a boost in sales.

Sohinder Gill, director general of the Society of Manufacturers of Electric Vehicle (SMEV) was quoted as saying that stagnation in the growth of electric two-wheelers can be attributed to both the significant reduction in subsidies and the challenges faced by several OEMs.

"The decrease in subsidies has led to higher prices for electric vehicles, except for those like Ola, which have heavily discounted their products," he added.

TVS Motors, for example, saw its sales go down by 13 per cent YoY to 7,653 units. In March TVS had sales of around 24,000 units. In April 2023, TVS reported sales of around 8,760 units.

Ather Energy saw a 48 per cent YoY decline in sales to 4,502 units. In April 2023, the firm saw sales go up to 7,802 units. In March 2024, Ather recorded sales of 3,010 units.

Meanwhile, when most of the two-wheeler EV players have faced the head of low demand, Ola Electric continued to top the chart even as its vehicle registration declined almost 35 per cent MoM to 33,062 units last month. IPO-bound Ola Electric had witnessed its highest-ever monthly vehicle registrations of over 50,000 units in March.

However, Tata Motors has revealed their sales figures for April 2024 where positive sales can be seen across all segments. In domestic and global markets, sales stood at 77,521 units, up from 59,599 units sold in April 2023.

Total domestic sales also showed off 12 per cent growth on a YoY basis to 76,399 units, up from 68,514 units sold in April 2023 while growth was outstanding across the commercial vehicle segment.

Speaking of EVs of the company, Nexon, Tiago, Tigor, and Punch, has accounted for total sales (domestic + exports) at 6,364 units, down 2 per cent from 6,516 units sold in April 2023. The company now gears up for launch of the new Tata Curvv later this year.

Priyanka Tanwer

Feature Writer

With eight years of experience covering various beats for the digital and print media, now covering electric vehicles and sustainability for Entrepreneur India, keeping a nose for innovation and new technology in this futuristic sector.     

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