September electric PV retails continue in red; e2Ws, e3Ws, eCVs march ahead

Retail sales of electric cars continued to be in red during September, both on a year-on-year basis and sequentially, while two and three-wheeler and commercial vehicle segments continued to record growth in their electric vehicle sales during the month.

Electric cars in September saw their sales decline for the second consecutive month (YoY) with retails hitting a 19-month low of 5,874 units, down 7.8% year-on-year, and 7.3% sequentially, according to the data from the Federation of Automobile Dealers Associations. Tata Motors, which accounts for more than 62% of the electric car sales, witnessed its sales decline 16% on year. 

The absence of demand subsidies for cars post-FAME scheme expiry and the increasing popularity of hybrid cars are among the major reasons impacting electric car sales. Also, the Shraddh period impacted vehicle sales negatively in September.

Source: FADA Research

Meanwhile, electric two-wheeler retail sales jumped 40% on year during the month to 90,007 units. All the major OEMs posted growth (YoY) in the month. Sequentially, the sales were marginally higher by 1.7%. 

Among the top four OEMs, only Ola Electric saw its sales decrease from August. Also, Bajaj Auto surpassed TVS Motor to become the second-largest electric two-wheeler seller during the month and inched closer to market leader Ola Electric.

Source: FADA Research

The industry sold 62,899 electric three-wheelers in September. This represents growth of 9.3% on a year-on-year basis and 3.6% from August. The retail sales of electric commercial vehicles also rose 54.6% on year, and 27% sequentially, to 855 units during the month