Q1 FY 23-24 to Q1 FY 24-25 (EV sales – April 2023 to June 2024)
Source: EVreporter Research, Vahan and Telangana open data portal. Low-speed 2W data not included.
Observations:
After a regular increase in quarterly sales over the last three quarters, Q1 FY24-25 registered a marked decline in EV sales. YoY sales increased by 3.5%, while QoQ sales declined by 20.5%.
Only the e-cart category registered a QoQ increase (8%). The rest of the categories suffered a QoQ decline, including a notable 48.5% decline in the L5N category. E-2W sales witnessed a QoQ decline of 26.5%
Looking at YoY changes, L5M was the highest gainer, with a 122.6% rise in EV sales, followed by e-carts registering a 64.8% increase in sales over the year.
Category-wise Trend in Leading Indian States for Q1 FY25
Source: EVreporter Research, Vahan and Telangana open data portal. Low-speed 2W data not included.
Observations:
Uttar Pradesh accounts for the highest share (19%) of EVs sold, with 78,259 units in Q1 FY 24-25. Of the total EVs sold in Uttar Pradesh, 59.8% (46,810 units) are pax e-rickshaws.
E-2W sales are highest for Maharashtra, Karnataka, Tamil Nadu, Uttar Pradesh, and Rajasthan, accounting together for 50.9% of high-speed e-2W sales for the quarter.
Uttar Pradesh and Bihar have the maximum sales in the e-rickshaw category, with a sales share of 42.8% and 16.3%, respectively, of all e-rickshaws sold in Q1 FY24-25.
Maharashtra registered the highest sales of e-4Ws, with 3,356 units sold for Q1 FY 24-25, followed by Kerala and Karnataka, with 2,803 and 2,779 units sold, respectively. Maharashtra also saw the highest e-Bus sales, with 191 units.
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Being a discoverer of all current affairs and in-depth learnings of successful businesses and entreprises, Nelson finds passion in authoring business articles and blogs. He is the Content Curator at Newsbizkoot Business News which he is journeying into the most viewed business news media platform
