Monthly Electric Vehicles Registrations Cross 1-Lakh Mark For The First Time In October Month
Due to the electric two-wheeler market’s rapid expansion, monthly electric vehicles registrations in the nation crossed the one lakh mark for the first time ever in October.
Additionally, EV registrations overall increased for the fifth month in a row.
Total EV (all segments) saw a 23% month-over-month growth in October, reaching 114,001 units compared to 92,833 units in September. In order to put this into perspective, 1,33,000 EVs were sold over the entire 2020–21 year.
According to information on Vahan Dashboard, this October’s EV registrations increased by 190% when compared to October 2021 registrations.
With 75,294 units sold in October, electric two-wheelers accounted for 66% of all EV sales, setting a record for the Indian electric 2W sector. Since 2020, over 15 States have implemented EV policies with consumer-specific incentives, with electric 2W volumes increasing by roughly 42% month over month. These, along with the advantages offered by the FAME II programme, have assisted in lowering the high initial cost of EVs, particularly for electric two-wheelers. According to Meghna Nair, Research Analyst, CEEW-Centre for Energy Finance, “more and more fleets and commercial entities have also committed to deploying E2Ws. month and about 290 percent year-over-year.