- EV sales surged nearly 70% year-on-year January-April.
- EV market share in total PV sales grew to 5.8%.
- Top sellers include Tata, JSW MG, Mahindra, Vinfast, Maruti Suzuki.
With our PM urging us to save fuel, the reason for going for an EV is only going stronger with sustained demand for them. EV sales jumped to nearly 70 percent year on year for the Jan-April period while demand has sustained even in April. The share of EVs in total PV sales has also grown signalling more market acceptance at 5.8 percent.
23,506 EVs were sold in April and Tata Motors, JSW MG, Mahindra remain the top 3 with their EVs further gaining traction. Adding to the sales include Vinfast which has had increasing sales consistently plus newcomer Maruti Suzuki which has entered the EV segment with its eVitara. Others like BYD and Hyundai have also seen an increase in sales.
What Is Driving EV Growth?
The growth and demand for EVs is clearly due to rising fuel cost, the lack of maintenance for EVs, lesser cost of charging plus smoother performance due to instant torque of EVs. Importantly, the price differences of EVs with petrol cars are also going down which has further improved demand.
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The most popular EVs include the new Punch, Nexon EVs as well as the Harrier EV from Tata Motors plus the XEV 9e, XEV 9s from Mahindra along with the MG Windsor while the Vinfast VF7 is also gaining even more momentum along with the eVitara from Maruti Suzuki.
More EV Launches Ahead
Going forward with more EV launches in the pipeline, the EV market share will further jump and our efforts to conserve fuel will add to that.
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