Electric Vehicle sales will increase to 8-9 lakh units this fiscal year as per SMEV

India’s domestic electric vehicle sales will jump by three times from 3,40,000 units in FY21-22 to around 800,000 to 900,000 units this financial year as per the Society of Manufacturers of Electric Vehicles (SMEV).

Electric Vehicle fires will not have a negative impact on sales as per SMEV:

As per the organization, “Other than the fires everything that had to happened right has happened right with petrol prices going northward, a critical mass of EV sales, new products with good range and customers getting the courage to utilize the EV and we can expect a 3x to 4x growth this year with sales hitting 8,00,000-9,00,000 units up from 3,40,000 units last financial year,” Sohinder Gill, director-general, SMEV, was quoted as saying by TOI.

As per SMEV, sales of electric two-wheelers, buses, cars, and other vehicles doubled between January and May 2022 from 78,903 units in 2021 to 3,17,890 units in 2022 despite the fire incidents. The numbers do not include e-rickshaws and other low-speed bikes that do not need any sort of registration. The final numbers that will be added to the EV pool will be much larger.

There is still a 45-60 day waiting list for electric two-wheelers and all the big companies have 5,000-10,000 units sitting in order books as per the report. “The OEMs across product categories have introduced more models and choices for customers resulting in rapid growth in the adaption of electric vehicles,” as per Ravi Bhatia of JATO Dynamics.

The EV fire incidents have drastically compacted the sales of electric two-wheelers in May when sales fell by 20% to 32,600 units from 42,000 units in April. “Despite the May blip, two-wheelers continued to rule the charts with sales of 198,373 in January-May 2022, up from 27,751 units in the same period last year. Three-wheelers were at 106,233 units from 46,525 units and cars were at 12,601 units compared to 3,367 units in the year-ago period. Only buses did better last year at 1,245 compared to 659 units this year,” the report concluded.

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