India’s electric vehicle market recorded its highest-ever monthly retail sales in September. According to the Federation of Automobile Dealers Associations (FADA), a total of 333,634 electric vehicles were sold in September, marking a 74 per cent increase compared to the same month last year.
The EV share across vehicle categories also rose to nearly 13 per cent, up from approximately 10 per cent in September 2023. This record performance was driven largely by strong demand for electric two-wheelers and electric passenger vehicles; both segments posted their highest-ever monthly retail sales.
FADA President Sai Giridhar stated that September’s EV sales not only grew compared to the previous year but also set a new all-time high. According to him, customer interest in EVs is rising due to festive demand, favourable running cost economics, an expanding range of models, and support from the PM E-DRIVE scheme and state government policies.
Retail sales of electric two-wheelers hit a record 207,314 units in September, registering a year-on-year growth of 88.67 per cent and a month-on-month increase of 13.16 per cent. EV penetration in this segment rose to 11.6 per cent, up from 8.2 per cent a year ago.
Electric passenger vehicle sales also reached a record 36,108 units, showing a year-on-year growth of 94.56 per cent and a month-on-month rise of 17.63 per cent. EV penetration in this segment increased from 5.7 per cent to 8.5 per cent.
Retail sales of electric three-wheelers stood at 86,024 units, marking a 40 per cent increase year-on-year and a 7.74 per cent rise month-on-month. EV penetration in this category stood at a robust 64.9 per cent.
Sales of electric commercial vehicles totalled 4,188 units in September. Although sales declined by 10.9 per cent month-on-month, a 158 per cent increase was recorded on a year-on-year basis. EV penetration in this segment rose to nearly 4 per cent, up from 2.16 per cent the previous year.
