Government Support for EV Manufacturing 🚗⚡
The Indian government is promoting local electric vehicle (EV) manufacturing by providing incentives and improving infrastructure. This support is essential to reach the ambitious EV targets set for 2030.
Growth in Passenger Vehicle Sales 📈
According to Counterpoint’s ‘India Passenger Vehicle Model Sales Tracker’, India’s passenger vehicle sales grew by 4.6% to over 4.3 million units in 2024. Battery electric vehicles (BEVs) now make up 2.5% of total sales, showing a significant 16% increase compared to last year.
New EV Models Boost Sales 🚘
The rising demand for BEVs can be attributed to the launch of new models like Tata Curve.EV, MG Windsor, BYD Seal, BYD Emax 7, and Tata Panch.EV Refresh. These exciting new options are attracting more customers toward electric vehicles.
Ambitious EV Targets for 2030 🎯
The Government of India aims to have 30% of passenger vehicles, 80% of two-wheelers and three-wheelers, and 70% of commercial vehicles as electric by 2030. This goal shows the commitment to a greener future.
Challenges and Opportunities in Exports 🌍
Market analyst Abhik Mukherjee noted that U.S. tariff policies may threaten India’s component exports. However, this situation also creates chances to boost exports in other international markets.
Rise of Electric Two-Wheelers 🛵
Sales of electric two-wheelers have surged, making up 6.2% of total two-wheeler sales in 2024, a 36% increase from last year. Companies are increasingly using electric scooters for food delivery and other quick services.
Electric Three-Wheelers Lead the Change 🚐
In 2024, electric three-wheelers held a 55% share in their category. This means that for every three-wheeler sold, more than half are electric, showing a strong shift towards EVs in urban transport.
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