According to Reuters, data from Counterpoint, a research firm, show that electric vehicle sales in India are expected to grow 66% this year compared with the same period last year as government subsidies help stimulate demand and increase supporting infrastructure.
In 2023, electric vehicle sales in India almost doubled, accounting for 2% of total car sales in India.
According to Counterpoint, electric vehicles are expected to account for nearly 1/3 of India’s personal car market by 2030, while the Indian government aims to account for 30 per cent of total sales by 2030.
Photo: MG, at this stage, India’s electric vehicle market is relatively small, but still growing.
Last month, the Indian government cut import duties on electric vehicles on some models, provided carmakers promised to invest at least $500m in India and start production within three years, a move seen as a victory for foreign carmakers such as Tesla.
On April 4, Reuters reported that Tesla had begun producing right-hand rudder cars at his German plant and would export them to India later this year.
VinFast, the Vietnamese carmaker, also plans to invest $2 billion in India and begin building a plant in the southern Indian state of Tamil Nadu in February.
Last year, Tata Motors accounted for 70 per cent of the Indian electric car market, compared with 14 per cent for MG, 7 per cent for Mahindra & Mahindra and 2 per cent for both Citroen and BYD, according to Counterpoint.
Of these, Mahindra’s electric vehicle sales increased nearly 25 times last year on its single model (pure electric SUV XUV400).
BYD’s electric vehicle sales in India increased more than 15 times with e6 MPV and Atto 3 SUV models.
and MG’s electric vehicle sales increased by 186%.
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