The first half (H1) of 2024–25 had a strong 19% increase in sales of electric vehicles (EVs), which increased to 836,621 units from 702,013 units in the H1 of 2023–2024. Nonetheless, the monthly growth was only 1.22 percent higher than the 146,745 units in August.
Additionally, September had a 24.65% yearly increase in EV sales, reaching 148,539 units from 119,163 units in the same month the previous year. The low base in August, which experienced a drop of almost 13% in comparison to the 169,746 units registered in July of this year, is also blamed for the surge.
At the start of the festival season on October 3, industry experts anticipate a significant increase in sales in October. They estimate a 10-15 per cent boost in sales during the month. October and the upcoming months will see an increase in consumer confidence thanks to launches by EV players.
In August, the top five players sold 83,076 vehicles in total: Ola Electric sold 23,965, Bajaj Auto sold 23,529, TVS Motor Company sold 17,923, Ather Energy sold 12,579, and Mahindra Last Mile Mobility (previously known as Mahindra Electric Mobility) sold 5,080 vehicles. In all, sales of automobiles exceeded 1.23 million during the initial eight months of 2024.