All 4 EV segments see highest ever October registrations: Fada data

EV retail rises 44.88% YoY; Tata leads electric PVs and TVS tops two-wheelers as supply constraints limit sales despite strong demand across vehicle segments in October

Electric vehicle (EV) registrations surged across all four vehicle segments in October, touching a record 355,000 units for the month.

 

However, their overall vehicle retail share declined sequentially in passenger vehicles, two-wheelers and three-wheelers as supply struggled to keep pace with demand.

 

According to data released by the Federation of Automobile Dealers Associations (Fada), EV retail grew 44.88 per cent year-on-year (Y-o-Y) in October, taking overall EV penetration to around 11.5 per cent from about 6 per cent a year earlier.

 

However, electric passenger vehicle penetration declined to 7.3 per cent from 8.5 per cent in September, while electric two-wheeler penetration slipped to 9.7 per cent from 11.6 per cent.

  

The share of electric three-wheelers also fell to 62.6 per cent from 64.9 per cent. Fada attributed this fall in EV share to supply constraints. 

 

“Demand ran ahead of supply this month,” said Fada president Sai Giridhar. He added that elevated petrol and diesel prices, improved EV driving ranges and narrowing price differences between electric and conventional vehicles had strengthened buyer interest.

 

He said availability, rather than demand, had become the binding constraint for EV sales.

 

Despite the sequential decline in penetration, October marked the highest-ever retail registrations for the month across electric two-wheelers, three-wheelers, passenger vehicles and commercial vehicles.

 

Tata retains electric PV lead

 

Electric passenger vehicle registrations rose 76.47 per cent Y-o-Y to 37,049 units in October, compared with 20,995.

 

Sequentially, registrations increased 2.61 per cent from September’s 36,108 units.

 

Tata Passenger Electric Mobility retained its leadership with 14,669 EV registrations in October, up 77.61 per cent Y-o-Y. However, its registrations declined marginally by 0.82 per cent from September.

 

Mahindra & Mahindra remained in second position with 8,538 EV registrations, growing 85.65 per cent Y-o-Y and 9.74 per cent sequentially.

 

JSW MG Motor India ranked third with 5,939 EV registrations, followed by VinFast with 2,571 units and Kia India with 1,395 EV units.

 

Maruti Suzuki registered 1,200 electric vehicles during the month, followed by Hyundai Motor India at 760 units and BYD India at 737 units.

 

TVS, Bajaj lead electric two-wheelers

 

Electric two-wheeler registrations increased 48.49 per cent Y-o-Y to 224,064 units in October, compared with 150,895 units a year earlier. Registrations were also up 8.08 per cent sequentially.

 

TVS Motor Company maintained its leadership with 60,490 electric registrations, up 94.66 per cent Y-o-Y and 11.94 per cent from September.

 

Bajaj Auto followed with 49,126 registrations, growing 51.33 per cent Y-o-Y, while Ather Energy occupied the third position with 31,833 units.

 

Hero MotoCorp was close behind with 29,923 registrations, up 81.36 per cent Y-o-Y and 23.03 per cent sequentially.

 

Ola Electric continued to face pressure, with registrations falling 26.41 per cent Y-o-Y to 12,098 units. Sequentially, its registrations declined 10.06 per cent, placing it fifth in the electric two-wheeler market.

 

Greaves Electric Mobility registered 10,839 units, while River Mobility saw 6,817 units, growing nearly 274 per cent Y-o-Y from a smaller base.

 

Three-wheelers, commercial vehicles

 

Electric three-wheeler registrations rose 24.76 per cent Y-o-Y to 88,570 units in October.

 

Bajaj Auto led the segment with 15,726 registrations, followed closely by Mahindra Group at 15,157 units.

 

Electric commercial vehicles were the only category where EV penetration improved sequentially, rising to 4.29 per cent from 4.04 per cent in September.

 

Registrations in the segment surged 162.3 per cent Y-o-Y to 4,942 units, led by Tata Motors with 1,740 registrations and Euler Motors with 1,272 units.

 

Giridhar said the continued shift towards electric, CNG and hybrid vehicles was a structural trend in the automobile market.

 

With this, alternative fuels once again accounted for a larger share of passenger vehicle retail compared to petrol.