The Federation of Automobile Dealers Associations (FADA) recently published the sales figures for electric vehicles in the passenger vehicle category for January 2023, December 2022, and January 2022.
In January 2023, a total of 3,346 units were sold in India, up from 1,547 in January 2022. The data shows a remarkable 116% increase in EV passenger vehicle sales on a year-over-year basis, however, there has been a noticeable decline in sales compared to the sales of December 2022.
EV Sales Report [January 2023]
Tata Motors, India's largest automaker, continued to lead the EV sales in the country, with a 72.79% increase in sales on a Y-O-Y basis. In January 2023, the company sold 2,462 EV units, compared to the 1,404 units sold in January 2022.
In January 2023, MG Motors kept the second position in EV sales with a substantial rise of 620.34 %. The company sold 425 units in January 2023, compared to the 59 units sold in the same period the previous year.
BYD India secured third place in EV sales with a significant increase of 1220%. In January 2022, the company sold just 10 units, but in January 2023, this number rose to 134 units.
BMW India, a newcomer to the EV market, has taken fourth place in the sales rankings. In January 2023, the company sold 123 units, up from 29 units in December 2022, marking a significant 324.14 % increase on an M-O-M basis.
Despite a 1287.50 % increase in sales, Hyundai Motors India was overtaken by newcomer BMW India. In January 2023, Hyundai sold 111 units, up from 91 units sold in January 2022.
In January 2023, two other new entrants in the EV market, Kia Motors, and Volvo Auto secured the sixth and seventh positions in the EV sales rankings, surpassing some established players. Kia Motors sold 46 units and Volvo Auto sold 28 units in India during the same period.
Mercedes-Benz also experienced substantial growth in EV sales in India. The company sold 39 units in January 2023, which was a 1200% increase from the 3 units sold in January of the previous year.
Audi AG recorded an 11.11% decline in sales last month. In January 2023, the German automaker sold 8 units in India, compared to 9 units sold in January 2022.
In terms of growth, Porsche AG Germany experienced a 100% increase and is currently ranked in tenth position in terms of sales. In January 2023, the German automaker sold 4 units, compared to 1 unit sold in January 2022.
Verdict
The Economic Survey 2022-23 recently released predicts that India's electric vehicle market is anticipated to grow to 100 million units in annual sales by 2030. According to the survey, India became the third-largest automobile market in December 2022, surpassing Japan and Germany in terms of sales.
The survey states that the automotive industry is expected to play a crucial role in the shift towards green energy and the domestic electric vehicle market is projected to grow at a compound annual growth rate of 49% between 2022 and 2030, reaching 100 million units in annual sales by 2030.
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