Retail sales of electric vehicles have jumped 3-fold in the fiscal year that ended on March 31, with sales hitting 4.29 lakh units compared to 1.35 lakh units in the prior fiscal (FY21), according to the Federation of Automobile Dealers Associations (FADA) of India.
The FADA is the national apex body of the automobile retail industry in India engaged in the sale, service and spares of two- and three-wheelers, passenger cars, UVs, tractors and commercial vehicles, including buses and trucks.
If we look at the FADA monthly data, electric 2-wheeler sales led the spike by witnessing a jump of 53 per cent, and the sale of electric passenger vehicles has grown by 51 per cent in March. However, what has witnessed a decline was the sale of commercial electric vehicles, which fell by 27 per cent.
The President of FADA, Vinkesh Gulati, told NDTV that new launches in the 2-wheeler segment from legacy players are expected within the next couple of months, which could help boost electric vehicle sales further. However, he also mentioned the availability of batteries remains a concern as demand exists. Still, companies cannot scale up production to meet demand primarily from Chinese firms, added Mr Gulati.
Speaking on the future of electric vehicles in the country, the Director-General of the Automotive Component Manufacturers Association of India told NDTV that the electric vehicles industry would undergo an evolutionary process and things would stabilise.