Context:
India´s electric vehicle (EV) industry hit a new milestone in 2024, with sales surging 26.5 per cent yearonyear to 1.94 million units as of December 29, according to Vahan data from the Ministry of Road Transport and Highways (MoRTH).
Key Highlights:
India’s EV Industry in 2024
- Sales Surge: EV sales grew 26.5% YoY to 1.94 million units by December 29, 2024.
- EV Penetration: Increased to 7.46% from 6.39% in 2023.
Vehicle Market Breakdown
- Petrol Vehicles: 73.69% (19.18 million units).
- Diesel Vehicles: 10.05% (2.62 million units).
- Other Fuels (CNG, Hybrid): 9.87%.
Government Schemes
- PM EDRIVE Scheme: Increased sales, especially for cargo e3Ws.
- Subsidy Update: Reduced from ₹50,000 to ₹25,000 per vehicle.
