Shock to sales of electric vehicles, they fall more than 10 percent in January

In recent months, the increase in Electric Vehicle (EV) sales has come to a halt in January. Last month, electric passenger vehicle sales decreased 10.51 percent to 3,346 units. Sales of electric passenger vehicles at the segment’s largest company, Tata Motor, fell 17 percent to 2,426 units. The company had sold 2,926 units in December.

According to the Federation of Automobile Dealers Associations, MG Motor’s sales declined more than 12.50 percent to 425 units. However, there has also been an increase in EV sales from some car companies in January. These include the Chinese company BYD. Its sales increased 164 percent to 132 units. This company sold 50 vehicles in December. Luxury automaker BMW increased to 123 units. Hyundai Motor’s electric passenger vehicle sales rose marginally to 111 units in January. The company had sold 91 units in December.

Electric commercial vehicle sales declined by more than 20 percent to 131 units in January. Sales of electric three-wheelers were also down three percent in January. However, there were no major changes in the sales of electric two-wheelers. In this category, 64,363 units were sold in January. There were 64,348 units in December.

The recently published Economic Survey said that the electric vehicle market could grow to one million units annually by 2030. There is a possibility of gaining around five million direct and indirect jobs from this. It was said in the Economic Survey that in December, India became the world’s third largest car market in terms of sales, leaving behind Japan and Germany. According to the Economic Survey, “The auto industry can play an important role in moving toward green energy. The country’s electric vehicle market is expected to grow at a compound annual growth rate (CAGR) of approximately 49 percent between 2022 and 2030. It can reach one million units. Last year it was around one million units.” This industry can create about five million direct and indirect jobs by 2030. To help the EV-related industry, the central government has taken various measures. These include subsidizing the purchase of these vehicles.