Electric car market sales figure revealed; Tata Motors lead the way.

Category: Automobile

The Federation of Automobile Dealers Association (FADA) on Feb.7 announced last month's data on India's electric vehicle sales, revealing the growth in the passenger car segment over the previous year. Showing a fluctuation, In Dec. 2022, the market of passenger vehicles had 1.3 percent e-cars in India. And the number decreased to 0.6 percent in January 2022. However, the data showed a proliferation of 1 percent in the last month. Acquiring the Apex position in the Indian e-car market, Tata Motors stands first with a growth of 72.79 percent in January 2022 and selling 2,426 electric cars in January 2023. The position is followed by MG Motor, having sold 425 EVs in January 2023 and documenting a growth of 620.34 percent from last year. Whereas, the Indian branch of BYD registered a sale of 132 vehicles in January 2023, which is a significant growth as the company in January 2022 reported sales of only ten units. Taking account of the recently addressed Economic Survey of 2022-23, the EV market of India is expected to grow to one crore units of annual sales by 2030. The survey was presented in Parliament on Tuesday, which reads that in December 2022, India, surpassing Japan and Germany in terms of sales, has now achieved the position of the third-largest automobile market. .The electrocution of the automotive industry is seen to have the potential to play a part in the transition towards green energy. The EV market of domestic demography is expected to grow at a compound annual rate of 49% between 2022 and 2030. Further, this growth is expected to hit one crore units of annual sales by 2030. As per industry approximations, the total EV sales in the whole nation will be around 10 lakh units in 2022.