Annual EV sales in India surpassed 1.2 million in FY 2023


Annual EV sales in India crossed 1.2 million in FY2023, a 174% increase year-on-year. Electric two-wheelers accounted for more than 60% of the overall units sold. Passenger electric three-wheelers’ share stood at 29%, according to Annual India EV Report Card by JMK Research.

Uttar Pradesh accounted for a maximum 15.15% share of the annual sales, followed by Maharashtra (12.72%) and Karnataka (9.14%).

The cumulative EV sales in India reached 2.3 million units by the end of FY2023. Electric two-wheelers lead the sales with a 48.76% share, closely followed by electric three-wheeler passenger vehicles at 43.33%. Electric three-wheeler cargo vehicles account for 3.65%, electric cars 3.85%, electric buses 0.17%, and others 0.24%.

Uttar Pradesh is the top EV-selling state with a 20.64% share of the cumulative units sold between FY2014 and FY2022, followed by Maharashtra (10.15%) and Delhi (8.85%).

Nexcharge, Okaya, and Inverted are the top players in cumulative nameplate battery pack capacities.

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