India’s Electric Vehicle Sales Surpass One Million Mark in FY23, Led by Two-Wheeler Segment

According to the Society of Manufacturers of Electric Vehicles (SMEV), in the fiscal year FY23, electric vehicle (EV) sales in India exceeded one million units for the first time, with the two-wheeler segment leading the way. The EV industry registered 11,52,021 units, which represented a 58 percent increase from 7,26,861 units in FY22.
The sales of high-speed two-wheelers reached 7,26,976 units or 62 percent of all EVs sold in FY23. While doing this study, the company included the sales of 120,000 low-speed e-scooters and 2,85,443 low-speed e-rickshaws, besides 50,000 e-cycles while calculating the overall sales of the two-wheelers.
As a result, the total number of low and high-speed two-wheeler sales in FY23 was 8,46,976 units. The second spot was acquired by the sales of Electric three-wheeler with 4,01,841 units sold. Only 47,217 units of four-wheelers were sold while 1,904 units of electric buses were sold.