According to the latest data, electric vehicle sales in India have seen a significant decline in June 2024. While the overall retail sales of two-wheelers, three-wheelers, passenger vehicles, and commercial vehicles increased by 16%, electric vehicle sales witnessed a drop of 16.27% compared to the previous month and 20% compared to the same period last year.

In June 2024, only 5,562 electric vehicles were sold, with major players like Tata, Mahindra, MG Motor, Mercedes, BMW, and Audi witnessing a decline in sales. However, the sales of electric vehicles in the first half of 2024 saw a 21% increase compared to the same period last year.

The decline in electric vehicle sales is attributed to the withdrawal of the FAME II subsidy scheme on March 31, 2024, which led to a price hike by companies. The two-wheeler and three-wheeler electric vehicles were the most affected, with a market share of 94% in the total electric vehicle sales.

The government had introduced the Electric Mobility Promotion Scheme (EMPS) in March 2024, with a budget of Rs 500 crore, aiming to promote the sales of electric vehicles. The scheme offers a subsidy of up to Rs 10,000 per unit for electric two-wheelers and Rs 5,000 per kilowatt for electric three-wheelers.

Despite the decline in sales, the industry is hopeful that the EMPS scheme will help boost electric vehicle sales in the coming months. The scheme aims to promote the sales of around 3.72 lakh electric vehicles, including 3.33 lakh two-wheelers and 38,828 three-wheelers.

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