Sales of battery-powered vehicles have bounced back in June as total registered electric vehicle (EV) volumes saw a 10 per cent increase as compared to volumes of May 2022, supported by a recovery in electric two-wheeler sales and strong growth in the electric three-wheeler segment. The positive growth in June comes after two consecutive months of decline in overall registrations.

Total EV registrations (all segments included) in June stood at 72,452 units as compared to 65,879 units in May and 72,590 units in April. The month of March saw the highest monthly registrations at 77,251 units, according to data on Vahan dashboard.

For Q1 of this fiscal, total EV registrations stood at 2.1 lakh units, the highest-ever quarterly volumes. In Q4 of FY22, total EV registrations stood at 1.79 lakh units. The year-ago quarter was impacted by the second wave.

Trend reversal

“EV volumes are dominated by the electric two-wheeler segment, and the 9 per cent fall in total EV volumes in May was caused by a sharp dip in electric two-wheeler volumes, which fell 20 per cent compared to April, to less than 40,000 units. The frequent news on battery-related safety concerns apparently had an impact. However, this trend has reversed and electric two-wheeler volumes grew 7 per cent in June, crossing 42,000 units. Other EV segments recorded even more impressive growth in June,” Gagan Sidhu, Director, CEEW-Centre for Energy Finance, told BusinessLine.

According to estimates, total high-speed electric two-wheeler registrations stood at about 42,200 units in June as against 39,438 units in May; 49,141 units in April; and 49,591 units in March. The safety-related issues and the consequent drop in electric two-wheeler volumes in May did not rub off onto the other segments. Electric three-wheeler volumes did fall in May but far less than for electric two-wheelers, while electric cars continued their northward movement.

Additionally, all three segments — electric three-wheelers, e-rickshaws and electric cars — had an impressive run in June, with a month-on-month increase of 29 per cent, 15 per cent and 9 per cent, respectively. “This means all the three outperformed electric two-wheelers which recorded a 7 per cent growth in volumes in June by comparison,” said Sidhu.

Okinawa unbeaten

In the electric two-wheeler segment, Okinawa continued its leadership position by selling the highest number of electric two-wheelers at 6,981, followed by Ampere (6,541 units). Hero Electric sold 6,503 units, while Ola Electric’s volumes stood at 5,883 units. Ather Energy’s two-wheeler registrations stood at 3,815 units, according to Vahan data.

“While things are beginning to look up, our supply chain woes continue. We are actively working with our supplier partners to reduce the demand-supply gap, and are hopeful that things will begin to turn around over the next few months,” said Ravneet S Phokela, Chief Business Officer, Ather Energy.

Sidhu pointed out that the Bureau of Indian Standards’ (BIS) standardised parameters for performance of lithium-ion batteries will provide added reassurance to consumers in the EV segment going forward.

Related Topics
comment COMMENT NOW