If the green shoots of retail recovery across segments are evident in the 27 percent year-on-year growth in the IC engine-powered automobile industry in the first quarter of FY2023, what’s also evident is the massive surge in demand for their truly eco-friendly and green siblings – electric vehicles (EVs). On-ground retail sales data, gleaned from FADA President Vinkesh Gulati’s recent tweets reveal that cumulative EV sales across four segments — cars, two- and three-wheelers and commercial vehicles — have soared by an estimated 686 percent to 211,398 units in the April-June 2022 period (Q1 FY2022: 26,833 units). These numbers, being retail sales, relay the real-world EV story as compared to the wholesale numbers released by vehicle manufacturers, which essentially constitute despatches to dealers across the country.
As per FADA-sourced industry statistics, retail sales of EVs hit their highest at 429,217 units in FY2022, up 218 percent on FY2021’s 134,821 units, and up 155 percent on FY2020’s 168,300 units. From the looks of the fast-increasing EV sales in the recently-concluded first quarter (April-June 2022) of the ongoing fiscal year, FY2023 bids fair to set a new record and also beat FY2022 numbers by a large margin. Having crossed the 200,000unit sales milestone in Q1 itself and 49 percent of total FY2022 EV sales, one can surmise that given the overall EV industry’s momentum, last fiscal’s total should be crossed in Q2 itself while charging onwards towards a 750,000800,000 total sales landmark in FY2023.
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Spain's Fersa Group invests in India-based Delux Bearings
Besides theRs100 croreinvestment, the Indian company gets access toadvanced technologies and bearings with arange of applications that willhelpinits global growth strategy, writes Manobhava Baruah.
Tata Autocomp to open compact dual-clutch transmission plant
Amidthe country’s growing need for personal mobility with easy manoeuvrability, comes the demand for vehicles with automatic transmission. Tata AutoCompisready tomovein writes Shruti Mishra.
Pankaj Munjal-backed Hero Motors raises equity from GEF Cap
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New age thermoplastics for next-generation EV batteries
Saudi-based global materials major SABIChas developed cutting edgein fire-resistant polymers and flame-retardant materials that comply with various EV battery safety standards across the world.
Switch Mobility to meet growing e-bus demand with fresh capex
Oncourse for abillion-dollar business, the company is exploringa possibility of operating satellite factories across the country to serve different geographies, write ShahkarAbidi and Ketan Thakkar.
Kia India to invest Rs 2,000 crore in EVS, to introduce new e-RV in 2025
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"The government has given enough time for indigenisation but the industry has not taken it seriously"
Amitabh Saran, Founder and CEO, Altigreen, shares his views on problems inthe EV industry and battery localisation solutions with Amit Vijay M.
TATA MOTORS SEES ONE INTWO CARS SOLDAS EVS BY 2030
The company aims to offer wider choices withnew EVs that may straddle a pricebracket of Rs20to 40lakhinthe coming years, writes Ketan Thakkar.
MG Motor India in expansion drive, to invest $100 million
The investment willbe usedtoramp up existing production capacity from1.2to1.4-15lakh units per annum atthe automaker's Halol plantin Gujarat, writes Ketan Thakkar.
"Technology and its multiplier effect are driving business transformations and customer experiences"
Technical Centre India is one of Continental’s largest research and development centres in the world, andasa Centre of Competence’ it also develops customised products for the BRIC countries.