New Delhi: India’s electric vehicle (EV) market saw a sharp rise in demand as higher fuel prices pushed consumers towards battery-powered alternatives, according to reports by Nomura and HSBC.
Nomura said EVs accounted for 6.4% of passenger vehicle sales, up from 4% earlier, while electric two-wheelers rose to 8.9%. HSBC also noted a similar trend, estimating EV penetration at 6.6% for passenger vehicles and 9.3% for two-wheelers, driven by recent fuel price hikes.
Among automakers, Tata Motors emerged as a key beneficiary, reporting an 85% year-on-year jump in EV sales. The company has also seen EV bookings rise 2.5 times over the past two months. Nomura highlighted strong demand in the sub-15 lakh segment and said the company plans to increase monthly EV production capacity from 10,000 to 15,000 units.
In the two-wheeler segment, TVS Motor led with around 42,000 electric scooter registrations, followed by Bajaj Auto and Ather Energy. Ather more than doubled its sales, raising its market share to 16.5%.
-IANS
