{"id":24769,"date":"2024-04-05T12:58:34","date_gmt":"2024-04-05T12:58:34","guid":{"rendered":"https:\/\/thenftimes.com\/index.php\/2024\/04\/05\/ev-sales-in-india-to-grow-66-pc-this-year-riding-on-consumer-interest-govt-initiatives-n-f-times\/"},"modified":"2024-04-05T12:58:37","modified_gmt":"2024-04-05T12:58:37","slug":"ev-sales-in-india-to-grow-66-pc-this-year-riding-on-consumer-interest-govt-initiatives-n-f-times","status":"publish","type":"post","link":"https:\/\/thenftimes.com\/index.php\/2024\/04\/05\/ev-sales-in-india-to-grow-66-pc-this-year-riding-on-consumer-interest-govt-initiatives-n-f-times\/","title":{"rendered":"EV sales in India to grow 66 pc this year riding on consumer interest, govt initiatives &#8211; N.F Times"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<p>New Delhi: Driven by rising consumer interest, government initiatives and infrastructure development, India\u2019s EV sales nearly doubled in 2023 and are likely to grow 66 per cent this year, a report showed on Friday.<\/p>\n<p>Overall, India\u2019s passenger vehicle (PV) sales grew 10 per cent (year-on-year) to surpass 4 million units, its EV sales nearly doubled, rising 97 per cent YoY to account for 2 per cent of the overall PV sales.<\/p>\n<p>By 2030, EVs are expected to represent nearly one-third of India\u2019s PV market, signaling a robust long-term growth trajectory in the country\u2019s automotive sector, according to Counterpoint Research.<\/p>\n<p>\u201cAs the infrastructure and consumer traction develops, we will see the entry of newer players such as Tesla and fast-growing Chinese brands like Xiaomi, which will catalyse innovation and competition in the world\u2019s fourth-largest PV market,\u201d said Research Vice President, Neil Shah.<\/p>\n<p>\u201cWe will see players in the broader value chain prioritising India\u2019s market not only to target domestic consumption but also for technology R&amp;D and export opportunities,\u201d he added.<\/p>\n<p>With a strong portfolio and strategic tie-up with Uber, Tata Motors held more than two-thirds of the country\u2019s EV market last year. However, it lost a significant share to Mahindra &amp; Mahindra and BYD.<\/p>\n<p>Recording a 2,476 per cent increase with just one model in its portfolio, Mahindra &amp; Mahindra was the fastest-growing brand in 2023, followed by BYD and MG Motor, said the report.<\/p>\n<p>\u201cEV sales in India are expected to increase by 66 per cent in 2024 to constitute 4 per cent of total PV sales,\u201d the report mentioned.<\/p>\n<p>Maruti Suzuki\u2019s entry into the EV market is expected to shake up Tata\u2019s dominance.<\/p>\n<p>\u201cMoreover, VinFast\u2019s move to build a factory in India\u2019s Tamil Nadu state highlights the growing interest and investment in EV manufacturing in the country,\u201d the report noted.<\/p>\n<p><strong>(IANS)\u00a0<\/strong><\/p>\n<\/p><\/div>\n<p><script>(function(d, s, id) {\n    var js, fjs = d.getElementsByTagName(s)[0];\n    if (d.getElementById(id)) return;\n    js = d.createElement(s); js.id = id;\n    js.src = \"\n    fjs.parentNode.insertBefore(js, fjs);\n  }(document, 'script', 'facebook-jssdk'));<\/script><br \/>\n<br \/>[ad_2]<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] New Delhi: Driven by rising consumer interest, government initiatives and infrastructure development, India\u2019s EV sales nearly doubled in 2023 and are likely to grow 66 per cent this year, a report showed on Friday. Overall, India\u2019s passenger vehicle (PV) sales grew 10 per cent (year-on-year) to surpass 4 million units, its EV sales nearly [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[],"class_list":["post-24769","post","type-post","status-publish","format-standard","category-nation"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/24769","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/comments?post=24769"}],"version-history":[{"count":1,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/24769\/revisions"}],"predecessor-version":[{"id":24771,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/24769\/revisions\/24771"}],"wp:attachment":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/media?parent=24769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/categories?post=24769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/tags?post=24769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}