Green sparkles: EVs hit record numbers in October

CHENNAI: The festive month of Oct proved to be nothing short of impressive for India’s electric vehicle (EV) industry. Total EV registrations reached an all-time high, with every segment of battery-powered vehicles experiencing positive growth. Electric two-wheelers alone raced past the one-million-unit milestone for the calendar year – with two months still to go. This growth across EV categories came amid concerns over a possible loss of momentum in EV volumes due to production challenges arising from magnet availability issues and the recent GST rate cut for ICE vehicles, which reduced the price gap between the two segments.

Total EV registrations (including all segments of battery-operated vehicles) stood at about 2.34 lakh units – the highest-ever monthly registrations recorded to date. The growth was about 5% year-on-year and 27% sequentially.