Electric Vehicle Sales Decline in August by 13%

Sales of electric vehicles in August had declined by 13% to 1,56,199 units in comparison to July this year. However, overall sales increased by 22.8% year-on-year with 1,56,199 units sold in August. The past monthly sales still represent the third-highest monthly total this year, following March and July. Overall vehicle sales surpassed the 1.23 million mark in the first eight months of 2024.

The sales volume of electric vehicles has reduced in comparison to July due to a high base effect and potential buyers delaying purchases in anticipation of festive season offers and clarity on government incentives. Industry executives remain optimistic about the rest of the year, citing growing acceptance of EVs among consumers. According to Vahan data from the Ministry of Road Transport and Highways, August sales were still the third highest following 2,13,000 and 1,78,000 vehicles sold in March and July respectively.

The Electric Mobility Promotion Scheme (EMPS) scheme was originally set to expire on July 31, but a government notification on July 26 extended the deadline by two months. Many industry experts believe that customers decided to purchase before this extension was announced.