Bajaj Auto (11.1 per cent, +57 bp) gained the mst market share, whereas Ola misplaced probably the most, adopted by Okinawa, based on BNP Paribas India EV report-October 2023.
Among the many top-five unique tools producers (OEMs), month-to-month gross sales quantity rose probably the most for Bajaj Auto, whereas it declined probably the most for Okinawa.
“Among the many states we observe, month-on-month gross sales quantity progress was blended, with Bihar recording the best progress (27 per cent). Penetration improved probably the most in Karnataka at 9.9 per cent from August’s 9.5 per cent,” stated Kumar Rakesh, analyst, IT and Auto.
Electrical passenger automobile (EPV) gross sales quantity grew 71 per cent (year-on-year) however fell 9 per cent (on-month), the third consecutive decline on a month-to-month foundation and down 23 per cent from its peak in March this yr.
EV penetration in passenger automobiles (PVs) additionally deteriorated barely to 1.5 per cent from 1.7 per cent (on-month), based on the report.
“As of FYTD24, EPV penetration was at 1.8 per cent. When it comes to penetration, Kerala witnessed the best decline, with penetration falling to three.7 per cent from 4 per cent in August. Tata Motors’ EV combine deteriorated to 10 per cent from 11 per cent in August (on-month),” stated Rakesh.
The report talked about that new mannequin launches at engaging costs would proceed to catalyse E2W gross sales and structurally enhance EV penetration.
“PV electrification, nonetheless, stays underneath stress, with penetration and quantity declining in current months. For PVs, new mannequin launches have been the important thing driver for penetration, and within the absence of any new mannequin launches, we anticipate this pattern to proceed within the close to time period,” the report famous.