Amid the skyrocketing fuel prices in India, the recent data from FADA, the apex Indian automobile dealers body, shows a major shift toward the electric vehicles in the country.
The electric vehicle retail sales in the country witnessed over a three-fold jump in the last fiscal year.
According to FADA, the total EV retail sales reached 429,217 units in 2021-22, a rise of three-fold compared to 134,821 units in the financial year 2020-21.
One of the largest Indian automobile companies with a strong global presence, Tata Motors Limited ADR TTM led the EV segment with retails of 15,198 units and the largest market share of 85.37% in the vertical.
British automotive marque’s Indian counterpart MG Motor India bagged the second place with sales of 2,045 units last fiscal with a market share of 11.49%. Auto giants Mahindra & Mahindra and Hyundai Motor India retailed 94 and 184 units, respectively, in the 2020-21 fiscal year.
Meanwhile, the two-wheeler electric vehicle segment saw a rapid spark and grew over five-fold in the last fiscal alone. Hero Electric led the segment with a 28.23% share in the domestic market, followed by Okinawa Autotech at 20%.
With the rising interest in electric vehicles in India, Tesla, Inc. TSLA is also gearing up for its launch in the country. The company has already set up its subsidiary with the name of Tesla India Motors and Energy Private Limited. CEO Elon Musk has suggested the EV maker is facing difficulting navigating the regulations in the country.
Apple Inc. APPL supplier Foxconn is also slated to make electric vehicles in India for its partner Fisker Inc. FSR, according to a report from India's Economic Times.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.