Electric vehicle sales in India witnessed a significant surge in March, fueled by a combination of discounts and growing concerns over potential price hikes. Data from the Vahan portal revealed a substantial increase in registrations, reflecting heightened consumer interest in both electric cars and two-wheelers.
Specifically, electric car registrations, which serve as a proxy for retail sales as carmakers typically report only dispatches to dealers, jumped by 49% year-on-year, reaching 19,711 units in March. The electric two-wheeler segment also experienced robust growth, with registrations surging by 36% to reach 177,485 units.
The surge in EV sales underscores the increasing adoption of electric vehicles in the Indian market. Industry analysts attribute this growth to a combination of factors, including attractive discounts offered by manufacturers and growing consumer apprehension regarding impending price increases.