June , 2024
Electric Mobility takes centre stage in India: EV sale rises 42% in FY24
20:31 pm

Kuntala Sarkar

In the fiscal year 2024, India saw a surge in electric vehicle (EV) sales, reaching 1.67 million units, marking a 42% year-on-year increase, as reported by JMK Research. The electric car segment experienced the highest growth, with a 90% year-on-year increase, despite the limited availability of models in this category in India. 

“This clearly shows the future potential of the e-car segment. If fuelled with incentives, as done for the E2W and E3W segments in the FAME scheme, the e-car segment is sure to see massive adoption,” the report mentions. Benefiting from the thriving logistics and e-commerce industry, along with advantageous cost dynamics, sales in the electric three-wheeler (E3W) cargo segment surged by 82%.

The analysis outlined that electric two-wheelers (E2W) comprised more than 55% of the annual EV sales, reaching a total of 4,135,077 units by the end of FY2024. Following closely, passenger electric three-wheelers (E3W P) captured approximately a 32% market share. The electric two-wheeler (E2W) segment experienced a 29% year-on-year growth, contrasting with the previous year’s staggering growth of 188%. EV adoption reached 5.39% in FY2024. The report indicated that the E2W market is consolidating, with the top three players commanding a 65.49% share in FY2024. Notably, TVS and Ola Electric recorded the highest year-on-year growth, with 122% and 114%, respectively.

The report highlighted a significant surge In EV sales in India during the latter months of FY2024. It anticipates this trend to persist, supported by the government’s introduction of EMPS (Electric Mobility Promotion Scheme) commencing April 1, 2024, alongside the forth-coming rollout of FAME-III. These initiatives aim to expedite EV adoption by offering appropriate incentives across various categories. Geographically, Uttar Pradesh, Maharashtra, Karnataka, Tamil Nadu, and Rajasthan emerged as the leading states for EV sales, collectively commanding more than 50% of the market share. 

Mahindra launches Bolero Neo+ in two premium variants

Mahindra & Mahindra Ltd. Unveiled the Bolero Neo+ 9-seater, offered in two variants—the P4 and the premium P10. This SUV comfortably accommodates up to 9 passengers including the driver.

Nalinikanth Gollagunta, CEO – Automotive Sector, Mahindra & Mahindra Ltd., said, “The Bolero brand has become a hallmark of robustness and trustworthiness for our customers over the years, consistently delivering performance that exceeds expectations. With the launch of the Bolero Neo+, we are offering a promise of durability, advanced features, and superior comfort that enriches the driving experience for every family and fleet owner alike.” Bolero Neo+ is powered by the robust 2.2 litre mHawk diesel engine, equipped with Micro-Hybrid Technology for excellent fuel efficiency and performance. It comes with advanced safety features

including ABS with EBD, dual airbags, ISOFIX child seats, engine immobilizer, and automatic door locks, ensuring a safe and comfortable journey for all passengers. The Bolero Neo+ boasts signature Bolero elements such as X-shaped bumpers, a front grille adorned with chrome inserts, and an X-shaped spare wheel cover, all complemented by side body cladding. It offers comfort with premium Italian interiors and a 22.8 cm touchscreen infotainment system that includes Bluetooth, USB, and Aux connectivity. The Bolero Neo+ is introduced in two new variants, the P4 and P10, catering to different preferences. The P4 serves as the entry-level option, while the P10 embodies a more premium trim.

Both prioritize ample space for passen-gers and luggage, accommodating up to nine passengers including the driver with hassle-free entry and exit from the rear for third row passengers. Competitively priced starting at ₹ 11.39 (Ex-Showroom), it caters to personal and commercial needs, emphasizing Mahindra’s commitment to offering affordable, dependable solutions nationwide.

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