Electric vehicle sales soared 55.2% year-on-year to 1,79,038 units in July 2024, driven by a 96% increase in e-two-wheelers, according to FADA. Sales of electric two-wheelers rose to 1,07,016 units, a 95.94% increase, while electric three-wheelers grew 18.18% to 63,667 units. Commercial vehicle sales also doubled to 816 units. Passenger vehicles fell 2.92% to 7,541 units. The strong growth in EV sales, bolstered by government schemes, indicates increasing market acceptance and offers investment opportunities in the EV sector.
