EV Registrations Hit October High, But Market Share Slips

Business Standard · automobile

Electric vehicle registrations reached a record 355,000 units in October, with year-on-year growth of 44.88%. Overall EV penetration rose to approximately 11.5% from 6% a year prior. However, the market share for electric passenger vehicles, two-wheelers, and three-wheelers declined sequentially. Fada attributed this to supply constraints, stating demand outpaced availability despite increased buyer interest driven by fuel prices and improved EV ranges. October saw the highest-ever retail registrations for the month across all four vehicle segments.