Despite passenger EV slowdown, commercial EVs surge ahead, says India's leading player
Recent data shows a 9 percent year-on-year drop in passenger EV sales in September 2024, marking the lowest point in 19 months
TAIPEI, Nov. 25, 2024 /PRNewswire/ -- According to the news report from the technology-focused media DIGITIMES Asia, India's electric vehicle (EV) market is seeing contrasting trends, with passenger EV sales declining while the commercial segment grows rapidly. Recent data shows a 9 percent year-on-year drop in passenger EV sales in September 2024, marking the lowest point in 19 months.
In contrast, electric three-wheeler cargo vehicles are gaining traction, with 45% of sales in the segment being electric last month and forecasts to exceed 50% soon, according to Maxson Lewis, founder and MD of Magenta Mobility.
"The real adoption of EVs is happening on the cargo side," Lewis said, emphasizing the segment's potential to drive India's electrification. This shift underscores how logistics-focused EVs are leading the country's sustainable mobility efforts despite challenges in the passenger market.
He attributed this trend to a combination of favorable government policies, improved battery technology, and the declining total cost of ownership (TCO) for electric cargo vehicles.
