New Delhi, June 12: India's Electric Vehicle (EV) sales soared to 17,52,406 units in FY 2023-24 with a growth of 40.31 per cent on a Year-on-Year (YoY) basis.

According to a report by JMK Research & Analytics, the growth in EV sales was led by two-wheelers and three-wheelers, which contributed 94 per cent to the total sales. Tata Harrier EV and Tata Curvv EV Coming in FY25, Tata Sierra EV and Tata Avinya EV in FY26; Launch Timeline Announced: Report.

EV two-wheelers sales were up 29 per cent on YoY basis to 10,09,356 units. This category's contribution to the total EV sales stood at 57.60 per cent. In EV three-wheelers, which include passenger and cargo vehicles, sales increased by 56 per cent to 6,34,969 units on YoY basis. Bajaj CNG Bike Launch Postponed to July 17, Likely To Be Called As ‘Bajaj Fighter’; Check Expected Specifications and Features of World’s First CNG Motorcycle From Bajaj Auto.

According to the report, "Lower running cost, increasing logistics demand and last-mile connectivity are the key factors for growth in this segment." The electric car segment sales shot up by 82 per cent on a YoY basis, registering sales of 99,085 units in FY 2024. Electric bus sales soared to 3,708 units in FY2024 with a growth of 85 per cent on a YoY basis.

(The above story first appeared on LatestLY on Jun 12, 2024 02:12 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).