EV Sales Q4 FY 2023-24: 5,22,658 Units, Up 44% YoY
Every EV registered in India over Q4 FY 2023-24 — January 2024 to March 2024. Q4 of the financial year, January to March. Month-by-month volumes, the manufacturer leaderboard, which segments those EVs are in, and the same window in every earlier year on record.
EV sales month by month, Q4 FY 2023-24
India's electric-vehicle market registered 5,22,658 EVs in Q4 FY 2023-24. Volumes jumped 44.2% against the 3,62,485 logged over the same 3 months of Q4 FY 2022-23.
March was the strongest month of the period at 2,23,441 EVs and February the quietest at 1,48,862, an average of 1,74,219 a month. Every one of those 3 months grew on the same month a year earlier.
March is the fiscal year-end, when dealers clear stock and commercial buyers time purchases for the depreciation year.
Q4 FY 2023-24 ran from January 2024 to March 2024 and is closed. Every month in the table below is final, and every comparison on this page is against the matching month of Q4 FY 2022-23.
EVs accounted for 7.9% of everything registered in India over the period, up from 6.1% in Q4 FY 2022-23. The whole market ran to 66,26,145 vehicles over the same window, up 11.1% year on year.
EV registrations by month — Q4 FY 2023-24 vs Q4 FY 2022-23
Vahan retail registrations, each month set against the same month a year earlier.
Every completed month of Q4 FY 2023-24, with the matching month of Q4 FY 2022-23 beside it.
| Month | Q4 FY 2023-24 units | Q4 FY 2022-23 units | YoY | Share of period |
|---|---|---|---|---|
| January 2024 | 1,50,355 | 1,06,690 | +40.9% | 28.8% |
| February 2024 | 1,48,862 | 1,10,940 | +34.2% | 28.5% |
| March 2024 | 2,23,441 | 1,44,855 | +54.3% | 42.8% |
Each month links through to its own full report.
Who is selling the EVs
Our Vahan data holds manufacturer volumes split by fuel only across a whole calendar year, so the EV leaderboard below covers full-year 2024 rather than Q4 FY 2023-24 alone. It is exact for that window.
Ola Electric holds 21.2% of battery-electric registrations over full-year 2024, ahead of Bajaj Auto.
Top EV manufacturers — full-year 2024
Battery-electric registrations only; hybrids are counted separately.
| # | Manufacturer | EV units | Share | vs full-year 2023 |
|---|---|---|---|---|
| 1 | Ola Electric | 4,29,191 | 21.18% | +3.64pp |
| 2 | Bajaj Auto | 2,44,816 | 12.08% | +7.04pp |
| 3 | TVS Motor | 2,37,671 | 11.73% | +0.54pp |
| 4 | Ather Energy | 1,36,514 | 6.74% | −0.33pp |
| 5 | Mahindra Last Mile | 67,471 | 3.33% | +2.59pp |
| 6 | Tata Motors (EV) | 64,165 | 3.17% | +0.62pp |
| 7 | Hero MotoCorp | 45,767 | 2.26% | +1.51pp |
| 8 | YC Electric | 43,968 | 2.17% | −0.41pp |
| 9 | Greaves Electric | 35,981 | 1.78% | +0.23pp |
| 10 | Saera Electric | 28,313 | 1.40% | −0.46pp |
| 11 | Dilli Electric | 25,051 | 1.24% | −0.35pp |
| 12 | MG Motor | 23,325 | 1.15% | +0.46pp |
| 13 | Piaggio | 22,136 | 1.09% | −0.28pp |
| 14 | BGauss | 19,417 | 0.96% | +0.20pp |
| 15 | Mini Metro EV | 14,758 | 0.73% | −0.28pp |
Which segments the EVs are in
The chart is period-exact: it is the battery-electric share of every vehicle registered in each month of Q4 FY 2023-24. The split by segment underneath comes from a calendar-year table — Vahan publishes class against fuel only across a whole year — so it covers full-year 2024.
EV share of the Indian market, month by month
EVs as a percentage of every vehicle registered that month.
Battery-electric volumes only; hybrids are counted separately.
| Segment | 2024 EV units | Share | vs full-year 2023 |
|---|---|---|---|
| Two-Wheelers | 12,14,768 | 59.95% | +2.97pp |
| Three-Wheelers | 6,94,971 | 34.30% | −2.72pp |
| Cars & UVs | 95,183 | 4.70% | −0.31pp |
| Taxis & Cabs | 9,960 | 0.49% | −0.13pp |
| Goods Carriers | 6,468 | 0.32% | +0.15pp |
| Buses | 4,080 | 0.20% | +0.03pp |
| Other | 956 | 0.05% | +0.01pp |
| Tractors | 20 | 0.00% | 0.00pp |
Fuel mix, Q4 FY 2023-24
Battery-electric vehicles were 7.9% of every registration in Q4 FY 2023-24, against 6.1% in Q4 FY 2022-23. That is 5,22,658 electric vehicles across all segments.
Fuel labels come straight from Vahan and the split below covers the whole market over January 2024 to March 2024 — petrol includes the E20 ethanol blend, which is now the single largest label in the database.
Registrations by fuel — Q4 FY 2023-24
Every vehicle registered in the period, by fuel.
Exact fuel volumes over January 2024 to March 2024.
| Fuel | Q4 FY 2023-24 units | Share | vs Q4 FY 2022-23 | Share move |
|---|---|---|---|---|
| Petrol | 49,40,949 | 74.57% | +8.5% | −1.74pp |
| Diesel | 7,37,885 | 11.14% | +5.3% | −0.61pp |
| Electric | 5,22,658 | 7.89% | +44.2% | +1.81pp |
| CNG / LPG | 3,11,283 | 4.70% | +36.3% | +0.87pp |
| Hybrid | 91,661 | 1.38% | −8.1% | −0.29pp |
| Other | 21,709 | 0.33% | −0.8% | −0.04pp |
Every Q4 on record
Across the 3 completed windows in our Vahan record, EV registrations went from 5,22,658 in Q4 FY 2023-24 to 7,24,977 in Q4 FY 2025-26, up 38.7% over the stretch.
EV registrations by quarter
* window still in progress.
| Period | Months | Units | YoY |
|---|---|---|---|
| Q4 FY 2025-26 | 3 | 7,24,977 | +35.2% |
| Q4 FY 2024-25 | 3 | 5,36,185 | +2.6% |
| Q4 FY 2023-24 | 3 | 5,22,658 | +44.2% |
Each row compares only the months that window holds, so a part period is never set against a full one.
Frequently asked questions
How many EVs were sold in India in Q4 FY 2023-24?
What period does Q4 FY 2023-24 cover?
Which was the strongest month for EV sales in Q4 FY 2023-24?
Which quarter had the highest EV sales?
Are these retail sales or factory dispatches?
EV sales, other periods
More from the reports desk
Source. Every figure is a vehicle registration, taken daily from the Ministry of Road Transport & Highways' Vahan 4 dashboard (vahan.parivahan.gov.in) — the same source FADA and the industry use for retail data. Registrations are not the wholesale dispatch numbers manufacturers announce each month. "EV" means battery electric (Vahan fuels PURE EV and ELECTRIC(BOV)); hybrids are counted separately. Information only, not investment advice.
Using these numbers? Cite "Flash Finance (Vahan data)" with a link to this page. This report's chart card is free to republish with the same credit. A free, auto-updating EV registrations widget can go on any website.
