India’s Electric Vehicle Market Doubled in 2017

This article first appeared on the BNEF mobile app and the Bloomberg Terminal.

  • India sold an estimated 2,000 electric cars in 2017
  • Government is now going easy on its 100% EV ambitions

Estimated number of EV passenger cars sold in India

Source: BNEF

India’s electric vehicle industry saw a year of heightened interest in 2017 as many automakers announced plans for the country. Sales doubled, albeit from a small base. Hyundai Motors Co., Maruti Suzuki India Ltd., Tata Motors Ltd., Mahindra & Mahindra Ltd., Ashok Leyland Ltd. and BYD Co. are some of the automakers to unveil plans to introduce EVs in India. The government’s recent announcement that it wouldn’t introduce a separate EV policy could impede growth in the next five years. Sales will expand, but will largely be driven by large government tenders and some bulk orders from fleet operators. With states planning large tenders, the electric bus market is also set to grow.

BNEF clients can see the full report, “India Scales Back Its Ambition for an EV Future”, on the Terminal or on web.

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