Electric Car Sales Decline to 5-Month Low in Feb 2024

Electric Vehicle sales in India has fell to their lowest level in five months in February despite steep price cuts. This indicates that it would take more than just a lower acquisition cost to initiate buyers to shift to EVs in India where automakers are committing billions of dollars for the switch to electric mobility. Cumulative sales in February dropped to 7,277 vehicles, the lowest since October, showed data from the government's Vahan portal. So far, this month, EV registrations have fallen to 204 units per day on average the lowest in 11 months.

Sales demand for electric cars has cooled in recent months after rising dramatically for several years, as consumers wait for more affordable models to hit the market. Global sales of fully electric and plug-in hybrid vehicles (PHEVs) rose at a tepid rate of 3% in February versus the same period last year mainly due to the impact of the Chinese Lunar New Year celebrations, market research firm Rho Motion said on Wednesday.