EV SALES

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• Global sales of BEVs still far away from justifying high investments: Mahle Group CEO

  German Tier-1 automotive supplier Mahle Group says the future of mobility is electric but we have a long way to go before these technologies achieve a market position as strong as those in traditional products. The company is seeing a “transitional renaissance” in the ICE segment, but this cannot deny the fact that as per the current regulations in Europe, ICEs will have to be phased out by 2035. Mahle is thus focusing more on its core products in electrification, hybridization, thermal management and sustainable ICEs, including biofuels.

  

• China's oil majors face uphill climb to adapt to EV future

  EV sales in the world's largest auto market are expected to account for 40% of the 23 million cars sold this year. China's gasoline demand is predicted to peak by 2025 and could halve by 2045, making a strategic shift an imperative for its biggest oil refiners and marketers, Sinopec and PetroChina.

  

• India's EV sales double to 96,000 units in 2023, electric two-wheelers surge by 13%

  The electric two-wheeler market also saw a substantial increase, with sales growing by 13% to nearly 18 million units, accounting for just under 6% of total two-wheeler sales. This uptick is driven by the escalating fuel prices and the introduction of more electric models, offering a cost-effective alternative to traditional gasoline-powered vehicles.

  

• Electric vehicle retail sales grow across segments in FY24: FADA

  India's electric vehicle retail sales boomed in 2023-24, with significant growth in all segments. The market is shifting towards sustainable transportation solutions, as highlighted by FADA President Manish Raj Singhania.

  

• Goa's electric vehicle subsidy scheme falls short of targets

  Goa's EV subsidy scheme faces poor response, with only 25% of target applicants applying. The scheme aims to promote EV adoption in various vehicle categories and increase BEV market share to 25% by 2024 for environmental benefits.

  

• India EV sales to rise 66% this year after nearly doubling in 2023, report says

  India's EV market is growing rapidly, with sales expected to rise by 66% this year. By 2030, EVs could make up nearly a third of the country's personal vehicle market, attracting investments from companies like Tata Motors, Tesla, and VinFast.

  

• China's oil majors face uphill climb to adapt to EV future

  EV sales in the world's largest auto market are expected to account for 40% of the 23 million cars sold this year. China's gasoline demand is predicted to peak by 2025 and could halve by 2045, making a strategic shift an imperative for its biggest oil refiners and marketers, Sinopec and PetroChina.

  

• EV sales' momentum slowing globally

  Electric vehicle sales' momentum is slowing globally, marquee global brokerage Goldman Sachs said. Europe, which has driven EV growth up to now, has shown signs of stagnation since the beginning of 2024.

  

• India aims for 30% of all vehicle sales to be electric by 2030: Care Edge Ratings

  The demand for vehicles powered by traditional fuels is shifting towards alternative fuels, with petrol vehicle sales declining from 86% in 2020 to 76% in 2023. Alternative fuel-driven vehicles saw a 400% growth in CY 2023 compared to CY 2020. EVs offer the lowest lifetime cost, followed by CNG. India aims for 30% of vehicle sales to be electric by 2030.

  

• Indians’ electric love to power EV sales to a record

  The sales surge would be propelled by falling battery prices and resultant product price cuts by some automakers, robust government support for eco-friendly vehicles, higher prices of fossil fuels and growing environmental awareness among consumers. Launch of new models by automakers is also helping attract new buyers into this segment. This year’s sales performance would mark a 67% jump from the 60,910 electric PVs sold in FY23.

  

• As electric vehicle sales slow, US relaxes plans for stricter auto emissions standards for a while

  The changes come as sales of zero-tailpipe emissions electric vehicles, which are needed to meet the standards, have begun to slow. The auto industry has cited lower sales growth in objecting to the EPA's preferred standards unveiled last April as part of the most ambitious plan ever to cut planet-warming emissions from passenger vehicles.