Hybrids catching up fast with EVs; Maruti, Toyota driving growth
Notable because
The share of electric vehicles (EVs) in overall vehicle sales has risen sharply over the years to 6.83% in FY24. This has primarily been driven by the sales of electric two-wheelers and three-wheelers. On the other hand, electric passenger vehicle sales growth has been relatively sluggish, partly due to limited charging infrastructure availability. Competition from hybrids, which offer greater flexibility than EVs, could further dampen the sales growth of electric passenger vehicles going forward.
What to look out for in the months ahead
Will hybrids in the passenger vehicle category remain attractive to consumers vis-à-vis their electric counterparts as charging infrastructure availability increases? Will additional subsidies be provided to support charging infrastructure roll-out?