EV sales in India crossed 14.08 lakh units in 2024: H D Kumaraswamy

New Delhi: Electric vehicle sales in India crossed 14.08 lakh units in 2024, achieving a market penetration rate of 5.59 per cent, up from 4.44 per cent in the previous year, Union Minister H D Kumaraswamy said on Saturday.

The minister asserted that the upward trend in EV adoption underscores the growing public trust in electric vehicles, as well as the positive impact of government incentives and industry innovation.

"Total EV sales in calendar year 2024 reached 14,08,245 - a penetration of 5.59 per cent, up from 10,22,994 in calendar year 2023, which stood at 4.44 per cent," the minister for Heavy Industries and Steel said at a Federation of Automobile Dealers Association (FADA) event here.

He observed that despite global uncertainties, the country's automotive sector has continued on a growth trajectory.

"In the calendar year 2024, the industry collectively retailed 26.1 million vehicles, marking a robust 9 per cent year-on-year increase," Kumaraswamy said.

Talking about the Production Linked Incentive (PLI) scheme for the automobile and auto components industry, with a budgetary outlay of Rs 25,938 crore, the minister said that out of 115 applications, 82 have been approved, with an estimated investment of Rs 42,500 crore, incremental sales of Rs 2,31,500 crore, and the potential to create 1.4 lakh jobs over five years.

"As of September 2024, we have already witnessed Rs 20,715 crore in investments, alongside Rs 10,472 crore in incremental sales," he added.