The adoption of electric vehicles (EV) in India is poised to see a boost in adoption numbers driven by a rapidly expanding charging network, growth in battery swapping models and government policies such as the PM e-drive.
The respective sector demonstrated strong momentum in 2024, with total sales reaching nearly 1.95 million units across segments. Industry experts see this growth trajectory continuing into 2025, supported by expanding charging infrastructure, battery swapping networks and favorable government policies.
Alluding to the performance of the sector in 2024 ICRA Corporate Ratings Senior Vice President Srikumar Krishnamurthy said, “Electric vehicles in India continued to gain traction in 2024 supported by factors like government incentives, changing consumer needs new product launches, technological advancements, etc. Nevertheless, the EV penetration levels remain modest, particularly in cars and trucks, though adoption in two-wheelers and three-wheelers and buses is better. The government’s policy measures remain supportive; the PM e-drive scheme is expected to aid faster EV adoption apart from the development of the EV manufacturing ecosystem. While the transition is gradual, the EV sector holds promise as a cornerstone for sustainable mobility, with significant growth potential in the coming years."
According to data from Vahan Dashboard 19,48,957 EVs were sold between January and December 2024. Electric two-wheelers dominated the market with sales translating to 1.2 million units followed by the three-wheeler segment that sold 6,94,466 units. 
Meanwhile, the electric car segment continued to show steady progress with 99,848 units sold while the electric-bus sales experienced substantial growth increasing by 39% in CY2024, reaching 3,834 units. 
Ola Electric dominated the two-wheeler segment with a 35.42 percent market share followed by TVS (19.49 percent), Bajaj (16.58 percent), Ather (11.08 percent) and Hero (3.78 percent).
In the three-wheeler passenger segment, Mahindra Last Mile Mobility led with approximately 10 percent market share, while Bajaj Auto demonstrated exceptional growth. The three-wheeler cargo segment saw Mahindra LMM maintaining leadership with about 11 percent market share, while Bajaj Auto showed impressive growth to capture 4.7 percent market share. 
In the electric car segment, Tata Motors maintained dominance with roughly 62 percent market share, followed by MG Motor India at 22 percent, Mahindra & Mahindra (7 percent), BYD (2.85 percent), and PCA (2.19 percent), while in the electric bus segment, Tata Motors retained its leadership position with all major players showing significant sales growth.
2025 Outlook
Alluding to the sectoral outlook for 2025, Altigreen Propulsion Labs Chief Executive Officer Amitabh Sharan noted, “The electric vehicle industry in India stands at a transformative crossroads in 2025, with the market projected to reach USD 235 billion by 2030 at a remarkable CAGR of 49 percent. The sector will witness remarkable growth (especially in commercial vehicles) in 2025, driven by a combination of TCO benefits, technological advancements for better quality vehicles and driveability, and changing consumer perception towards EVs. However, the road to widespread EV adoption will need to overcome significant challenges viz-a-viz innovative vehicle financing, urban charging infrastructure, consistency in policy and regulatory framework, supply-chain localisation (for price parity with ICE) and very importantly skill development through industry-academia partnerships.”
Revfin Founder Sameer Aggarwal said, “2024 has been a defining year for India’s automotive sector, marked by accelerated adoption of electric vehicles, advancements in sustainability, and the integration of innovative technologies. Building on this momentum, 2025 is expected to be a year for EV adoption. With an intensified focus on developing robust EV charging infrastructure and scaling up battery-swapping networks, transitioning to electric mobility will become more seamless for consumers. Coupled with innovative financing models and targeted efforts to reach underserved markets, the industry is set to overcome accessibility barriers and make sustainable mobility a reality for all. Collaboration between automakers, policymakers, and technology providers will ensure a cohesive ecosystem, enabling India to lead the way in sustainable and inclusive mobility solutions.”
Godawari Electric Motors Director Hyder Ali Khan noted, “As we look ahead to 2025, we are excited about the robust expansion of our Eblu product portfolio, catering to the evolving needs of our customers. Additionally, we have some promising public and private orders in the pipeline, which will further accelerate our growth trajectory. We remain committed to driving innovation and sustainability in the EV sector and look forward to continued collaboration with our stakeholders to shape a cleaner and greener future for mobility.”
Zypp Electric Chief Executive Officer Akash Gupta revealed plans for 2025 along with the sector outlook and stated, “Looking ahead to 2025, Zypp Electric is committed to deploying 200,000 electric vehicles across the country in the next 12-18 months and we will double down on innovation, fleet expansion and partnerships to meet growing demand. We will focus on bolstering EV charging infrastructure, enhancing intelligent fleet management, and contributing to India's net-zero goals. Together, we aim to revolutionise last-mile logistics and make green mobility the norm for businesses and communities alike.”
On the components front, Automotive Component Manufacturers Association Director General Vinnie Mehta averred, “The Indian auto component industry is poised for robust double-digit growth in FY25, driven by strategic efforts to reduce import dependence and bolster exports. The electric vehicle component segment is witnessing remarkable year-on-year growth, propelled by the surging demand for sustainable mobility solutions. Key drivers include advancements in electric powertrains and battery systems, supported by increased investments in localization, R&D, and progressive government policies. These developments underscore the industry’s commitment to innovation, self-reliance, and establishing India as a prominent global manufacturing hub."
As India furthers its journey towards carbon neutrality within the mobility sector, EV adoption is slated to accelerate even in the luxury car segment. According to a news report citing Federation of Automobile Dealers Associations, the luxury EV market grew by 6.7 percent in 2024 despite decline in sales. 
BMW witnessed the highest sales followed by Mercedes Benz India, Volvo, Audi and Porsche. 

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Pune-headquartered electric commercial vehicle manufacturer EKA Mobility has expanded its retail presence to 60 operational dealerships across 15 states in India. The company has also confirmed that an additional 30 dedicated distribution outlets are under development.

The infrastructure expansion aims to establish localised maintenance and retail networks for the logistics, e-commerce and public transport sectors. Each retail outlet is configured specifically for commercial electric vehicles, featuring a minimum of two service bays, factory-trained technical personnel and component warehousing to manage fleet vehicle uptime. The company intends to scale its distribution footprint to more than 200 dealerships across 20 states in FY2027.

The company operates under the Government of India’s Automotive Production Linked Incentive (PLI) scheme. Its equity backers include Mitsui & Co. of Japan, the VDL Group of the Netherlands, the NIIF India-Japan Fund and Enam Holdings.

EKA Mobility operates manufacturing facilities at Koregaon Bhima and Chakan in Pune, which produce electric buses, trucks and small commercial vehicles (SCVs). The company is also building a 47-acre production complex in Pithampur. Once fully operational, the combined manufacturing infrastructure will support an annual production capacity of 15,000 electric buses, 24,000 SCVs and 4,000 freight trucks.

The manufacturer's vehicle line-up includes the EKA 3W Cargo, the EKA 6S and 3S passenger three-wheelers, a line of four-wheel SCVs spanning 1.5 to 3.5 tonnes, electric buses ranging from 7- to 12-metres and heavy-duty trucks up to 55 tonnes. All eCVs are linked to EKA Connect, an internal automated fleet management platform that processes real-time positioning, telematics and predictive battery diagnostics to manage fleet operating costs.

Rohit Srivastava, Business Head and Chief Growth Officer, EKA Mobility, said, “Last-mile connectivity is at the heart of India’s mobility transformation. With a presence across 15 states, we are steadily building a strong and accessible retail ecosystem for our customers. As demand for electric commercial vehicles grows, it is important that customers have easy access not just to products, but also to dependable service and long-term support. Looking ahead, we plan to scale our network to over 200 dealerships in 20+ states by FY27, further strengthening our reach across key markets, as we remain committed to making electric mobility more accessible, practical, and dependable for businesses across India.”

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Italian luxury automotive brand Ferrari has unveiled the Ferrari Luce, its first fully electric production vehicle, at the Vela di Calatrava – Città dello Sport in Rome. The debut marks the expansion of the manufacturer’s multi-energy strategy, positioning electrification alongside its existing internal combustion engine and hybrid powertrains.

The vehicle’s bodywork, cabin and digital interface were developed in partnership with LoveFrom, the design collective founded by Jony Ive and Marc Newson. The 5-seater, 4-door model features a glasshouse structure enclosed by floating aerodynamic wings at the front and rear.

The exterior surfaces yield a drag coefficient of 0.254, which represents the lowest figure achieved by a road-going Ferrari model. The vehicle utilises staggered wheel sizes, with 23-inch dimensions at the front and 24-inch dimensions at the rear.

The powertrain is built on an 800-volt electronic architecture and features four independent synchronous electric motors with radial flux derived from the F80 platform. The configuration yields a total output of 1,050 cv (1,035 horsepower) and 990 Nm of torque.

Ferrari claims that the vehicle achieves a zero to 100 kmph acceleration time of 2.5 seconds, a zero to 200 kmph acceleration time of 6.8 seconds and a top speed exceeding 310 kmph. Power is supplied by a 122 kWh battery pack manufactured in Maranello that functions as a structural component of the chassis and supports fast charging rates up to 350 kW, providing an estimated operating range of over 530 kilometres on the WLTP cycle.

The vehicle has a total kerb weight of 2,260 kg. To control the quad-motor system, Ferrari introduced its Vehicle Control Unit (VCU) and Side Slip Control X software, which modulate torque distribution across all four wheels 200 times per second. The vehicle incorporates an independent rear-wheel steering setup and an active suspension architecture with electronic actuators. It also features an elastically mounted rear subframe designed to manage noise, vibration, and harshness.

Inside the cabin, the layout pairs mechanical buttons, switches, and dials with digital displays developed alongside Samsung Display. The mechanical controls handle functions such as drive mode selection and climate settings. The system includes a patented acoustic feedback program that captures mechanical vibrations from the axles to generate an electronic soundscape inside and outside the vehicle based on throttle input.

Production is scheduled to begin in late 2026, with European pricing positioned at approximately EUR 550,000. Deliveries in the United States are scheduled to commence in the second quarter of 2027.

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Uber, one of India’s leading ridesharing apps, has inked a partnership with JSW Group to co-develop and deploy electric vehicles targeted for the Indian ride-hailing market.

The MoU signed between Parth Jindal of JSW Group and Dara Khosrowshahi, CEO of Uber, will see JSW Green Mobility, a wholly-owned subsidiary of JSW Group, deploy EV solutions at prices and performance expected in the cab segment in India.

The aim is to provide localised EV solutions across various categories on Uber, along with driving the adoption and utilisation of green vehicles.

Parth Jindal, said, “We are excited to collaborate with Uber to explore scalable EV mobility solutions aligned with national net-zero goals for India. By combining Uber’s platform scale and mobility insights with JSW’s growing automotive and clean mobility ambitions, we hope to contribute meaningfully to India’s EV ecosystem.”

Prabhjeet Singh, President, Uber India and South Asia, said, “India’s transition to electric mobility requires strong ecosystem partnerships across technology platforms, automakers, fleet operators, and infrastructure players. Through this collaboration with JSW Group, we aim to help accelerate the adoption of EVs on the Uber platform by exploring solutions purpose-built for the needs of Indian riders and drivers. This partnership also reflects our continued commitment to supporting the Government of India’s vision of advancing green and sustainable mobility at scale.”

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European automotive major Stellantis has announced a project to produce an electric vehicle, designated the E-Car, with production scheduled to begin in 2028. The manufacturing will take place at the Pomigliano d’Arco plant in Italy.

The term E-Car refers to European, Emotion, Electric and Environmental friendliness. The project aims to support the adoption of electric vehicles for city-centric mobility and intends to boost design and manufacturing jobs in Europe. The vehicle is designed to address the contraction of the small car segment in the region.

Antonio Filosa, CEO, Stellantis, said, “The E-Car is a concept that finds its natural match in the small car success that runs deep in our European Stellantis DNA. Our customers are calling for a revival of small, stylish vehicles, proudly produced in Europe, which are also affordable and environmentally friendly. Stellantis is answering their call with exciting new models for multiple brands. Production is expected to start in 2028 in our Pomigliano (Italy) plant.”

The selection of the Pomigliano plant aligns with its history of producing cars, such as the Fiat Panda. The E-Car models will utilise BEV technologies developed with partners to improve affordability and reduce time-to-market.

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