Festive Demand Sparks Steady Growth in EV Registrations, Haitian Report Reveals

Electric vehicle registrations in October 2024 showed significant growth influenced by festive season demand, according to Haitong. Total EV registrations reached 1.1 million units, marking a 26% YoY increase. Despite challenges, the two-wheeler segment led the growth, while upcoming EV models from major manufacturers promise further adoption.

Electric vehicle registrations witnessed a notable uptick in October 2024, fueled by festive season demand, according to a report by Haitong. Year-to-date EV penetration advanced by 100 basis points year-over-year, reaching 7.6%, with total registrations climbing by 26% to 1.1 million units.

Leading this growth was the two-wheeler segment, with passenger vehicles experiencing an 8% rise. Notably, the electric two-wheeler and passenger vehicle segments saw a sequential penetration rate increase by 10 basis points in October, coupled with year-to-date gains of 100 and 10 basis points, respectively.

Despite a monthly decline in the three-wheeler segment by 290 basis points, it maintained a year-to-date penetration gain of 250 basis points. The month also recorded the highest number of passenger vehicle registrations, spurred by festive demand, despite the relatively lower penetration in this segment.

(With inputs from agencies.)