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3
EV
Updates
Lead Sponsors
2021
EV ONLINE
DASHBOARD
Battery Manufacturing
Investments &
Battery manufacturing
landscape in India- Current Partnerships
status, expansion plans, new Information captured basis vehicle
Charging Infrastructure entrants, technology details, type, deal type, and company type
CPO's data, Market share, Policies, Tenders
investments, EV tariffs across states
Details of tenders issued and
awarded from 2019 onwards
Electric 4 wheelers
E-cars and E-buses sales data, product
models, technical specifications, ex- Market Projections
showroom prices, etc. Segment wise and year wise
market projections
Electric 3 Wheelers
Sales data, product models, Policies
technical specifications, All Central and State level
information on range, charging announced/notified/drafted EV
time, ex-showroom prices, top policies in consolidated form as well
speed, battery type etc. Key OEMs as for different vehicle segments,
and their Market share charging infrastructure, and
manufacturing.
Electric 2 Wheelers
Sales data, product models,
technical specifications, Player profiles
information on range, charging Segment wise detailed player
time, ex-showroom prices, top profiles- sales data, market share,
speed, battery type etc. Key product models available,
OEMs and their Market share investments, etc.
For Inquiries, please click here
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Contents
1. Executive Summary | 6
2. New Product Launches | 7
• Electric Two Wheeler (E2W) | 7
• Electric Cars (E Cars) | 9
3. Policies and Regulations | 10
4. Investments | 11
5. Sales Trends - India | 14
• Electric Two Wheeler (E2W) sales trends | 16
• Electric Three Wheeler (E3W) sales trends | 18
• Electric Cars (E4W) sales trends | 20
• Electric Buses sales trends | 22
6. Global Sales Trends | 23
Q3 2021 EV Updates
41 Executive Summary
The EV segment continues to grow at an enormous pace in India with rising
sales and new product variants introduced across various vehicle categories.
For the last quarter i.e. Q3 2021, key updates across EV sector include:
• Launch of 9 electric two-wheeler models and 4 electric cars. This quarter
witnessed the highly anticipated launch of Ola’s and Simple Electric’s
E2Ws and the entry of a new player in the E-Cars’ space, Audi. There has
been no new product launches in the electric three-wheeler space for the
last two quarters in a row.
• Maharashtra, Odisha, and Assam released their ‘Electric Vehicle Policy’.
Further, Rajasthan and Uttarakhand too announced incentives for EV
buyers in these two states.
• More than Rs. 2,754 Crore (USD 367.9 million) of fundings were raised
across various segments, the highest ever in any quarter so far. Biggest
funding was raised by Ola Electric of Rs. 2,251 Crore which included a mix of
debt and equity investments.
• The Q3 2021 sales of registered EVs surged by 205% from the previous
quarter’s sales to reach 95,384 units, the highest ever in a single quarter.
• Globally, the total sales of battery electric vehicles (BEVs) for the nine
analyzed markets (China, United States, Germany, UK, France, Norway,
South Korea, Netherlands, Japan) increased by 28.7% from 884,832 units
in Q2 2021 to 1,139,071 in Q3 2021.
Q3 2021 EV Updates
52 New Product Launches
2.1 Electric Two Wheeler (E2W)
During the July-September 2021 period, nine new E2Ws were launched. The
speeds of these products range from 25 km/h to 115 km/h. Out of the 9
models launched, only the Ola S1 Pro and the Simple Energy One have
speeds above 100 km/hr.
In terms of usability, Detel Easy Plus is targeted at B2B segment, whereas
eBikeGo Rugged will be available for both commercial and personal
applications.
Table 2.1: Electric Two-Wheeler Product Launches in Q3 2021
Name Speed Specification Price
• Range – 160 km
• Battery – 3 kWh (Li-ion) Rs 79,999 (G1)
eBikeGo Rugged 70 km/h
• Motor Output– 230 Nm Rs 99,999 (G1+)
• Comes in two variants - G1 and G1+
• Range – 121 km
Ola S1 90 km/h • Battery – 2.98 kWh Rs. 99,999
• Motor Power- 8.5 W
• Range – 181 km
Ola S1 Pro 115 km/h • Battery – 3.97 kWh Li-ion Rs. 1,29,999
• Motor – 8.5 W
• Range – 236 km
• Battery – 4.8 kWh Li-ion
Simple Electric One 105 km/h Rs. 1,09,999
• Nominal Power- 4.5 kW
• Boot space- 30 litres
• Range – 75 km
EVTric Axis 25 km/h • Battery – 48V/26 Ah Li-ion Rs. 64,994
• Motor Power- 250 W
• Range – 75 km
EVTric Ride 25 km/h • Battery – 48V/26 Ah Li-ion Rs. 67,996
• Motor Power- 250 W"
Q3 2021 EV Updates
Source: JMK Research
• Range – 70-80 km
• Charging time – 4-5 hrs.
Detel Easy Plus 25 km/h Rs. 39,999
• Battery – 20Ah kW
• Motor – 250 Nm
• Range – 50-60/70-80 km
• Charging time – 4-5 hrs (Min.)
Okaya Freedum LI-2 and LA-2 25 km/h Rs. 69,999 onwards
• Battery – 48V 28Ah/48V 30Ah
6 • Motor – 8000 W (peak)Figure 2.1: Price v/s Top Speed of Newly Launched Electric Two-Wheeler Products of Q3 2021
120
Ola S1 Pro
110
Simple Electric One
100
90 Ola S1
80
Top Speed (Kmph)
70 eBikeGo Rugged
60
50
40
EVTric Axis EVTric Ride
30
Detel Easy Plus
Okaya Freedum LI-2 and LA-2
20
00 00 00 00 00 00 00 ,0 00 00 ,0 00 ,0 00 ,0 00 ,0 00
,0 ,0 ,0 ,0 ,0 ,0 ,0 ,0
30 40 50 60 70 80 90 1 ,00 1,10 1 ,20 1 ,30 1 ,40 1 ,50
Prices (Rs.)
Q3 2021 EV Updates
Source: JMK Research
72.2 Electric Cars (E-Cars)
Q3 2021 saw a new entrant in the Indian EV space, with Audi launching its
luxury EV models e-Tron 50 and e-Tron 55, both of which are priced around
Rs. 1 crore. This quarter also witnessed the current market leader, Tata
Motors, launch two new models, the Tata Xpres-T EV and the revamped Tata
Tigor EV. The Xpres-T EV is a fleet-only offering, while the Tigor is based on
Tata Motor’s proprietary Ziptron technology and targets the passenger
vehicle segment.
Table 2.2: Electric Four-Wheeler Product Launches in Q3 2021
Name Speed Specification Price
• Range – 165-213 km
• Charging time
• 11.5 hrs (AC: 0-100%);
Tata Xpes-T EV 80 km/h Rs. 9.75 lakhs onwards
• Up to 80% within 110 min (DC fast)
• Battery – 16.5- 21.5 kWh
• Launched exclusively for fleets
• Range – 306 km
• Charging time – 8.5 hrs (0-100%) @ 220V AC
Tata Tigor EV Facelift 120 km/h Rs 11.99 lakhs onwards
• Battery – 26 kWh
• 0-100 km/h – 12.63 secs
• Range – 267-397 km
• Charging time – 7 hours (@11 kW AC)
Audi e-Tron 50 190 km/hr Rs. 99.99 lakhs
• Battery – 71 kWh
• 0-100 km/h – 6.8 secs"
• Range – 359-484 km
• Charging time – 13 hours (@7.4 kW AC)
Audi e-Tron 55 Rs. 1.16 crores
• Battery – 95 kWh
• 0-100 km/h – 5.7 secs"
Source: Company Press releases, JMK Research
Q3 2021 EV Updates
83
Policy/ Regulation/ Guideline
Policies and Regulations
Key takeaways
Announced
• MNRE, CEA and NITI Aayog has been requested to present their suggestions and
recommendations on draft NEP 2021 within two months, starting from 27 April 2021.
• Section 17 of the draft covers the development of Charging infrastructure, which states
Maharashtra Government that ‘Certain tariff related measures may be required to be undertaken for Public Charging
unveils its new EV Policy Stations.
• The draft mentions the use of Time Of Day (TOD) tariff to avoid charging during peak hours.
• Aggregators may be allowed to aggregate the demand of multiple public charging stations
to purchase renewable energy using open-access.
• The Transport Department of Rajasthan issued a notification on 16 July 2021, regarding the
state’s EV Policy to encourage EV adoption.
Rajasthan Government to • As per the notification, a provision is made to reimburse the SGST (State Goods and Service Tax)
release EV Policy soon, issues amount and give a one-time grant to EV buyers.
notifica-tion on EV grants
• It is to be noted that while the notification mentions that the state will roll out EV policy soon,
there is however, no mention of incentives for 4-wheelers.
Government of India exempts • The Ministry of Road Transport and Highways released a notification on 2nd August 2021,
EVs from the payment of exempting Battery operated vehicles (BOV) from the payment of fees for the purpose of issue
registration or renewal fees or renewal of registration certificate.
• Odisha approved Its EV policy on 28 August 2021, becoming the 10th Indian state to do so.
Odisha approves its EV Policy
• With this policy, Odisha government aims an EV penetration of 20% by 2025
• Assam released a notification on 4 September 2021, implementing its EV policy.
• This policy will be valid for a period of 5 years and aims to achieve 25% penetration of EVs in all
Assam releases its EV Policy
vehicle registrations by 2026.
• The state will deploy 2 lakh EVs for commercial and individual use during the policy period.
• Uttarakhand’s Chief Minister Pushkar Singh Dhami announced recently that incentives will
be provided on the sale of electric vehicles in the state to encourage the adoption of eco-
friendly vehicles and reduce vehicle-related pollution.
Uttarakhand to provide • He said that the incentives will be given by the Pollution Control Board on the sale of the
incentives to EV buyers first 5,000 two-wheelers and the first 1,000 four-wheelers sold to private consumers.
• The incentive on electric two-wheelers will be either 10 percent of their price, or Rs. 7,500,
whichever is lower and the incentive on four-wheelers will be up to Rs. 50,000 or 5 percent of
their price, again whichever is lower.
• Government sources said that they were also looking at including electric bicycles under the
capital subsidy scheme seeing its growing popularity and the need to bring down its cost for
Govt may extend Fame II in- customers.
centive scheme for purchase
of personal EV cars, e-bicycles • The fresh inclusions would make the running of Fame II or Faster Adoption and
Manufacturing of Hybrid and EV scheme all-encompassing covering the entire range of
electric vehicles being used both for personal and commercial use and public transport.
Source: Industry news articles , JMK Research
94 Investments
The investment flow in the EV sector in Q3 2021 (Rs. 2,754 crores) witnessed a
whopping 800% leap over the Q2 2021 investment flow. In fact, investments
raised in this quarter alone were higher than the investments raised in Q1
2020 and Q2 2021 combined. The investment in Ola Electric to the tune of
Rs. 2,251 Crores is touted as the primary reason for this giant leap.
Key investments in Q3 2021:
• Ola Electric raised a total of Rs. 2,251 crores, accounting for 81% of the total
investments raised in this quarter. Out of this Rs. 2,251 crores, Rs. 750 crores
was raised as debt from Bank of Baroda and the remaining Rs. 1,501 crores
came from the Company’s existing investors.
• BluSmart, the EV Fleet Aggregator, raised Rs. 187.67 crores as equity from
BP Ventures and other investors.
• Ashok Leyland’s e-mobility arm, Switch Mobility raised Rs. 152.12 crores
from Dana Group, which acquired a minority stake of 1% in the Company.
Figure 4.1: Quarterly Investment Trend in EV Space
3000 11 2754 12
2500
10 10
9
2000 8
8
Investments (Rs. Cr)
Number of deals
1500 6
1000
236 4
4
500 282 238 306 2
209
0 0
Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021
Q3 2021 EV Updates
Total Investments (in Rs. Cr) Total Number Of Deals
Source: JMK Research
10Table 4.1 Investments in Q3 2021 in EV space in India
Deal
Company Company Value
Month Deal Type Investor Details
Name Type (USD
Mn)
Ola Electric raises
EV
Jul Ola Electric Debt Bank of Baroda 750 $100 million debt for
Manufacturer
two-wheeler EV hub
Switch
Dana Makes A
Mobility EV
Jul Equity Dana Group 135.12 Minority Investment In
Automotive manufacturer
Switch Mobility
Ltd, India
Ampere Electric acquires
EV 3-W
Aug MLR Auto Acquisition Ampere Electric 18.81 26% stake in last-mile
Manufacturer
e-wheeler OEM MLR Auto
• Rishi Bagla, Chairman of Bagla
Group, an auto component
manufacturer, and
goEgo EV charging GoEgoNetwork raises
Aug Equity • Olivier Guillaumond, Head of 15.01
Network startup USD 2 million in seed
Global Innovation Labs and
funding
• Fintech at ING Bank, funded
the seed round.
EV charging • Amara Raja, Log 9 Materials raises $8.5
Log 9
Aug technology Equity • Exfinity ventures 63.8 mn in funding round led
Materials
startup • Sequoia Capital by Amara Raja Batteries
Investors from Silicon Valley, New
Jersey, and India including senior MetroRide to expand EV fleet
AI based EV
Aug MetroRide Equity executives like Shailesh Powdwal, ride in Bengalurur, Delhi:
platform
Sudhir Pai, Bhagirath Tanna and Secures seed funding
entrepreneur Sushant Divakar.
Ola Electric gets $200
EV • Falcon Edge
Sept Ola Electric Equity 1501 million funding at $3
Manufacturer • Softbank and others
billion valuation
• BP Ventures BP leads $25 mn Series
EV fleets and
installing • Mayfield India Fund A round in EV ride-
Sep BluSmart Equity 187.67
charging • 9Unicorns hailing and charging
stations • Survam Partners startup BluSmart
Source: Industry news articles, JMK Research
11Deal
Company Company Value
Month Deal Type Investor Details
Name Type (USD
Mn)
• 9Unicorns
• Anthill Ventures
• Nanavati Family Office
• We Founder Circle EV-based last mile delivery
Zypp EV last mile
Sep Equity • Silicon Valley-based Riso 52.54 startup Zypp Electric
Electric delivery
Capital Fund raises $7 million
• Dholakia Ventures
• Venture Catalysts and
• IAN Fund
EV startup REVOS raises
EV Charging • Union Square Ventures and $4M Series A investment,
Sep REVOS Equity 30
solutions • Prime Venture Partners aims to be ‘Android for
EVs’
Source: Industry news articles, JMK Research
Q3 2021 EV Updates
125 Sales Trends- India
The Q3 2021 sales of EVs surged by 205% from previous quarter’s sales to
register 95,384 units. In the region-wise category, Uttar Pradesh had the
maximum registered EV sales (19%) in India among all the states/ UTs,
followed by Karnataka(12%) and Tamil Nadu (10%).
Fig 5.1: Registered EV sales in India: Trend (Q3 2020 - Q3 2021)
1,00,000
95,384
80,000
No. of Units Sold
65,285
60,000
40,000 39,941
26,960 31,257
20,000
Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021
Figure 5.2: Region-wise Registered EV sales in India in Q3 2021
Others, 14%
Uttar Pradesh, 19%
Haryana, 3%
Kerala, 3%
Assam, 4%
95,384 units Karnataka, 12%
Telangana, 6%
Q3 2021 EV Updates
Bihar, 6%
Tamil Nadu, 10%
Rajasthan, 8%
Delhi, 8%
Maharashtra, 8%
Source: Vahan Dashboard, Telangana Open Data, JMK Research
Note: Sales figures represent EVs registered across 1,348 RTOs in 33 states/ UTs; Sales data do not include
13 numbers for Andhra Pradesh and Madhya PradeshThe figure below shows a category-wise breakup for Electric vehicle registrations
in Q3 2021. More than half of the EV registration in this quarter came from
electric two-wheelers (52%), followed by electric three-wheeler goods vehicles
(38%), electric-three wheeler passenger vehicles (5.5%), E-Cars (4%), and E-Buses
(0.2%).
Figure 5.3: Category-wise Registrations in Q3-2021
5%
er-5.
seng
s rs-4%
Pa E Ca E Buses-0
W . 2%
E3 Others-0
.3%
E2W
E3W Goods - 38%
- 52%
95,384 Units
Source: Vahan Dashboard, JMK Research
Q3 2021 EV Updates
Note: Sales figures represent EVs registered across 1,348 RTOs in 33 states/ UTs;:
Sales figures for E2Ws represent only high-range E2W (Top speed > 25 kmph) models registered;
Sales data do not include numbers for Andhra Pradesh and Madhya Pradesh
Others include Adapted Vehicles, Fork-Lift, and Goods Carrier categories
145.1 Electric Two Wheeler (E2W) sales trends
In the high-speed (HS) E2W segment, the cumulative sales of top 5 players
(Hero Electric, Okinawa Autotech, Ather Energy, PURE, Ampere Vehicles) in
Q3 2021 accounted for 80% of the overall sales (46,209 units). On a Q-o-Q
basis, the total sales witnessed a surge of 370%, and a jump of 674% on a
Y-o-Y basis. With respect to the Q3 2021 sales, Hero Electric leads with 35%
share, followed by Okinawa Autotech (18%), Ather (13%), PURE (10%) and
Ampere (5%) in the HS E2W segment.
Figure 5.4: Player-wise high-speed E2W sales trend
17,000
Okinawa Autotech
Hero Electric
Ather Energy
Ampere Vehicles
Pure EV
10,000 TVS Motors
Benling India
9,500
Bajaj Auto
9,000 Revolt Intellicorp
8,500 Jitendra New EV Tech
Others
8,000
7,500
7,000
6,500
No. of Units Sold
6,000
5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000
Q3 2021 EV Updates
1,500
1,000
500
0
Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021
Source: Vahan Dashboard, Telangana Open Data, JMK Research
Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) models registered across 1,348 RTOs
15
in 33 states/ UTs; Sales data do not include numbers for Andhra Pradesh and Madhya PradeshFigure 5.5: Share of high-speed E2W sales in Q3 2021
Jite
ndr
aN
ew
Be
Other
n
EV
lin
Ba
gI
Tec
s, 4%
ja
nd
jA
h, 1
ia,
H
ut
TV
er
%
o,
S
2%
o
M
4%
ot
El
or
ec
Rev s,
4%
tri
olt
c, 3
Inte
llico
5%
rp,
4%
Ampere Vehicles,
5%
49,837 Units
P u re E
V, 10
%
At
er
h
En
er
gy
, 13 %
% h, 18
tec
Auto
a
Okinaw
Source: Vahan Dashboard, Telangana Open Data, JMK Research
Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) models registered
across 1,348 RTOs in 33 states/ UTs; Sales data do not include numbers for Andhra Pradesh and
Madhya Pradesh
Q3 2021 EV Updates
165.2 Electric Three Wheeler (E3W) sales trends
The combined sales of both passenger and cargo (registered) E3Ws in Q3
2021 (41,235 units) saw a 160% Q-o-Q increase over the Q2 2021 sales, the
highest ever recorded sales in a quarter. The passenger-type E3W accounted
for 87% of the total E3W sales for Q3 2021. The sales of passenger and cargo
variants have witnessed a surge of 201% and 108% Y-o-Y, respectively.
Figure 5.6: Sales trend of cargo E3W and passenger E3W
40000
35,855
35000
31,374
30000
Number of units sold
23,632
25000
20000 17,264
15000 13,919
10000
6,040 5,380
5000 2,300
1,786 1,941
0
Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021
E3W - Passanger E3W - Cargo
Source: Vahan Dashboard, Telangana Open Data, JMK Research
Note: Sales figures represent E3Ws registered across 1,348 RTOs in 33 states/ UTs; Sales data do
not include numbers for Andhra Pradesh and Madhya Pradesh
Q3 2021 EV Updates
The cumulative sales of top 5 electric 3-wheeler players in Q3 2021
accounted for 28% share of the passenger and cargo segments combined.
YC Electric Vehicle had the highest share of 9.1%, followed by Mahindra
Electric Mobility (6.5%), Saera Electric Auto (4.4%), Champion Poly Plast
(4.4%), and Best Way Agencies (3.6%).
17Figure 5.7: Sales Trend of Top 5 E3W Players
YC Electric Vehicles
Mahindra Electric Mobility
Saera ELectric Auto
Champion Poly Plast
4000 Dilli Electric
3500
3000
Number of Units Sold
2500
2000
1500
1000
500
0
Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021
1%
Figure 5.8: Top E3W Players in Q3 2021
, 9.
l es
h ic
Ve
t ric
ec
El
YC
, 6.5%
obility
tric M
dr a Elec
Mahin
%
Others , 72
28%
41,553 Units
Saera EL
ectric Au
to, 4.4%
Cha
mp
ion
Q3 2021 EV Updates
Pol
yP
Di last
lli , 4.4
El %
ec
tri
c,
3.6
%
Source: Vahan Dashboard, Telangana Open Data, JMK Research
Note: Sales figures represent E3Ws registered across 1,348 RTOs in 33 states/ UTs;
Sales data do not include numbers for Andhra Pradesh and Madhya Pradesh
185.3 Electric Cars sales trends
In Q3 2021, the total sales of electric cars surged by 145% on a Q-o-Q basis and
270% on a Y-o-Y basis, clocking 3,834 units. In the respective quarterly sales,
Tata Motors continued to have the maximum share (63%) followed by MG
Motor (32%) and Hyundai (1%).
Figure 5.9: Player-wise e-car sales trend
2500
Tata Motors
MG Motors
Hyundai
Mahindra and Mahindra
Others
2000
1500
Number of Units Sold
1000
500
Q3 2021 EV Updates
0
Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021
Source: Vahan Dashboard, Telangana Open Data, JMK Research
Note: Sales figures represent E-Cars registered across 1,348 RTOs in 33 states/ UTs; Sales data do not
include numbers for Andhra Pradesh and Madhya Pradesh
19Figure 5.10: Player-wise e-car sales trend
Mahi
nd
ra & M undai, 1
Others, 3%
ahind
Hy
ra, 1%
%
Ta
ta
M
ot
or
s,
63%
%
MG Motors, 32
3,834 Units
Source: Vahan Dashboard, Telangana Open Data, JMK Research
Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) models registered
across 1,348 RTOs in 33 states/ UTs; Sales data do not include numbers for Andhra Pradesh and
Madhya Pradesh
Q3 2021 EV Updates
205.4 Electric Buses sales trends
In a divergence from the trend observed in other segments above, the sales
for Q3 2021 declined by 3% from 309 units in Q2 2021 to 203 units in Q3 2021.
Almost three-fourth of the sales in Q3 2021 were accounted for by Tata Motors
followed by PMI, Olectra and JBM Auto, as depicted in fig 5.12.
Figure 5.11: Sales trend of Electric Buses Ashok Leyland
Tata Motors
200 PMI
Olectra
JBM Auto
150
Number of Units Sold
100
50
0
Q4 2020 Q1 2021 Q2 2021 Q3 2021
JBM Auto - 1%
4%
MI- 1
P
Figure 5.12: Share of e-bus sales in Q3-2021
Tat
4%
Olectra - 1
a Mot
ors - 71%
203 Units
Q3 2021 EV Updates
Source: Vahan Dashboard, Telangana Open Data, JMK Research
Note: Sales figures represent E3Ws registered across 1,348 RTOs in 33 states/ UTs;
21
Sales data do not include numbers for Andhra Pradesh and Madhya Pradesh6 Global Sales Trends
The total sales of battery electric vehicles (BEVs) in the 9 major markets
analysed by JMK Research increased from 884,832 units in Q2 2021 to 1,139,071
in Q3 2021. China has, once again, claimed the top position in the global BEV
sales’ race with 782,000 units sold in the third quarter of 2021 and witnessing a
Q-o-Q increase of ~47%. China has sold over more than 1.5 million units in the
first 9 months of 2021, 67% more than the 2020 sales. As of September 2021, BEVs
accounted for 9.5% of the total vehicles sold in China in 2021. This trend can be
attributed to the increasing pressure on automakers by the Chinese government
to reach 40% BEV penetration by 2030.
The combined BEV sales in the top five European markets including Germany,
UK, France, Norway, and Netherlands, on the other hand, increased by a
miniscule 5.3% Q-o-Q, reaching 2,20,665 units. This is in sharp contrast to the
Q-o-Q increase of 47% witnessed by China.
• The good news however is that BEVs accounted for one-fifth of the overall
vehicle sales in Q3 2021 in the European Union (EU).
• In addition, this quarter witnessed a slump in ICE vehicle sales in the EU,
signifying the growing popularity of BEVs. This popularity is particularly
noticeable in Norway, where BEVs accounted for 62.5% of overall vehicle sales
in 2021 (As of September 2021).
Unlike other global countries, the United States saw its BEV share decline by
11.6% in Q3 2021, clocking 93,535 units as compared to 105,895 units in Q2 2021.
However, with reports suggesting the expansion of tax credits on the sale of
BEVs in the United States, the sales are expected to increase in the next two
quarters.
The Asian countries of Japan and South Korea witnessed a 100% rise in sales in
Q3 2021 from Q2 2021, registering 6,557 units and 36,314 units respectively.
• In South Korea, BEVs accounted for 13.1% of total vehicles sold in 2021 (as of
September 2021), which was driven by falling EV prices due to an increase in
local supply of batteries in the country. I
Q3 2021 EV Updates
• In Japan, however, the share of BEVs in overall vehicle sales is as low as 0.8%.
This is due to the lack of options in the Japanese market, with automakers
such as Toyota leaning more towards developing hydrogen vehicles.
22Figure 6.1: Region-wise Registered Battery Electric Vehicles (BEV) Sales in Q3 2021
800,000
China’s skyrocketing sales can be attributed to the
increasing pressure on automakers by the Chinese
700,000 government to reach 40% BEV penetration by 2030
600,000
500,000
Q3 2020
Q4 2020
Number of Units Sold
Q1 2021
Q2 2021
400,000
Q3 2021
300,000
200,000
100,000
0
China United Germany UK South Korea France Norway Netherlands Japan
States
Source: The European Automobile Manufacturers' Association (ACEA), Opplysningsrådet for
Veitrafikken (OFV), China Association of Automobile Manufacturers (CAAM), JMK Research
Q3 2021 EV Updates
23Figure 6.2: BEV Market Share (%age of BEV Registrations out of the Total Vehicle Registrations
from January-September 2021)
80
70
62.5%
60
50
BEV Share (%)
40
30
20
13.1%
11.7%
9.5% 9.5% 8.5%
10 5.8%
2.4%
0.8%
0
ay an
y
ina UK ce ds rea US pa
n
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Source: The European Automobile Manufacturers' Association (ACEA), Opplysningsrådet for
Veitrafikken (OFV), China Association of Automobile Manufacturers (CAAM), JMK Research
Q3 2021 EV Updates
24
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