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"Report this adLearn more aboutRefinitivReuters Autos & TransportationTechnologyADAS, AV & SafetyEV BatterySustainable & EV Supply ChainIndia EV sales to rise 66% this year after nearly doubling in 2023, report saysBy ReutersApril 6, 20241:47 AM GMT+11Updated 16 hours agoAn electric vehicle (EV) is driven on the road near India Gate in New Delhi, India, August 28, 2023. REUTERS/Anushree Fadnavis/File Photo Purchase Licensing Rights, opens new tabCompaniesBYD Co LtdFollowMahindra and Mahindra LtdFollowTata Motors LtdFollowShow more companiesApril 5 (Reuters) - Electric-vehicle sales in India are expected to rise 66% this year after nearly doubling in 2023 as state subsidies help fuel demand and supporting infrastructure comes up in the country, according to research firm Counterpoint.WHY IT'S IMPORTANTThe rapid growth in sales comes at a time when EV growth in other key markets such as the United States and China are slowing.The report forecasts that by 2030, EVs are expected to represent nearly a third of India's personal vehicle market.Boeing faces a battle to produce its 737 MAX jets amid quality checks and scrutiny by watchdogs.CONTEXTIndia's EV market, small but growing, is dominated by domestic carmaker Tata Motors (TAMO.NS), opens new tab. Electric models made up 2% of the total car sales in 2023. The government is targeting 30% by 2030.The Indian government had last month lowered EV import taxes on certain models if carmakers commit to invest at least $500 million and start domestic manufacturing within three years, a move seen as a win for foreign automakers, including Tesla (TSLA.O), opens new tab.Advertisement · Scroll to continueReport this adReuters reported on Thursday that Tesla has begun production of right-hand drive cars at its plant in Germany for export to India later this year.Vietnamese automaker VinFast (0TL.F), opens new tab also plans to invest $2 billion in the country and in February began constructing a factory in the southern state of Tamil Nadu.BY THE NUMBERSTata Motors held more than two-thirds of the country's EV market last year, but lost ground to Mahindra & Mahindra (MAHM.NS), opens new tab and Chinese automaker BYD (002594.SZ), opens new tab, according to the Counterpoint report.Advertisement · Scroll to continueReport this adReuters GraphicsMahindra & Mahindra recorded EV sales growth of nearly 2,500% last year with just one model, the all-electric SUV XUV400.BYD also made a big splash in the region last year, reporting over 1,500% in EV sales growth in the country with just two models in its India line-up, the e6 MPV and Atto 3 SUV." https://www.reuters.com/business/autos-transportation/india-ev-sales-rise-66-this-year-after-nearly-doubling-2023-report-says-2024-04-05/#:~:text=Learn%20more%20about,EV%20sales%20growth