India’s EV Registrations Hit Record 2.34 Lakh in October, Two-Wheelers Lead Surge

October recorded impressive statistics for India’s electric vehicle (EV) industry. According to The Times of India, total EV registrations reached an all-time high, with every segment of battery-powered vehicles experiencing positive growth. Electric two-wheelers alone raced past the one-million-unit milestone for the calendar year-with two months still to go.

Concerns about a potential slowdown in EV volumes as a result of production difficulties brought on by shortages of magnets and the recent reduction in the GST rate for ICE vehicles, which narrowed the price differential between the two segments, coincided with this growth in all EV categories.

The Times of India also reported that total EV registrations (including all segments of battery-operated vehicles stood at about 2.34 lakh units—the highest-ever monthly registrations recorded to date. The growth was about 5% year-on-year and 27% sequentially.

October also proved to be a record month for the electric two-wheeler (E2W) segment due to festive season and renewed retail traction as it reported its highest monthly volumes to date at 1.44 lakh units, up 3% year over year and 37% month over month.  As the price difference between EVs and ICEs narrowed, the electric passenger vehicle market—which includes e-cars and e-SUVs—also saw a spike in sales.  17,874 units were registered overall, down from 16,346 units in September of this year and 11,428 units in October of 2024.

Electric three-wheelers (excluding e-rickshaws) grew to 70,604 units, compared with 67,173 units in October 2024 and 61,044 units in September this year.

Contrary to the overall numbers, Ola said in a letter to shareholders that growth in the electric two-wheeler industry had slowed over recent quarters and that sales during the recently concluded festive season were flat year-on-year.

Due to lower volumes, Ola Electric's quarterly revenue decreased 43.2% year-on-year to ₹690 crore from ₹1,214 crore. Due to persistently weak demand, vehicle deliveries decreased 47% year-on- year to 52,666 units in Q2 FY26 from 98,619 units in Q2 FY25. Deliveries in the premium segment dropped sharply to 13,418 units from 42,074 units a year earlier, while the mass segment declined 31% to 39,248 units from 56,545 units.

Transition with EV Adoption

According to the International Energy Agency (IEA), India’s rapid EV adoption can cut annual CO2 emissions by nearly 200mn tonnes by 2030 if powered by renewable energy.

Sustaining this growth through battery recycling, local manufacturing and clean power integration will be key to ensuring an environmentally responsible EV transition.

As India’s EV adoption accelerates, the path to meaningful carbon reduction depends on how clean the electricity powering them is. The two flagship national programmes—Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme, which provides purchase incentives and charging infrastructure support until 20, and the Production-Linked Incentive (PLI) schemes that provide incentives for manufacturing in different sectors— along with numerous state-adopted policies complement national programmes to support road transport electrification in India.

As a result of these policies, EV sales are projected to reach nearly 35% of total vehicle sales in 2030, stated the IEA report. To bring the sector on track with the 2070 goal, this share needs to reach 50%. The amount of CO2 that EVs can avoid will depend on the speed at which India decarbonises its power sector, which currently heavily relies on coal.