India reported a significant growth in its electric vehicle export industry of 246.3% year-on-year to Rs 21,391.40 lakhs from January to July 2023, ET reports.
For reference, the country’s EV exports only hit Rs 7,988.62 lakhs in the same period last year.
India’s top export markets
The significant growth in India’s EV exports in the first seven months of the year is primarily due to the growing demand from the European and Nepal markets, the Department of Commerce, Export Import Data Bank’s recent data revealed.
Nepal reportedly accounted for an astounding Rs 21,391.40 lakhs of India’s total exports so far in 2023. It represents a significant YoY increase from just Rs 7,988.62 lakhs in the same period last year.
Likewise, European demand for Indian-made EVs surged from January through July. In France, exports grew from just Rs 168.47 lakhs in 2022 to Rs 2,367.27 lakhs this year.
India’s German exports also increased YoY from Rs 85.35 lakhs to Rs 343.28 lakhs in 2023.
EV export records (Jan 2022-July 2022 & Jan 2023-July 2023)
| Months | Jan 2022 – Jul 2022 (Rs. Lakhs) | Jan 2023 – Jul 2023 (Rs. Lakhs) | Growth (%) |
| Jan | 1492.93 | 6,543 | 338.33 |
| Feb | 1343.15 | 3635.61 | 170.68 |
| Mar | 1589.91 | 4180.76 | 162.96 |
| Apr | 1424.49 | 3599.26 | 152.67 |
| May | 231.81 | 6254.72 | 2,598.16 |
| Jun | 1697.10 | 777.71 | -54.17 |
| July | 1273.97 | 1498.54 | 17.63 |
Growth drivers
Apart from Europe and Nepal, the report indicated that other countries also contributed to the local export industry’s growth. Some of these countries include the following:
- Vietnam
- Brazil
- Guatemala
- Australia
- Seychelles
- Kenya
- Liberia
- Tanzania
Meanwhile, countries like Maldives, the US, Canada, New Zealand, and Portugal received Indian EV exports last year. Now, they are not on the list released by the Department of Commerce.
Moreover, India saw a decline in exports in key markets like Bhutan and South Korea this year. This number drop may be due to factors such as market saturation, changing import strategies, and local policies.
See Also:
- Union Minister launches first-ever green hydrogen fuel cell bus in India
- Tesla rival VinFast to develop an EV production plant in India
- Tamil Nadu dominates the Indian EV industry with a 40% share from Jan to Sep 20
- Tesla to meet India’s commerce minister to discuss factory plan for the $24,000 EV
- Tesla, India already in talks to build a Gigafactory for EVs starting at ₹20 lakh
It is unsurprising that many countries are turning to India for electric vehicle supplies, considering its strong production ecosystem. It enables the country to guarantee competitive vehicle quality and affordable pricing.
