EV Retails Hit Record 3.55 Lakh in October, Up 45%; E-Trucks Surge 163% YoY

Two-wheelers supply the volume, commercial vehicles the growth rate; penetration slips from September as petrol-led festive demand returns

NEW DELHI, Nov 6: Electric vehicle retail sales touched an all-time high of about 3.55 lakh units in October, up 44.88% year-on-year, even as total vehicle retails fell 23.80% to 31.72 lakh, according to FADA data released today. EV penetration doubled to roughly 11.5% from about 6% a year ago.

The growth was broad. Electric two-wheelers sold about 2.24 lakh units (+48%), three-wheelers about 88,600 (+25%), passenger vehicles about 37,000 (+76%) and commercial vehicles about 4,900 (+163%). Three-wheelers are now 62.63% electric.

FADA President Sai Giridhar said demand ran ahead of supply, with “availability — not demand — became the binding constraint.” He pointed to elevated petrol and diesel prices, better range and EV pricing near par with petrol and diesel models.

Winners and losers

In two-wheelers, TVS crossed 60,000 units (+94%), Bajaj sold about 49,000 (+51%) and Hero’s Vida about 29,900 (+81%), per Vahan data compiled by trade portals. River grew to 6,817 units from 1,823. Ola Electric fell 26% to 12,098, FADA data shows, and Ather’s 5% rise to 31,833 means it ceded share. In cars, Tata registered 14,669 EVs (+78%), Mahindra 8,542 (+86%) and MG 5,940 (+11%). VinFast reached 2,571 units from 142, though it fell 22% from September.

Commercial vehicles: small base, big signal

Electric CV penetration reached 4.29%, against 1.67% a year ago, while overall light commercial vehicle retails fell 9.57%. JMK Research puts e-truck sales at 4,162 units, 94.6% of them light goods vehicles led by Tata (43.6%), Euler (32.3%) and Mahindra Last Mile (13.6%). E-buses totalled 768, led by JBM and Olectra with 202 each. Tata is absent from that top five, though it announced over 3,400 electric CV orders in June, including about 500 buses and 900 trucks. Switch Mobility has begun delivering a 50-bus intercity order, and Jakson Green won 220 buses under PM e-Bus Sewa. PM E-DRIVE has allocated 14,000 e-buses, backed by ₹4,391 crore ($463.8 million).

Aberrations

Penetration fell from September in two-wheelers (11.58% to 9.65%), cars (8.45% to 7.30%) and three-wheelers (64.89% to 62.63%) as festive demand lifted petrol vehicles faster. Passenger e-rickshaw retails fell 25.76% to 27,532 while other three-wheelers grew.

Outlook

Crude above $100 a barrel (about ₹9,470) strengthens the running-cost case. But the RBI’s 25 bps repo hike to 5.50% on October 7, the first since February 2023, raises EMIs, and about 31% of dealers expect a moderate or material effect on financing costs. The constraint is shifting to infrastructure: only ₹851 crore ($89.9 million) is sanctioned for 8,147 public chargers, and power constraints at a Jaipur bus depot could leave buses idle. November’s Diwali print will show whether October was a festive spike or a floor.

Currency conversion: ₹94.68 per US dollar (Nov 3, 2026, latest rate available).

Frequently asked questions

How many electric vehicles were sold in India in October 2026?

India recorded approximately 3.55 lakh electric vehicle retail sales in October 2026, an all-time monthly high.

What was the year-on-year growth in EV sales in October 2026?

EV retail sales increased by 44.88% compared with October 2025.

Which electric two-wheeler brands performed best in October 2026?

TVS led with over 60,000 units, followed by Bajaj with around 49,000 units and Hero Vida with approximately 29,900 units.

Which electric vehicle segment recorded the highest growth?

Electric commercial vehicles recorded the highest year-on-year growth at 163%.

Why did EV penetration decline from September 2026?

Festive demand increased petrol vehicle sales faster than electric vehicle sales, causing EV penetration to decline across several segments.

What are the major challenges facing India's EV market?

Limited vehicle availability, inadequate charging infrastructure, power supply constraints and rising financing costs remain key challenges.