India EV Market Report: Sales & Industry Insights | 2 November 2026

1. India records its highest monthly EV sales

India registered about 3.54 lakh EVs in October, up from 3,33,571 in September. It was the fifth month in a row above 3 lakh. Electric two-wheelers made up 63% of the total.

Why it matters: Repeated high monthly registrations suggest wider adoption, but seasonality, incentives and reporting coverage must be checked before inferring a durable trend. More EVs on the road also means more need for trained technicians, service staff and battery specialists.

Sources: Whalesbook, EVreporter, Autocar India

2. Electric two-wheelers set a new record as TVS crosses 60,000

Retail sales reached 2,23,847 units, up 48% from a year earlier. TVS led with a company-best 60,429 units and a 27% share. Bajaj followed with 49,067 and Ather with 31,796. Ola Electric fell 26% to 12,096 units, taking a 5% share.

Why it matters: Six companies now hold 87% of this market, so large established manufacturers are setting the pace. Hiring and training plans should follow where the volume is moving.

Source: Autocar Professional

3. Electric car sales nearly double, led by Tata

Electric passenger vehicle registrations rose to 35,777 from 18,055 a year earlier. Tata led with 14,552, followed by Mahindra with 8,472 and JSW MG with 5,877. Tata's own sales figure, which includes exports, rose 75% to 16,244, and it said the Punch.ev crossed 5,000 units in a month. Kia also reported its best EV month.

EV share of car registrations did slip from 8.3% in September to about 7.2%. Petrol, diesel and CNG cars also had a strong festive month, so this reflects a bigger overall market more than weaker EV demand.

Why it matters: January to October registrations of 2,87,453 are already well above the 1,76,817 sold in all of 2025. Tata also reported that EV and CNG demand exceeded supply, so production may now be as much of a limit as demand.

Sources: Autocar Professional, Indian Opinion, DriveSpark, Business Today

4. Hyundai hints at the Ioniq P name for its made-for-India EV

Hyundai mentioned the Ioniq P on its Q3 earnings call on 29 October and said it would follow the Bayon in India. The compact SUV, codenamed HE1i, is widely expected to carry the name, but Hyundai Motor India has not confirmed this. It is expected to sit below the Creta Electric, with the launch window reported as January to March 2027.

Why it matters: Another mass-market SUV would raise competition for Tata and Mahindra. Hyundai's India MD has said the model should help bring its EV share closer to the industry average in FY28.

Sources: Autocar Professional, Electrek

5. New money for Indian battery plants

Exide put another ₹150 crore into its subsidiary Exide Energy Solutions for its Bengaluru lithium-ion plant, taking its total investment to ₹5,352.23 crore. Separately, Una Ecosystems has proposed a ₹2,000 crore cell plant in Bhopal, which it expects to create more than 500 direct jobs. The Bhopal project is still a proposal, and its capacity and timeline have not been disclosed.

Why it matters: Local cell production would reduce India's reliance on imports. It also creates demand for skills in cell manufacturing, pack assembly, quality and testing.

Sources: Whalesbook, Energetica India

6. BYD's electric car sales cross 3 lakh in a month for the first time

BYD sold 4,90,168 vehicles in October, up 11%. Battery electric cars reached a record 3,05,743 and made up 63.28% of its passenger vehicle sales. Overseas sales more than doubled to 1,70,194, while sales in China fell 10.6%.

Why it matters: The world's largest plug-in carmaker now depends much more on exports, and its mix is moving from hybrids to pure EVs. Markets outside China, including emerging ones, can expect stronger competition.

Sources: CnEVPost, ARY News/Reuters, AutoNext

7. CATL and BYD hold 54% of the global EV battery market

Global EV battery use reached 994.5 GWh from January to September, up 19.7%, according to SNE Research. CATL held 39.1% and BYD 15.2%. Chinese companies in the top 10 held 73% combined, while LFP's share rose to 57.7% from 52.5%.

Why it matters: LFP is now clearly the mainstream chemistry. Engineers and technicians working on batteries and BMS need to be comfortable with how LFP packs behave, not just NMC.

Source: CnEVPost

8. Volkswagen pauses Golf EV development to cut costs

VW Group reported a €5.9 billion operating loss for Q3, citing a Porsche write-down, weak China sales and lower EV margins. It has paused electric Golf development at Wolfsburg, which is about €300 million short of its savings target. VW's works council says the launch, expected in 2030, will not slip.

Why it matters: Even the largest legacy carmakers are struggling to pay for the shift while protecting profits. Cost is now as important as technology in EV engineering.

Source: Electrek

9. Rivian's R2 becomes its best-selling vehicle

Rivian's Q3 revenue rose 38% to $2.155 billion, and it raised its 2026 guidance. In its first full quarter of deliveries, the R2 outsold both the R1 and the Amazon van. The car business is still losing money, and the R2 ramp-up hurt margins. Rivian also began delivering vans with a larger LFP pack, 30% more range and an AWD option.

Why it matters: A cheaper model quickly became the volume leader, which supports the mass-market approach seen in India. It also shows that scaling up production can hurt margins before it helps them.

Sources: Electrek on earnings, Electrek on the van

10. LiveWire warns it may not survive

Harley-Davidson-born LiveWire disclosed substantial doubt about its ability to continue operating, and its shares fell more than 40%. Q3 revenue rose 38% to $7.9 million, but the net loss was $18.6 million and cash fell to $39.9 million. A special committee is now exploring financing, partnerships, investment or a sale.

Why it matters: Premium electric motorcycles have proved a hard business, even with a strong brand. Compare that with India, where affordable everyday scooters are driving record volumes.

Source: Electrek