The festive season may have ended but festivities are continuing for electric vehicle (EV) makers with November sales likely to match the record set last month amid Navratri and Diwali seasons. If October set a monthly record of 115,861 EV sales, the numbers this month have already crossed 99,000 units, as per data from government website Vahan that tracks vehicle registrations.

“EVs are at an inflexion point across multiple vehicle categories – the total cost of ownership is already favourable for two-wheelers and is near par for three-wheelers,” said Sohinder Gill, CEO of electric bike and scooter maker Hero Electric and director-general of Society of Electric Vehicle Manufacturers (SMEV).

The Narendra Modi-led government has set a goal for EVs to make up 30% of private cars, 70% of commercial vehicles, and 80% of two- and three-wheelers by 2030. The government has been working with Fame, or Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles in India, and PLI, or Production-linked Incentive, schemes to push EV adoption in the country. As per a report by venture capital firm Blume, sales of electric two-wheelers in India are expected to grow by 24 times from their current level to touch 17.69 million units by 2030.