New Delhi, Jun 12 (IANS): India's Electric Vehicle (EV) sales soared to 17,52,406 units in FY 2023-24 with a growth of 40.31 per cent on a Year-on-Year (YoY) basis.

According to a report by JMK Research & Analytics, the growth in EV sales was led by two-wheelers and three-wheelers, which contributed 94 per cent to the total sales.

EV two-wheelers sales were up 29 per cent on YoY basis to 10,09,356 units.

This category's contribution to the total EV sales stood at 57.60 per cent.

In EV three-wheelers, which include passenger and cargo vehicles, sales increased by 56 per cent to 6,34,969 units on YoY basis.

According to the report, "Lower running cost, increasing logistics demand and last-mile connectivity are the key factors for growth in this segment."

The electric car segment sales shot up by 82 per cent on a YoY basis, registering sales of 99,085 units in FY 2024.

Electric bus sales soared to 3,708 units in FY2024 with a growth of 85 per cent on a YoY basis.