EV sales in India reached a record sales

Immediately unfollow anyone on LinkedIn who claims that the EV industry is over…

EV sales in India reached a record 486,000 units sold in Q1 2024, which is a 40% YoY increase against units sold in Q1 of 2023!

Still not convinced? Take a look at this:

👉🏼 Since January, the price of Lithium has dropped by 10% and car manufacturers have passed the benefits to consumers:

↳ Tata Motors & MG have slashed their EV prices by up to ₹1.2L

👉🏼 In March, the Ministry of Heavy Industries launched the EMP Program with ₹500 Cr funding.

↳ This will incentivize vehicles with advanced batteries to promote the use of cutting-edge technology, eventually driving down prices

👉🏼 From April 2023 to March 2024, India sold 16.6 Lakh EVs, averaging 4,562/day, a notable increase from the previous year’s 3,242/day

↳ Aiding to this growing interest in EVs are the ever increasing prices for petrol, diesel, & CNG.

So, should you invest in the EV space?

I believe the industry will explode (no pun intended) when ICE and EV prices align.

A modest 5-10% portfolio exposure to EVs can balance future growth potential and short-term risks.