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CareEdge Rating's report projects electric car sales in India to reach 1.3-1.5 lakh in FY25, following a 90% YOY growth in FY24. Passenger vehicle industry growth is anticipated at 3-5% due to high base effects and subdued demand

Up to 1.5 lakh electric cars may be sold in FY25 in India: Report

<h2>CareEdge Rating's report projects electric car sales in India to reach 1.3-1.5 lakh in FY25, following a 90% YOY growth in FY24. Passenger vehicle industry growth is anticipated at 3-5% due to high base effects and subdued demand</h2>

A new report by CareEdge Rating has revealed that electric car sales in India are likely to reach 1.3-1.5 lakh in the current fiscal year. In FY24, the sales witnessed 90% YOY growth.&nbsp;
"Electric car sales continue to improve over the last five years. For FY24, electric car retail sales recorded y-o-y growth of 90% with volumes at 90,432 units. With an improving penetration rate, electric car volumes, in the PV segment, are likely to clock sales volume of around 1.3-1.5 lakh for FY25," the rating agency said in a report
<h3>Electric car sales</h3>
As per the report, the passenger vehicle industry in India is anticipated to witness moderate growth in the fiscal year 2025, with sales volumes expected to expand by 3% to 5%. This also comes when the electric car sales in FY24 slowed down to 7.4%.&nbsp;
The Economic Times quoted Analysts and attributed this deceleration to several factors including stabilizing pent-up demand post-Covid recovery, escalated vehicle prices, and the lingering impact of high interest rates.
"The PV industry is expected to exhibit moderate volume growth of around 3-5 per cent in FY25 on account of a high-base effect of FY24, shrinking orderbook and expectation of persistently subdued demand for entry-level variants in FY25. Strong demand for new model launches and SUVs coupled with the expectation of interest rate cuts in the second half of FY25 is expected to keep the sales momentum rolling", noted Arti Roy, Associate Director at CareEdge Ratings.
Also watch: <a href="https://www.editorji.com/business-news/passenger-vehicle-sales-decline-1-in-may-amid-these-reasons-1718005928888">Passenger vehicle sales decline 1% in May amid these reasons</a>

An electric car burst into flames in the middle of a road in Bengaluru, a video of which has gone viral.

Watch | Electric car bursts in flames on Bengaluru road

An electric car burst into flames in the middle of a road in Bengaluru, a video of which has gone viral.

An electric car caught fire in the middle of a road in JP Nagar area of Bengaluru on Saturday.
A video of the incident has gone viral on social media, which showed the vehicle burst into flames and plumes of black smoke billowing out.
Although the car was completely destroyed in the incident, no casualties were reported.
The reason behind the fire is yet to be ascertained. Multiple incidents of electric vehicles catching fire have been reported recently.
Also watch: <a href="https://www.editorji.com/business-news/govt-mulls-legal-action-against-electric-two-wheeler-companies-for-fame-ii-violations-1694605808423">Govt mulls legal action against electric two-wheeler companies for FAME II violations</a>

Ola is going to launch a new electric car soon. This will be Ola Electric's first e-car. On World EV Day, Bhavish shared some glimpses of its electric car. 

Ola to lay off 200 employees amid this reason

Bhavish Aggarwal-run company has nearly 1,100 employees in its core ride-hailing business&nbsp;

On the backdrop of declining sales of its electric scooter, online ride-hailing platform Ola said that it will cut about 200 jobs.&nbsp;
According to reports, centralising operations and undertaking a restructuring exercise to minimise redundancy is the reason behind the layoff.&nbsp;
The news comes after Ola Electric and several other Electric two-wheeler makers are facing scrutiny over EV fire incidents in the country.
From 12,691 scooters sold in April, the company's sales have been declining every month.&nbsp;
This is not the first time the ride-hailing firm will sack its employees, company had earlier laid off close to 2,000 employees due to the closure of the pre-owned car business, Ola Cars, and quick commerce business Ola Dash.

Chinese electric car marker Nio says two text drivers were killed in a crash which took place when a test car plunged several stories to the ground.   The incident took place on Wednesday. The people that died were inside the vehicle as it fell from the third storey of the building. Nio says it immediately started an investigation into the incident in co-operation with government officials. A preliminary investigation suggested the crash was an accident and had nothing to do with the vehicle itself, Nio said in a statement on Weibo, a Chinese microblogging site, about four hours after the incident.  

Chinese electric car falls from 3rd floor of Shanghai office, 2 dead

The incident took place on Wednesday. The people that died were inside the vehicle as it fell from the third storey of the building.&nbsp;

Chinese electric car marker Nio says two text drivers were killed in a crash which took place when a test car plunged several stories to the ground. &nbsp; &nbsp; The incident took place on Wednesday. The people that died were inside the vehicle as it fell from the third storey of the building.&nbsp; Nio says it immediately started an investigation into the incident in co-operation with government officials.&nbsp; A preliminary investigation suggested the crash was an accident and had nothing to do with the vehicle itself, Nio said in a statement on Weibo, a Chinese microblogging site, about four hours after the incident.&nbsp;
Also Watch| <a href="https://www.editorji.com/business-news/ev-on-fire-india-s-top-selling-ev-tata-nexon-catches-fire-1655973094985" target="_blank">EV on fire: India's top selling EV - Tata Nexon catches fire</a>

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