Fear of petrol and diesel increased: Explosion in demand for EV, will you get cheaper option or a big change is coming?

Electric Vehicle Sales Increase: The increasing tension between America, Israel and Iran has shaken the global fuel market. Due to this, the trend of car buying customers in India is also rapidly increasing towards electric vehicles.

According to data from the Federation of Automobile Dealers Associations (FADA), the share of EVs in new car sales increased from 3.5% to 5.1% last month. This increase clearly indicates that people now want to avoid the uncertainty of fuel.

Fuel availability and prices an issue

“Customers are feeling that fuel availability and prices could become an issue,” said Shailesh Chandra, managing director, Tata Motors Passenger Vehicles. He said that the demand for electric cars in the company has increased by 20-30% in the last month, which is directly due to the ongoing crisis in West Asia.

Preference is changing in showrooms, EV is becoming the first choice

JSW MG Motor India MD Anurag Mehrotra also confirmed this trend. He said that now more customers are giving priority to electric vehicles as soon as they come to the showroom. “People who were indecisive till now are also rapidly moving towards electric products,’ Mehrotra said. In the month of March, the company recorded a 26% increase in customer interest in EVs.

Tremendous jump of 68% in registration

According to vehicle portal data, registration of electric cars increased by 68% to 22,490 units in March. Although fuel prices have not increased in India yet, customers are afraid of an increase in the future, especially after the elections. This is the reason why people are shifting towards electric vehicles from now on.

Big impact of Hormuz Strait crisis

Due to US and Israeli attacks, the ‘Strait of Hormuz’ Oil supply has been affected. This is the same route through which about 20% of the world’s oil and LNG passes. This obstruction has caused the prices of oil and gas to skyrocket in the global market, which can also impact an import-dependent country like India.

Also read: New Range Rover priced at Rs 1.60 crore, will now be assembled in India only, know what benefits you will get?

New strategy of companies, big focus on EV

Industry experts believe that it may take years for the energy supply to return to normal. In such a situation, companies are investing rapidly in the EV segment. JSW MG Motor plans to expand its portfolio of new energy vehicles, strengthen production capacity and expand charging infrastructure.

Is it the right decision for the middle class?

According to Mehrotra, buying an EV now is a “responsible and economically wise decision” It is beginning to seem. It is clear that amid increasing uncertainty, electric vehicles can become a big support for the middle class in the future.