1、 EQUITIES AUTOMOTIVE INDIA ELECTRIC VEHICLES EVolution:ICE slowdown aided EV mix improvement 4 AUGUST 2025 Sector Research Report Production time:19:21*(London time)Research Analysts&Publishing EntitiesResearch Analysts&Publishing Entities In this series,we track the evolution of the Indian electric

2、 vehicle(EV)industry each month.We expect value to be redistributed among auto OEMs in this decade.We think tracking the EV market evolution is critical to validate our investment thesis on automotive companies.Our report includes detailed analysis of electrification by sub-segments,OEMs and states.

3、We also capture key recent EV-related policy announcements.Subdued trend of electrification:Improvement in penetration across 2Ws,PVs and 3Ws EV penetration in Jul-25 improved marginally for 2Ws and PVs,while it rebounded for 3Ws.E2W volumes declined m-m,but penetration improved owing to lower retai

4、l sales in the ICE category.EPV volume growth was healthy,which led to a marginal expansion in its penetration.Petrol-CNG vehicle penetration increased.For Hybrid PVs,volumes rose,but penetration was broadly flattish.E2W:Volume declined;penetration improved m-m E2W retail sales declined by low singl

5、e digits m-m in Jul-25,hurt by the lack of festivals and lower footfalls amid monsoons.However,E2W penetration increased m-m due to a steeper decline in ICE category 2W volumes.TVSL maintained its leadership in the segment,but it lost market share along with Bajaj Auto.Hero MotoCorp and Ather Energy

6、 gained the most market share in Jul-25.EPV:Volume and penetration improved;M&M lost the most market share EPV registrations reported healthy growth,which aided in improving penetration m-m in Jul-25.Tata Motors(start of Harrier.ev deliveries)and MG Motor(launch of Windsor Pro)gained market share at