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Nomura picks Ather, M&M, Hyundai as India's passenger-vehicle EV penetration hits 7.9% in September
Nomura estimated India's passenger vehicle EV penetration rose to 7.9 per cent in September 2026 from 4 per cent in FY26. Two-wheeler penetration reached 11.6 per cent. It named Ather Energy, Mahindra & Mahindra and Hyundai Motor India as preferred picks.
| Metric | FY26 | September 2026 |
|---|---|---|
| Passenger vehicle EV penetration | 4 per cent | 7.9 per cent |
| Two-wheeler EV penetration | 6.5 per cent | 11.6 per cent |
Reported figures
From the report. Source details below
| Two-wheeler EV penetration, FY26: | 6.5 per cent |
|---|---|
| Scooter EV penetration, September 2026: | 25 per cent |
| Electric scooter break-even period versus ICE: | 2.4 years |
| Petrol price rise since December 2025: | 8 per cent |
| Delhi passenger vehicle EV adoption: | 21.9 per cent |