The decline occurs after sales in November reached an all-time monthly high of 119,483 units.

The retail market share and sales of electric vehicles began to fall in January 2023 after a spike in 2022. The FAME-II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) subsidies' suspension, the growing price of EVs, and supply chain issues, according to industry insiders, are to blame for the decline in sales.