India EV registrations: ePV sales hit record 26,221 in May 2026 (+80% YoY). Overall EV penetration 10.7%. PV: 6.9-7%. 2W: 8.9% (1.44 lakh units). Petrol Rs 111.21/L. EV Rs 1-1.5/km vs Rs 6-7/km petrol. Tata Motors 10,231 units (39% share). M&M record month. PM E-DRIVE subsidy expires July 31, 2026. FY27 target 300,000 ePV annual. Bernstein report. Full analysis on Univest.