Though electric passenger vehicle sales are less than one percent of total passenger vehicle sales in India, at present, there is strong momentum in the market. As per industry data for the first half of the ongoing fiscal year, a total of 6,261 electric passenger vehicles (PVs) were sold in the April-September 2021 period, marking a 234 percent year-on-year (YoY) growth – albeit on a low year-ago total.
- EVs accounted for 0.45 percent of total PV sales
- Nexon EV is best selling EV with 58 percent market share
- MG ZS EV, Tata Tigor EV hold 29 percent, 13 percent market share respectively
- EV sales for first half of FY2022 already surpassed total FY2021 sales
Of the total 13,87,714 PVs sold in the first half of this fiscal (H1 FY2022), electric PVs account for just 0.45 percent of the total market. Importantly, the 6,251 e-PVs sold in the first six months have already surpassed the total EVs sold last year: 5,905 units.
|Electric vehicle sales in first half of FY2022|
|April-Sept 2021 (units)||April-Sept 2020 (units)||Change (units)||Percentage change|
|MG ZS EV||1,789||511||1,278||250%|
|Tata Tigor EV||801||100||701||701%|
|Hyundai Kona Electric||51||101||-50||-50%|
Nevertheless, given the massive tailwinds behind the EV sector in the form of central and several state EV policies, the FAME subsidy and also a new interest from car buyers as a result of wallet-burning petrol and diesel prices, the e-PV growth rate and their market potential cannot be ignored.
Tata Motors in full charge
Tata Motors, with 4,419 units sold between April and September 2021, accounts for 70.57 percent of the total sales in H1 FY2022. In fact, at halfway stage in the ongoing fiscal year, Tata has already crossed the 4,219 units it sold last year. While the Nexon EV, with 3,618 units, is India’s best-selling EV and commands a 58 percent market share, the Tigor EV with 801 units has 13 percent market share and is placed third on the EV chart.
Tata Motors’ EVs have maintained the growth momentum in October 2021 with 1,586 units through three models – Nexon, Tigor and the Xpres T EV – taking its seven-month (April-October) total to 6,005 units. The company is headed for a new record this year and it can be surmised that the carmaker could surpass 10,000-unit EV sales for the first time this fiscal.
However, Tata Motors' speedy EV sales momentum could also slow down due to the global semiconductor supply crisis, which has also impacted Indian OEMs. In a media meet last week, PB Balaji, CFO, Tata Motors said, “The average waiting time for most [Tata Motors’] passenger vehicles is around six-eight weeks. For more popular models, it is around nine-ten weeks and for electric vehicles, it is up to six months.”
MG ZS EV is second bestselling model
The MG ZS EV takes second place on the list and is witnessing strong customer demand and market interest. At 1,789 units sold in H1 FY2022, the ZS EV has a 29 percent market share. Like the Nexon EV, the ZS EV has also crossed its entire FY2021 sales tally of 1,499 units.
Hyundai Motor India, which started the EV race in India with the Kona EV in July 2019, is, perhaps, unable to cash in on the opportunity as the model looks too unconventional and is pricier compared to its rivals.
While the Korean carmaker is working on an India-specific affordable EV, the Kona facelift, which has been revealed globally, will also make its way into the country next year. Sister brand Kia is also exploring options to bring its global range of EV models to India in the coming years.
With sharper focus from the centre and state governments, as well as the private sector and OEMs, on setting up EV-friendly infrastructure in the form of EV charging facilities across the country, it is felt the consumer shift to e-mobility will pick up speed faster than expected. While the pace of transition from ICE vehicle to EVs is much faster in two- and three-wheelers, urban India is expected to plug into electric cars gradually.
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