The Indian passenger vehicle segment recorded its best-ever annual EV sales in CY2024. At 99,004 units, the year-on-year rise was 20 percent (CY2023 - 82,563). Between 2015 and 2024, nearly 250,000 electric PVs have been sold in the country. While the industry has sold an additional 16,441 units in 2024, the growing competition for a bigger slice of the market has eaten into market leader Tata Motors’ share which now is at its lowest in the past three years.
According to the Vahan portal, October registered the most sales (11,361 units, up 49 percent) owing to festivals like Dussehra and Diwali. Let’s now look at how the EV market leaders performed last year.
Tata Motors: 61,435 units, up 2 percent (CY2023 - 60,007)
Market share: 62 percent (CY2024) / 73 percent (CY2023)
Tata Motors' e-PV sales increased by 2 percent at 61,435 units YoY in 2024. However, Tata’s EV segment share dropped from 73 to 62 percent during the same period, which is a 17 percent difference. The company continues to have the largest e-PV portfolio in India (for a mass-market carmaker) comprising the Nexon EV, Tigor EV, Tiago EV, Xpres-T (for fleet buyers), Punch EV and the Curvv EV.
Last year, Tata launched the Punch EV and Curvv EV, the latter of which sold over 20,000 units from August to December. Additionally, the electric car and SUV OEM plans to launch the Harrier EV in the last quarter (January-March 2025) of FY2025.
JSW MG Motor India: 21,464 units, up 125 percent (CY2023 - 9,523)
Market share: 21 percent (CY2024) / 11 percent (CY2023)
With a 125 percent YoY jump in 2024, MG India sold 21,464 electric vehicles. MG also nearly doubled its EV market share from 11 percent (2023) to 21 percent (2024).
A major chunk of sales came from the MG Windsor EV launched in September 2024. In the October to December quarter, 9,682 Windsor EVs were dispatched, amounting to 45 percent of the CY2024 total sales. Considering the MPV’s sales, MG’s battery-as-a-service (BaaS) or battery-on-rent scheme is being well-appreciated by buyers. You can read more about the BaaS program here.
The MG Cybertser and Mifa 9 will be added to the brand’s EV portfolio this year, only to be sold via the MG Select retail chain.
Mahindra: 7,104 units, up 66 percent (CY2023 - 4,269)
Market share: 7 percent (CY2024) / 5 percent (CY2023)
Third-ranked Mahindra last year sold 7,104 units of the XUV400, its sole EV offering. Mahindra’s EV market share witnessed a 40 percent YoY rise from 5 to 7 percent.
The Mahindra XUV400 EV, currently priced between Rs 16.74 lakh and 17.49 lakh, comes with 34.5kWh and 39.4kWh battery options, with MIDC ranges of 359km and 456km, respectively. It recently received a 5-star Bharat NCAP crash test rating which could bring more sales.
On November 26, Mahindra launched the first of its two ‘Born Electric’ SUVs – the BE 6 (priced from Rs 18.90 lakh) and the XEV 9e (priced from Rs 21.90 lakh). However, deliveries of the two new e-SUVs are slated to commence in end-February or early March 2025.
BYD: 2,819 units, up 40 percent (CY2023 - 2,012)
Market share: 2.84 percent (CY2024) / 2.43 percent (CY2023)
BYD sold 2,819 electric cars in 2024, 807 more than 2,012 units in 2023. This brought the Chinese manufacturer a 40 percent increase in yearly sales, while its market share slightly grew to 2.84 percent in 2024 (2.43 percent in 2023). Like MG India, October raked in the most monthly sales of 393 BYD EVs. October 2024 also was the manufacturer’s best-ever month since it began India operations.
In an effort to further improve sales, BYD is exploring the introduction of a midsize electric SUV priced around Rs 20 lakh and is believed to be currently evaluating multiple models from its global portfolio. The same could be shown at the Bharat Mobility Global Expo (BMGE) besides other cars from BYD.
Citroen: 1,873 units, down 4 percent (CY2023 - 1,949)
Market share: 1.89 percent (CY2024) / 2.36 percent (CY2023)
The French brand registered sales of 1,873 Citroen eC3 units, resulting in market share dropping to 1.89 percent in 2024 from 2.36 percent a year ago. The eC3 has a 29.2kWh battery pack with an ARAI-claimed range of 320km and brings in a fair number of bookings from EV fleet operators. Between March and June 2024, the e-C3 received bulk fleet orders for over 7,000 units.
September and October with respective sales of 388 and 256 units were the best months, but retail sales fell sharply to 82 units in November, followed by zero units in December. Reportedly, the brand may debut the Citroen Basalt EV this year.
Hyundai: 910 units, down 43 percent (CY2023 - 1,608)
Market share: 0.91 percent (CY2024) / 2 percent (CY2023)
Currently, the Ioniq 5 is the only EV on sale from Hyundai responsible for all 910 units in 2024. Hyundai’s numbers were down sharply by 43 percentz YoY (CY2023: 1,608 EVs). Last year also saw the discontinuation of the Hyundai Kona EV.
The Hyundai Creta EV was teased today, which is going to debut on January 17 at the BMGE. The electric Creta would help bring in buyers as its ICE sibling continues to sell in good numbers each month. The Hyundai Creta electric, with a 473km range, will directly rival the Maruti e Vitara and the Mahindra BE 6.
Kia: 408 units, down 43 percent (CY2023 - 438)
Market share: 0.40 percent (CY2024) / 0.53 percent (CY2023)
Kia India, like Hyundai, has seen a fall in its EV sales in CY2024. Kia sold 410 units between January and December, which gave it a market share of 0.40 percent, down from 0.53 percent in CY2023 (438 units).
Till September, the company had only a single EV in the market – the EV6. Notably, the Kia EV6 is brought via the CBU route, as against the CKD-assembled Hyundai Ioniq 5. In October, the company launched the six-seater EV9 SUV (also CBU), priced at Rs 1.3 crore. Considering EV9's price, it rivals the Mercedes EQS SUV, EQS SUV, BMW iX and Audi Q8 e-tron. Next up, the Kia Syros EV is likely to arrive later in 2025.
Luxury EVs: 2,828 units, up 7 percent (CY2023: 2,643)
Market share: 2.85 percent (CY2024) / 3.20 percent (CY2023)
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Demand for luxury electric cars, sedans and SUVs rose by 7 percent YoY to 2,828 units in CY2024. This translates into an additional 185 units year on year (CY2023: 2,643 units). As per Vahan data, of the seven luxury carmakers, four OEMs have seen their sales decline including the market leader.
BMW India, the luxury EV market leader (1,210 units, down 7 percent), sold 98 fewer units in CY2024 compared to its CY2023 sales of 1,308 units. This gives BMW a luxury EV market share of 43 percent compared to 49 percent in CY2023.
Mercedes-Benz India is the OEM which has registered the highest YoY growth in this segment. Its CY2024 sales of 940 units were up 82 percent YoY (CY2023: 516 units), which has helped its market share rise to 33 percent from 19 percent in CY2023.
Volvo India, the No. 3 in the luxury EV makers list, sold 442, down 22 percent on the 570 units in CY2023 – this sees it drop one rank and its market share reduce to 15 percent from 21 percent a year ago.
Audi India, with retails of 143 units in CY2024, has seen flat sales, matching its CY2023 performance (143 EVs) for a market share of 5 percent versus 5.41 percent a year ago.
German sportscar maker Porsche, which sold 73 EVs in CY2024, is down 24 percent on its CY2023 sales of 96 zero-emission cars and SUVs.
Hormazd Sorabjee
Anurag Chaturvedi
