Taking off from where they left off in FY2024, which was a record fiscal with 90,335 units and a 90 percent year-on-year growth, India Electric Passenger Vehicle Inc has opened FY2025 on a decent note. As per Vahan data (as of May 1, 2024), the electric car segment witnessed retail sales of 6,577 units in April 2024, which makes for a 22 percent YoY increase (April 2023: 5,412 units).
The rise in sales of electric passenger vehicles is now quite apparent as seen in the growing number of green-number-plated cars, SUVs and MPVs on Indian roads. Growing awareness about EVs, increased choice as a result of manufacturers launching new products, improving charging infrastructure particularly in urban India, and the lure of a wallet- and eco-friendly vehicle are driving demand.
- Tata sold 4,701 EVs in April; maintains market leader position
- MG, Mahindra and BYD sold 813 units, 580 units and 127 units, respectively
- Mercedes sold 119 units; leads the luxury EV space
EV market leader Tata Motors – which has the largest portfolio comprising of the Nexon EV, Tigor EV, Tiago EV, Xpres-T (for fleet buyers) and the Punch EV – has sold 4,701 units in April, which has helped maintain its lead with a 71.47 percent share in a dynamic market that is seeing rivals roll out new competitive products at regular intervals. In FY2024, the company sold 73,833 EVs, which marked a strong 48 percent YoY growth; EVs accounted for 13 percent of the brand’s sales in the year.
MG Motor India remains well set in second position. The company sold 813 units in April 2024, with its two products – the ZS EV and Comet EV – giving it a 12 percent market share.
Mahindra & Mahindra, with 580 units of the XUV400, is in third position and has an 8.81 percent EV market share. In mid-January 2024, the company launched the heavily updated XUV400, with prices starting from Rs 15.49 lakh, going up to Rs 17.49 lakh (ex-showroom). The prices are introductory and are applicable to deliveries until May 31, 2024.
BYD India, which sells the Atto 3 SUV, e6 MPV and launched the Seal sedan on March 5, has risen to fourth rank last month. The Indian arm of the Chinese EV giant sold a total of 127 units.
In fifth place is Mercedes-Benz India, which clocked sales of 119 units in April, its best monthly performance in the first four months of CY2024. This puts it ahead of Hyundai Motor India (84 units) and BMW India (51 units).
As per the Vahan data, luxury carmakers in India sold 225 units in April 2024, which gives them a 3.42 percent share of the Indian EV market last month. Besides Mercedes and BMW, Volvo Auto India sold 36 units, Audi had 11, and Porsche sold 8 units.
Hormazd Sorabjee
Anurag Chaturvedi
