Electric vehicle sales have steadily been on the rise and with 81,870 units of retail sales in CY2023, the EV four-wheeler industry saw 114 percent year-on-year growth, up from 38,257 units sold in CY2022. Tata Motors continued to retain its market leadership with a 73 percent share, followed by MG Motor India and Mahindra in second and third, respectively.
- MG Motor India see 175 percent sales growth over CY2022
- BMW leads luxury EV sales with 1,280 units
Electric vehicles sales breakup CY2023
Tata Motors maintained its dominance by selling an estimated 59,580 units, recording an 86 percent YoY growth. Tata’s market share used to be in excess of 80 but has now reduced due to more products being available in the market from rival manufacturers. Its also worth noting that Tata Motors has the widest EV product portfolio among all carmakers in India.
| EV retail sales by carmakers | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Manufacturer | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total |
| Tata Motors | 2,471 | 3,917 | 7,303 | 4,492 | 6,002 | 5,479 | 5,461 | 4,771 | 4,312 | 5,538 | 5,024 | 4,806 | 59,580 |
| MG Motor India | 435 | 362 | 517 | 350 | 464 | 1,158 | 1,237 | 1,202 | 891 | 929 | 935 | 950 | 9,430 |
| Mahindra | 0 | 7 | 259 | 537 | 389 | 412 | 380 | 405 | 359 | 273 | 518 | 662 | 4,201 |
| BYD | 140 | 242 | 300 | 164 | 146 | 184 | 118 | 104 | 151 | 141 | 139 | 168 | 1,997 |
| Citroen | 0 | 0 | 209 | 240 | 324 | 336 | 223 | 118 | 141 | 172 | 126 | 49 | 1,938 |
| Hyundai | 117 | 50 | 48 | 54 | 170 | 160 | 116 | 186 | 213 | 195 | 165 | 123 | 1,597 |
| Kia | 48 | 30 | 23 | 38 | 47 | 39 | 29 | 28 | 35 | 52 | 37 | 30 | 436 |
MG Motor India, with 9,430 units and 175 percent growth, has the ZS EV and Comet EV on sale and came in second – the company has a notable share of 11.51 percent. Mahindra came in third with a 5.13 percent market share, and with just one EV available – the XUV400 – the carmaker sold 4,201 units in CY2023. BYD India is ranked fourth with total sales of 1,997 units, up 341 percent YoY (CY2022: 343 units) and a market share of 2.43 percent.
Meanwhile, Citroen achieved sales of 1,938 units and a 2.36 percent market share with its sole eC3 hatchback. Lastly Hyundai and Kia collectively sold 2,033 units, recording a 144 percent YoY growth. Hyundai contributed 1,597 units, a 158 percent increase from CY2022, while Kia sold 436 units of the EV6, marking a 103 percent YoY growth.
Luxury EV sales
Luxury car manufacturers achieved notable success as well, collectively achieving sales of 2,582 units, showing an impressive 355 percent YoY growth. BMW India has a strong lead with 1,280 units, followed by Volvo India (553 units), Mercedes-Benz (505 units), Audi (140 units), Porsche (95 units) and Jaguar Land Rover (9).
*Retail sales data is as per Vahan website
Hormazd Sorabjee
Anurag Chaturvedi
