Tata EV sales remain flat across 2024

For the third calendar year in a row, Tata Motors has surpassed the 5 lakh milestone and also registered its best-ever annual wholesales. In CY2024, the car and SUV manufacturer dispatched a total of 5,62,468 units, which marks flat sales of -0.25 percent (CY2023: 5,51,378 units), and lesser than the previous year’s growth rate of 4.66 percent. One of the key reasons for the slowdown is the downtick in EV sales, which also saw a marginal decline of 0.25 percent.

1. Tata EV sales in 2024 stand at 68,980 units
2. EV market share and share of total sales reduce by 5 percent and 0.29 percent, respectively
3. Over 1.2 lakh CNG Tata CNG models sold in 2024

Tata EV sales in 2024

Thanks to the first-mover advantage in the mass market EV segment, Tata Motors once had a 70 percent market share, though that has now reduced to 65 percent. Of the mainstream PV OEMs, the company continues to have the largest e-PV portfolio in India comprising the Nexon EV, Tigor EV, Tiago EV, Xpres-T (for fleet buyers), Punch EV and the recently launched Curvv EV.

In CY2024, total EV despatches dropped by 0.25 percent to 68,980 units (CY2023: 69,153 units), which has also resulted in a decline in EV share of total sales to 12.26 percent from 12.55 percent in CY2023. In CY2022, Tata’s EVs accounted for 8.24 percent of the brand’s total sales. In CY2024, Tata Motors saw an unprecedented sales decline over seven months in a row, from April through to September (see EV sales data table above). According to the company, fleet volumes have declined in the October-December 2024 quarter due to the expiry of the FAME 2 subsidy.

Commenting on the company’s performance, Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, said: “CY2024 was the fourth consecutive year of highest-ever annual sales with 5,65,000 units sold. We registered strong growth in our SUV portfolio with successful product introductions built on our proven multi-powertrain strategy. CNG volumes grew a substantial 77 percent with over 1,20,000 CNG vehicles sold in CY2024. SUV volumes grew a robust 19 percent, with Punch selling over 2,00,000 units to emerge as the highest selling car model in India in CY2024. Looking ahead, we remain optimistic about the outlook for the PV industry. With multiple product launches, innovations and a strengthened multi-powertrain strategy, Tata Motors is well poised for further growth in CY2025.”

Tata sales in 2024

As the 12-month wholesales data (see CY2024 passenger vehicle data above) shows, demand has dropped quarter on quarter for the first nine months. Tata Motors sold 1,55,010 units in Q1, 1,38,104 units in Q2, and 1,29,930 units in Q3. Q4 though marked a recovery with 1,39,424 units.

CY2024 opened on a strong note with record sales in January: best-ever monthly sales of 53,633 passenger vehicles including best-ever monthly EV sales of 6,979 units. January 2024 was also the first time ever that Tata Motors had sold over 50,000 units in a single month. However, the monthly numbers since then have belied the promise of sustained growth. Four straight months of sales decline (June to September) followed by flat sales in the festival month of October have seen demand plateau, even if the company reduced its shipments to optimise dealer inventory.