Retail sales of electric cars and SUVs surpassed the 7,500-unit mark for the third consecutive month in July 2024. The 7,517 units sold reflect a 3 percent decrease compared to July 2023 (7,768 units), but a 4 percent increase over June 2024 (7,211 units). Cumulative sales for the first seven months of 2024 reached 56,207 units, marking a 21 percent year-over-year increase (January-July 2023: 46,523 units) and achieving 68 percent of the total sales for CY2023 (82,546 units), according to data from the Indian government’s Vahan website as of August 1.
Here is a table summarizing the sales data for July 2024 and January-July 2024:
| Manufacturer | Model(s) | July 2024 Sales | July 2023 Sales | Market Share July 2024 | Market Share July 2023 | Jan-Jul 2024 Sales | Jan-Jul 2023 Sales | YoY % Change Jan-Jul 2024 |
|---|---|---|---|---|---|---|---|---|
| Tata Motors | Nexon EV, Tigor EV, Tiago EV, Punch EV | 4,752 | 5,470 | 63% | 70% | 37,842 | 35,178 | 7.57% |
| MG Motor India | ZS EV, Comet EV | 1,520 | N/A | 20% | 16% | N/A | N/A | N/A |
| Mahindra | XUV400 | 485 | 380 | 6.45% | N/A | 4,325 | 1,985 | 117% |
| BYD | Atto 3 SUV, e6 MPV, Seal sedan | 342 | N/A | 4.54% | N/A | 1,368 | N/A | N/A |
| Citroen | eC3 | 155 | N/A | N/A | N/A | N/A | N/A | N/A |
| Hyundai | Ioniq 5 | 55 | N/A | N/A | N/A | 753 | 716 | 5% |
| BMW India | Various | 70 | 107 | N/A | N/A | 615 | 589 | 4% |
| Mercedes-Benz India | Various | 30 | 37 | N/A | N/A | 435 | 235 | 85% |
| Volvo Auto India | Various | 40 | 35 | N/A | N/A | 314 | 277 | 13% |
| Audi India | Various | 17 | 9 | N/A | N/A | 99 | 52 | 90% |
Tata Motors
Tata Motors, the EV market leader, experienced a 13 percent year-over-year decline in sales with 4,752 units sold in July 2024, compared to 5,470 units in July 2023. Despite having a comprehensive portfolio including the Nexon EV, Tigor EV, Tiago EV, and Punch EV, Tata’s market share dropped to 63 percent from 70 percent a year ago. However, the company’s cumulative sales for January-July 2024 were 37,842 units, a 7.57 percent increase year-over-year (January-July 2023: 35,178 units), achieving 63 percent of its total CY2023 sales of 60,053 units.
MG Motor India
MG Motor India recorded its best monthly performance of the year with 1,520 units of the ZS EV and Comet EV sold in July 2024, capturing a 20 percent market share, up from 16 percent in July 2023. The company is expanding its sales network to Tier 3 and Tier 4 cities and rural areas, and is set to launch the Windsor EV, a rebranded Wuling Cloud EV from Indonesia, by late August or early September.
Mahindra
Mahindra ranked third in the EV market, selling 485 units of the XUV400 in July 2024, a 27 percent increase over July 2023 (380 units). This performance gave Mahindra a 6.45 percent market share for the month. Year-to-date sales totaled 4,325 units, a 117 percent increase from January-July 2023 (1,985 units). Mahindra plans to expand its manufacturing capacity by around 100,000 units for its upcoming Born Electric vehicles by March 2025, with an investment of Rs 12,000 crore in its EV program, including 4-5 new models on the INGLO platform leveraging Volkswagen Group components.
BYD, Citroen, and Hyundai
BYD sold 342 units in July 2024, securing a 4.54 percent market share, its best monthly sales to date, and surpassing Hyundai for the fourth consecutive month. Citroen, with 155 units of the eC3 sold, saw a 35 percent decrease from June 2024 (238 units), though demand from EV fleet operators like Blusmart, OHM E Logistics, and Cab-E remains strong. Hyundai sold 55 Ioniq 5 EVs in July, following the discontinuation of the Kona in India. Hyundai’s total sales for the first seven months of 2024 were 753 units, a 5 percent increase from January-July 2023 (716 units).
Luxury EV Market
The luxury EV market saw a slowdown in July 2024, with combined sales of seven carmakers totaling 165 units, a 14.5 percent decrease from July 2023 (193 units). However, cumulative sales for January-July 2024 increased by 28 percent year-over-year, reaching 1,525 units compared to 1,191 units in the same period in 2023.
BMW India led the luxury EV market in July 2024 with 70 units sold, despite a 34 percent decline from July 2023 (107 units). Cumulative sales for the first seven months of 2024 were 615 units, a 4 percent increase year-over-year. Mercedes-Benz India sold 30 units in July 2024, seven fewer than in July 2023, but January-July 2024 sales were 435 units, an 85 percent increase year-over-year. Volvo Auto India sold 40 units in July 2024, five more than in July 2023, with cumulative sales reaching 314 units, a 13 percent year-over-year increase. Audi India sold 17 EVs in July 2024, compared to nine in July 2023, with a total of 99 units sold in the first seven months of 2024, a 90 percent year-over-year increase.
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