After a challenging September, which saw electric vehicle (EV) sales fall to a 17-month low, October 2024 marked a major milestone in India’s EV market with over 10,000 units sold. Driven by festive demand, increased product availability, expanded financing options, and OEM discounts, October sales surged by 38% year-on-year to 10,534 units, setting a new record for single-month sales. This growth positions the EV sector to exceed its 2023 total sales by early November.
| Metric | October 2024 | October 2023 | % Change (YoY) | September 2024 | % Change (MoM) |
|---|---|---|---|---|---|
| Total EV Sales | 10,534 units | 6,094 units | +38% | 6,098 units | +73% |
| Luxury EV Sales | 311 units | 224 units | +39% | – | – |
Key Drivers: Festive discounts, financing options, luxury EV demand (up 39% YoY), and entry of new models like MG Windsor and Tata’s Curvv EV significantly boosted the market.
Tata Motors sold 6,125 EVs in October, marking a 9.5% YoY increase. Despite a 58% October market share, Tata’s cumulative market share from January to October 2024 dropped to 65% from 74% a year ago. This growth was supported by limited-time price cuts and free charging offers.
| Metric | October 2024 | October 2023 | % Change (YoY) | September 2024 | % Change (MoM) |
|---|---|---|---|---|---|
| Tata Motors EV Sales | 6,125 units | 5,592 units | +9.5% | 3,778 units | +62% |
| Market Share (October) | 58% | 73% | – | – | – |
| Market Share (Jan-Oct) | 65% | 74% | – | – | – |
Notable Promotions: Tata introduced price cuts across its EV range and provided six months of free charging access to over 5,500 Tata Power charging points.
JSW MG Motor India: Strong Sales Surge with New MG Windsor
JSW MG Motor India posted record monthly sales of 2,509 units in October, achieving a 166% YoY growth. The new Windsor EV played a significant role, amassing over 15,000 bookings within 24 hours of launch. MG’s strategy includes rapid network expansion, with plans for 520 touchpoints across 270 cities by March 2025.
| Metric | October 2024 | October 2023 | % Change (YoY) | September 2024 | % Change (MoM) |
|---|---|---|---|---|---|
| MG Motor EV Sales | 2,509 units | 944 units | +166% | 1,005 units | +150% |
| Market Share (October) | 24% | – | – | – | – |
Mahindra: Record Sales with XUV400 Discounts
Mahindra’s XUV400 achieved its highest sales of the year with 902 units in October, up significantly from 537 units in April 2023. The EV has been offered with discounts of up to INR 4.4 lakh, helping drive the strong October performance.
| Metric | October 2024 | October 2023 | % Change (YoY) | April 2023 | % Change (MoM) |
|---|---|---|---|---|---|
| Mahindra EV Sales | 902 units | – | – | 537 units | +68% |
| Market Share (October) | 8.6% | – | – | – | – |
Other Notable Performances in October 2024
| Brand | October 2024 Sales | % Change (YoY) | Notable Drivers |
|---|---|---|---|
| BYD India | 361 units | +110% | Higher sales for premium models; cumulative sales surpassed CY2023 |
| Citroen | 254 units | – | Consistent demand for eC3, especially from fleet operators |
| Hyundai & Kia | 68 units | – | Limited availability with Hyundai discontinuing the Kona EV in India |
Luxury EV Sales: Steady Growth Led by Mercedes-Benz and BMW
Luxury EV sales in October 2024 rose by 39% YoY to 311 units. BMW leads the luxury EV market for January–October 2024 with 948 units, but Mercedes-Benz outsold BMW in October, posting its highest monthly retail sales this year with 146 units.
| Luxury EV Brand | October 2024 Sales | % Change (YoY) | Market Share (October) | CY2024 (Jan-Oct) |
|---|---|---|---|---|
| BMW India | 139 units | +48% | 45% | 42% |
| Mercedes-Benz | 146 units | +96% | 47% | 32% |
Outlook: Accelerating Towards Record Annual Sales
With cumulative sales at 80,238 units through October, India’s electric passenger vehicle market is set to surpass the 82,500-unit total for CY2023 by early November. This growth highlights increasing consumer adoption and solid market potential as India continues its transition toward a more electrified auto industry.
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