Retail demand for electric passenger vehicles—including cars, SUVs, and MPVs—hit its lowest point of the year in August 2024, with 6,335 units sold, marking a 10% decrease compared to August 2023’s 7,012 units. The month-on-month drop was even steeper at 19%, from 7,898 units in July 2024, according to the latest Vahan data as of September 2.
Market Share Changes
Tata Motors, which has the largest share of the EV market in India, saw its sales dip to 4,085 units in August 2024, a 14% decline from August 2023’s 4,777 units. Tata’s market share also fell from 68% in August 2023 to 64% in August 2024, despite selling 42,242 EVs between January and August 2024, up 6% year-on-year.
MG Motor India, which offers the ZS EV and Comet EV, increased its market share to 21% in August 2024 from 17% the previous year, selling 1,353 units. MG’s expansion into smaller cities and rural areas, alongside plans for a more affordable model, the Windsor, have bolstered its position.
Mahindra, which only sells the XUV400, captured a 5% market share with 317 units sold in August 2024, down from 6.45% in July. However, the brand nearly doubled its sales year-on-year, reaching 4,682 units from January to August 2024. Mahindra has ambitious plans to expand its EV lineup and manufacturing capacity by March 2025, with an investment of Rs 12,000 crore.
BYD India, ranked fourth in the market, sold 209 units in August 2024, while Citroen India recorded a 35% year-on-year growth, selling 159 units of the e-C3.
Decline in Luxury EV Sales
The luxury EV segment also saw a decline, with sales dropping 14% year-on-year to 155 units in August 2024. BMW remains the leader in this category, with 63 units sold in August, holding a 40% market share for the first eight months of the year. Mercedes-Benz, which sold 48 units in August 2024, saw a significant 90% increase in year-to-date sales compared to the previous year, reaching 488 units.
Cumulative Sales Performance
Overall, India’s cumulative EV sales for the first eight months of 2024 reached 62,931 units, an 18% increase from 53,491 units during the same period in 2023. This growth puts the industry on track to surpass the 100,000-unit sales milestone by the end of the year.
After a strong start in January 2024 with 8,470 units sold, the market saw fluctuations, peaking in March with 9,746 units but generally staying below the 8,000-unit mark for the next four months. Despite the recent decline, the EV industry in India continues to make strides towards broader adoption and growth.
Read More: