India’s electric vehicle (EV) market witnessed another strong month in January 2025, making it the second-best month in FY2025 after October 2024. With two months remaining in the fiscal year, cumulative EV passenger vehicle (PV) sales have already reached 93 percent of FY2024’s total of 91,303 units. January also saw a surge in market activity, driven by new model launches and price announcements at the Auto Expo. Among the key unveilings were the Maruti Suzuki e-Vitara and Hyundai Creta Electric, both poised to strengthen the compact electric SUV segment.
Tata Motors: 5,037 EVs Sold, Market Share Declines
- January Sales: 5,037 units (-13% YoY)
- Market Share: 45% (down from 68% in January 2024)
- April 2024 – January 2025 Sales: 48,565 units (-7% YoY, 57% market share)
Tata Motors remains the leader in India’s electric PV market but saw a notable decline in both sales and market share. With a diverse EV portfolio including the Nexon EV, Tigor EV, Tiago EV, Punch EV, and Curvv EV, Tata is preparing to introduce the Harrier EV in the first half of 2025 and the Sierra EV later in the year.
MG Motor: 4,225 EVs Sold, Rapid Growth Continues
- January Sales: 4,225 units (+251% YoY)
- Market Share: 37% (up from 14% in January 2024)
- April 2024 – January 2025 Sales: 22,418 units (+138% YoY, 26% market share)
MG Motor has emerged as a formidable competitor, with a dramatic increase in sales driven by the popularity of its Windsor EV, launched in September 2024. The brand is also benefiting from its innovative Battery-as-a-Service (BaaS) program, which has enhanced affordability and accessibility for EV buyers.
Mahindra & Mahindra: 686 EVs Sold, Modest Performance
- January Sales: 686 units (-13% YoY)
- Market Share: 6%
- April 2024 – January 2025 Sales: 5,698 units (+19% YoY, 7% market share)
Mahindra continues to focus on the XUV400, its only EV offering at present. The company is gearing up to launch its BE 6 and XEV 9e electric SUVs, with bookings set to open soon.
Hyundai: 321 EVs Sold, Strong Improvement with Creta EV
- January Sales: 321 units (+91% YoY)
- Market Share: 2.85%
- April 2024 – January 2025 Sales: 783 units (-50% YoY, 0.92% market share)
Hyundai’s EV sales have seen an uptick following the introduction of the Creta Electric in January 2025. The model is expected to drive higher numbers in the coming months, boosting the company’s overall EV performance.
BYD: 312 EVs Sold, Consistent Growth
- January Sales: 312 units (+91% YoY)
- Market Share: 2.77%
- April 2024 – January 2025 Sales: 3.18% market share
BYD India continues to grow steadily with models like the Atto 3 SUV, Seal sedan, and eMAX 7 MPV. The brand recently unveiled the Sealion 7 EV at the Auto Expo and will commence deliveries in March 2025.
Citroen: 269 EVs Sold, Record YoY Growth
- January Sales: 269 units (+768% YoY)
- Market Share: 2.39%
- April 2024 – January 2025 Sales: 2.17% market share
Citroen’s growth has been fueled by the e-C3, a compact EV favored by fleet operators. After a peak in September 2024, sales saw fluctuations, but expectations remain high for 2025.
Kia: 47 EVs Sold, Slow but Steady Progress
- January Sales: 47 units (+24% YoY)
- Market Share: 0.41%
- April 2024 – January 2025 Sales: 0.42% market share
Kia’s EV presence remains niche, with the premium EV6 and recently launched EV9 catering to a high-end segment.
Luxury EV Segment: Mixed Performance
The luxury EV segment saw a 13% increase in January 2025, with 332 units sold. However, cumulative 10-month sales remained flat at 2,434 units.
- BMW: 1,046 units (-14% YoY, 43% market share)
- Mercedes-Benz: 883 units (+89% YoY, 36% market share)
- Volvo: 318 units (-37% YoY, 13% market share)
- Audi: 143 units (flat YoY, 5% market share)
- Porsche: 49 units (-48% YoY)
While Mercedes-Benz registered strong growth, BMW saw a decline in market share. Volvo, Audi, and Porsche also struggled to maintain their sales momentum.
The Road Ahead for India’s EV Market
With just two months left in FY2025, India’s EV sector is on track for a record-breaking year. While Tata Motors continues to lead, MG Motor is rapidly closing the gap. With new launches and increasing consumer interest, the competition in India’s EV space is set to intensify further in 2025.
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