The Indian electric passenger vehicle (EV) market experienced a slower November 2024 with retail sales of 8,596 units, a modest 14% year-on-year (YoY) growth compared to November 2023. This figure, while subdued relative to October’s record-breaking 11,165 units, still marks a significant recovery from the September low of 6,148 units. Cumulatively, January-November 2024 sales stand at 89,557 units, a 19% YoY increase and already surpassing the total 2023 figure of 82,558 units.
Tata Motors: Leader Under Pressure
Tata Motors, the long-standing market leader, registered 4,196 EVs in November, down 18% YoY from 5,124 units in November 2023. Its market share shrank to 49% from 68% a year ago, signaling growing competition. The company’s October performance was stronger with 6,449 units sold, accounting for 58% market share.
Despite challenges, Tata’s January-November 2024 cumulative sales of 57,084 units are up 4% YoY, maintaining its position as the dominant player with a 64% market share year-to-date. Its diverse portfolio, including the Nexon EV, Tiago EV, and the newly launched Curvv EV, along with offers like six months of free charging, continues to bolster its appeal. However, Tata must sell at least 2,920 units in December to exceed its 2023 total of 60,004 units.
MG Motor India: A Rapid Climber
MG Motor India’s growth trajectory continues to impress, with November sales surging 227% YoY to 3,126 units, capturing a 36% market share—up from 13% a year earlier. Its Battery-as-a-Service (BaaS) model has played a pivotal role in driving sales, offering cost-effective ownership options.
The recently launched MG Windsor has been a game-changer, contributing to its best-ever monthly sales. Year-to-date, MG’s cumulative sales of 17,614 units represent a 20% market share, far exceeding its 2023 total of 9,523 units. The brand is now expanding its footprint into Tier 3 and Tier 4 cities, with plans to establish 520 touchpoints by March 2025.
Mahindra: Gradual Progress
Mahindra sold 547 units in November, a modest 1% YoY growth, maintaining a 6% market share. Cumulatively, its January-November 2024 sales of 6,685 units represent a substantial 101% YoY growth, thanks to the XUV400’s steady demand.
The launch of its “Born Electric” SUVs, the Be 6e and XEV 9e, is expected to fuel future growth. With production capacity set to reach 100,000 units by March 2025, Mahindra is gearing up for a stronger presence in the EV market.
BYD: Gaining Momentum
BYD India secured 326 unit sales in November, marking a 133% YoY increase. Its expanding portfolio, including the Atto 3 SUV and eMAX 7 MPV, is helping the brand establish a foothold. Year-to-date sales stand at 2,487 units, already exceeding 2023’s total of 2,012 units. The company is exploring entry into the sub-₹20 lakh segment, potentially launching a midsize electric SUV in late 2025 to challenge rivals like Hyundai and Maruti Suzuki.
Other Notable Players
- Citroen: With only 82 units sold in November, Citroen experienced a 36% YoY decline. Despite this, the eC3 continues to attract fleet buyers, and cumulative sales for 2024 are on track to surpass last year’s performance.
- Hyundai: Hyundai’s EV sales slumped to 20 units in November, an 88% YoY decline, largely due to the discontinuation of the Kona. However, the upcoming launch of the Creta EV in early 2025 is expected to revitalize its performance.
- Kia: Kia sold 67 units in November, a 76% YoY rise, boosted by the introduction of the premium EV9 SUV.
Luxury EV Market: Slow but Steady Growth
Luxury EVs accounted for 228 units in November, a sharp 48% drop from October’s festive highs. However, January-November cumulative sales of 2,533 units mark a 12% YoY growth. Leaders like BMW and Mercedes-Benz are driving the segment, with Mercedes surpassing its 2023 performance.
Outlook for 2024
As competition intensifies, established leaders like Tata Motors face pressure from rising stars such as MG Motor. Innovations like subscription models and expanded portfolios are reshaping the market. With new launches and increasing consumer interest, the EV industry in India is poised for further growth in the coming months.
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