Electric car and SUV sales jump 90% to 90,000 units in FY2024

Increased product choice, strong customer demand along with expanding charging infrastructure across India power sales of electric cars, SUVs and MPVs to record levels. While Tata Motors with over 63,000 units has a 71% market share, MG Motor India’s share rises to 13% and Mahindra to 7 percent. Luxury carmakers sold 2,855 EVs for a 3% share.

By Ajit Dalvi calendar 31 Mar 2024 Views icon11331 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Electric car and SUV sales jump 90% to 90,000 units in FY2024

It’s been an electrifying year for the EV industry in India. In tandem with the handsome growth of the e-two-wheeler and e-three-wheeler segment, the electric passenger vehicle segment, which comprises cars, SUV and MPVs, has also registered record retail sales. As per Vahan data, a total of 90,335 units were sold in FY2024, an increase of 90% year on year (FY2023: 47,544 units).

The rise in sales of electric passenger vehicles is now quite apparent as in the growing number of green-number-plated cars, SUVs and MPVs seen on Indian roads. Growing awareness about EVs, increased choice as a result of EV manufacturers launching new products, improving charging infrastructure particularly in urban India and the lure of a wallet- and eco-friendly vehicle are driving demand.

A regular rollout of new and improved models, across the car, SUV and MPV categories in FY2024, has seen retail sales nearly double year on year.  

Electric PV market leader Tata Motors, which has the largest portfolio comprising the Nexon EV, Tigor EV, Tiago EV, Xpres-T (for fleet buyers) and the Punch EV, has sold an estimated 63,847 units, which helps it maintain its lead with a 70.67% share in a dynamic market which is seeing rivals roll out new competitive products at regular intervals.

The firm No. 2 EV OEM is MG Motor India, which has sold 11,510 units in the past 12 months. Its two products – the ZS EV and Comet EV – have given it a 13% market share.

Mahindra & Mahindra, with 6,066 units, is in third position and has a 7% EV market share with its all-electric XUV400. In mid-January 2024, the company launched the new XUV400 Pro range, with prices starting from Rs 15.49 lakh, going up to Rs 17.49 lakh for the new top-spec EL Pro variant. The prices are introductory and are applicable to deliveries until May 31, 2024. 

PCA Automobiles India (Citroen India) has moved up the ladder board to take fourth position with sale of 2,031 EVs, which gives it a market share of 2.25%. This is creditable, given that it launched the Citroen eC3, the electric version of the C3 hatchback, a little over a year ago in February 2024.

Hyundai Motor India, which sells the premium Ioniq 5 and the Kona EVs, has clocked retail sales of 1,827 units between April 2023 and March 2024. The Ioniq 5 accounts for the bulk of the sales, which have given Hyundai a 2% market share.

Just 57 units behind Hyundai is BYD India, which sells the Atto 3 SUV, e6 MPV and launched the Seal sedan on March 5. The Indian arm of the Chinese EV giant has sold a total of 1,770 units till end-March 2024. Hyundai’s sibling Kia registered sales of 429 e6 MPVs.

As per the Vahan data, luxury carmakers in India sold 2,855 units in FY2024, giving them a 3.16% share of the Indian EV market. BMW India maintains its lead with 1,414 units, followed by Volvo Auto India (590 units), Mercedes-Benz (556 units), Audi (164 units), Porsche (112 units) and Jaguar Land Rover (7).

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