The penultimate month of FY2025 has delivered the fifth highest monthly sales of electric passenger vehicles in the current fiscal. February 2025 saw retail sales of 8,959 zero-emission cars, SUVs and MPVs, up 19% YoY (February 2024: 7,520 units), taking the cumulative 11-month total to 94,500 units.

This is as per retail sales data sourced from the Vahan portal on March 3, 2025. With the 100,000 mark just 5,500 units away, FY2025 will see the Indian electric PV industry achieve this sales milestone for the very first time in a fiscal year. The previous best was FY2024 with 91,303 units.

February 2025’s 8,959 units make it the fifth highest month for ePV retails in this fiscal after January 2025 (11,765 units), October 2024 (11,427 units), December 2024 (9,212 units) and November 2024 (9,138 units).

There’s plenty of action underway in this segment of the EV industry and the fast-growing competition for a bigger slice of the electric car and SUV market has eaten into market leader Tata Motors’ share, which now is at its lowest in the past three years. Let’s take a closer look at the movers and shakers in February 2025 and the 11 months of FY2025.

Tata Motors sold 3,823 EVs in February 2025, down 26% YoY. Demand is expected to pick up when the Harrier EV is launched later this year. 

TATA MOTORS
February 2025: 3,823 EVs, down 26% YoY – Market share: 43%
Apr 2024-Feb 2025: 52,657 EVs, down 8% YoY – Market share: 56%
CY2024: 61,435 units, up 2% YoY – Market share: 62%
Tata Motors is witnessing a torrid fiscal and February’s 3,823 EV retails are down by a substantial 26% YoY (February 2024: 5,140 units). As a result, the company’s monthly market share has fallen to 43% compared to a commanding 68% in February 2024, proof of the deep impact the heightened competition is having on its EV portfolio in FY2025.

For the April 2024-February 2025 period, cumulative sales at 52,657 units are down 8% YoY (see Vahan data table above). This translates into a current market share of 56% compared to 70% a year ago. In FY2024, Tata Motors had clocked retails of 64,440 units – with one month left to go in FY2025, the gap currently stands at 11,783 units.

In CY2024, the company had clocked retails of 61,435 units, up 2% YoY and a market share of 62 percent.

The company continues to have the largest e-PV portfolio in India (for a mass-market carmaker) comprising the Nexon EV, Tigor EV, Tiago EV, Xpres-T (for fleet buyers), Punch EV and the recently launched Curvv EV.

Following the launch of the Punch EV, first Tata EV vehicle built on the new Gen 2 architecture called Acti.EV, in January 2024, Tata Motors launched the Curvv EV in August 2024, also born off the same architecture and which also underpins a range of new Tata SUVs including the recently revealed Harrier EV and the upcoming Safari EV. A much-looked-forward-to model is the Harrier EV equipped with 4WD and slated for launch in the first half of CY2025.

Launched in September 2024, the Windsor EV has powered sales for JSW MG Motor, whose market share has jumped to 27% from 13% a year ago.   

JSW MG MOTOR INDIA
February 2025: 3,270 EVs, up 198% YoY – Market share: 36%
Apr 2024-Feb 2025: 26,023 EVs, up 148% YoY – Market share: 27%
CY2024: 21,464 units, up 125% YoY. Market share: 21%JSW MG Motor India, which wrapped up CY2024 on a very strong note with retails of 21,464 EVs and a 21% market share, continues to have a strong run in the electric PV market. In February 2025, the car and SUV OEM sold 3,270 EVs, up 198% on a year-ago base of 1,096 units. This gives it a 36% share of sales, compared to 14% in February 2024. Cumulative 11-month sales of 26,023 units are up 148% YoY and give the company a current market share of 27%, twice its 13% a year ago.

JSW MG Motor’s sharp growth is the result of the recent market introduction of the MG Windsor EV, the company’s third electric vehicle after the ZS EV and Comet EV. Launched in September 2024, strong demand for the Windsor EV has hugely accelerated sales (as seen in the data table above) from October onwards. Priced at Rs 13.49 lakh (ex-showroom) and billed as India's first intelligent Crossover Utility Vehicle (CUV), the Windsor EV combines features of both a sedan and an SUV.

Furthermore, JSW MG Motor India is also benefiting from its innovative Battery-as-a-Service (BaaS) program for its EVs. According to the OEM, this flexible ownership program eliminates the upfront cost of the battery, enabling customers to pay only for its usage. This subscription model lowers the per-kilometre expense significantly reducing the initial acquisition cost to ensure an economical ownership experience. Under BaaS, the Windsor is available at Rs 999,000 + battery rental @ Rs3.5/km, MG Comet EV starts at Rs 499,000 + battery rental at Rs2.5/km and the MG ZS EV is offered at Rs 13.99 Lakh + battery rental at Rs 4.5/km.

The company is also upping the ante on the sales network front by expanding to Tier 3 and Tier 4 cities as well as rural markets across India. There are plans to set up 100 new touchpoints by the end of 2024, and setting up 520 touchpoints in 270 cities by the end of March 2025.

HYUNDAI MOTOR INDIA
February 2025: 738 EVs, up 486% YoY – Market share: 8%
Apr 2024-Feb 2025: 1,531 EVs, down 9% YoY – Market share: 1.62%
CY2024: 910 units, down 43% YoY. Market share: 0.91%Hyundai Motor India is witnessing the same new product-led growth like JSW MG Motor has seen with its Windsor EV. The recently launched Creta Electric EV has given Hyundai a fresh charge in the e-PV market. Launched on January 17, retail sales of both the Creta Electric along with the Ioniq 5 rose to 331 in January and then jumped 123% month on month to 738 units in February, which is now the best-ever month for EV sales for the company.

Having pulled out the Kona crossover from the market in July 2024 and left with a single product till December 2024, Hyundai saw sales in only two digits for the last seven months of CY2024. But with the launch of the Creta Electric on January 17, the sales trajectory is now rising sharply.

February’s 738 units are Hyundai’s best monthly sales since it entered the Indian EV market in July 2019, clearly spelling the impact of the introduction of the Creta Electric, the zero-emission avatar of India’s best-selling midsize SUV. It has also helped Hyundai go ahead of Mahindra & Mahindra (424 units) in February albeit M&M is ahead in 11-month retails (6,129 EVs).

February 2025’s 738 EV sales are up 126% year-on-year (February 2024: 126) and take Hyundai Motor India’s cumulative 11-month sales in FY2025 to 1,531 units, down 9% YoY (April 2023-February 2024: 1,690 units.

The Creta Electric’s introduction and strong customer response is reflected in Hyundai’s much-improved EV market share – 8% in February 2025 vs 1.67% in February 2024.  

Since its entry into India’s EV market in July 2019, as per Vahan, Hyundai has clocked total retail EV sales of 4,812 units till end-February 2025. FY2024 with 1,843 EVs sold was the company’s best fiscal yet, ahead of the 800 units in FY2023. FY2025, with the new Creta Electric drawing buyers, will now set a new fiscal year record, going past 2,000 unit sales.

MAHINDRA & MAHINDRA
February 2025: 424 EVs, down 34% YoY – Market share: 4.73%
Apr 2024-Feb 2025: 6,129 EVs, up 13% YoY – Market share: 6.48%
CY2024: 7,104 units, up 66% YoY. Market share: 7%February 2025, with 424 units (down 34% YoY), was the third straight month of sales decline for Mahindra & Mahindra. Put that down to the fact that e-SUV buyers are fervently awaiting their deliveries of the recently launched BE 6 and XEV 9e, which have received very strong bookings, particularly for the top-end 79 kWH variant. M&M

February 14, the first day of bookings for the two Mahindra Electric Origin SUVs, saw the company secure 30,179 bookings, with the split between the XEV 9e and BE 6 being 56% and 44%, respectively. The top-end Pack Three, featuring a 79 kWh battery, accounted for 73% of the total bookings across both models. Deliveries are slated to begin in the latter part of March 2025, with the Pack Three from March 2025, followed by Pack Three Select (from June 2025), Pack Two (from July 2025), Pack One Above and Pack One (from August 2025).

While February 2025 numbers give M&M a 5% market share, its 11-month cumulative retails at 6,129 units are up 13% YoY and give the company a 6.5% share of the e-PV market in India. Once deliveries of the BE 6 and XEV 9e begin later this month, expect Mahindra to show much stronger monthly sales as well as market share.

At the Auto Expo 2025, BYD took the covers off the Sealion 7 EV, its second electric SUV after the Atto 3 in India.

BYD INDIA
February 2025: 254 EVs, up 68% YoY – Market share: 3%
Apr 2024-Feb 2025: 2,987 EVs, up 82% YoY – Market share: 3%
CY2024: 2,819 units, up 40% YoY. Market share: 2.84%BYD India, which sells the all-electric Atto 3 SUV, Seal sedan and the new eMAX 7 MPV , has registered retail sales of 254 units in February 2025, up 68% YoY (February 2024: 151 units). October 2024, which saw 398 BYD EVs sold, was its best month ever since the Chinese OEM entered the e-PV market in India.

At the Auto Expo 2025 in January, BYD took the covers off the Sealion 7 EV, its second e-SUV after the Atto 3 in India. Positioned as an SUV alternative to the stylish BYD Seal sedan, the Sealion gets a five- seat cabin with stylish coupe-SUV body style. It has similar headlamps and connected tail-lamp setups with a more aggressive front and rear bumper design. The cabin is pretty similar to the Seal sedan, with the highlight being a large rotating screen that has been a signature feature in most BYD models.

The Sealion 7, which is 4.8 metres long and is equipped with FWD and RWD, is powered by a 82.5kWh battery which is has a maximum range of up to 567km. BYD is to announce the pricing strategy for the Sealion 7 on February 17, with deliveries commencing from March.

PCA MOTORS / CITROEN INDIA
February 2025: 59 EVs, down 30% YoY – Market share: 0.65%
Apr 2024-Feb 2025: 1,914 EVs, up 3% YoY – Market share: 2%
CY2024: 1,873 units, down 4% YoY. Market share: 1.89%PCA Motors (Citroen India) saw its lowest monthly sales in the current fiscal in February: 59 units, down 30% YoY and 214 fewer units than the 273 EVs it sold in January 2025. The carmaker’s cumulative 11-month sales of 1,914 units are up 3% YoY. This gives the company a monthly share of less than 1% and an 11-month market share of 2 percent.  

After hitting best-ever monthly sales of 389 units in September 2024, and following it up with 256 units in October, retail sales fell sharply to 82 units in November and 78 units in December. The company, which retails the Citroen e-C3 (electric avatar of the C3 hatchback), has a fair number of bookings from EV fleet operators. The eC3, which has a 29.2kWh battery pack and an ARAI-claimed range of 320km, could see increased sales momentum in CY2025. Between March and June 2024, the e-C3 has received bulk orders for over 7,000 units from Blusmart, OHM E Logistics and Cab-E.

KIA INDIA
February 2025: 19 EVs, down 17% YoY – Market share: 0.21%
Apr 2024-Feb 2025: 388 EVs, down 3% YoY – Market share: 0.41%
CY2024: 401 units, down 8% YoY. Market share: 0.40%
Kia India continues to sell EVs only in two digits, having done so right through the start of this fiscal (see Vahan data table above). February 2025’s 19 units are the third lowest total after June 2024 (16 EVs) and July 2024 (17 EVs). Till September 2024, the company had only a single EV in the market – the EV6. In October, the company launched the six-seater EV9 SUV, priced at Rs 1.3 crore. The EV9 is being brought through the CBU route and is now Kia’s flagship offering in the country, sitting above the EV6. The EV9 has no direct rivals in India, but it gives some competition to luxury electric SUVs such as Mercedes EQS SUV, EQS SUV, BMW iX and Audi Q8 e-tron. 

LUXURY EV MAKERS SELL 317 VEHICLES IN FEBRUARY, UP 28%At 317 units (up 28% YoY) in February, sale of electric luxury passenger vehicles crossed the 300-unit mark for the third month in the current fiscal after October 2024 (351 units) and January 2025 (350 units).  

Cumulative 11-month retails at 2,781 units are up 4% YoY (April 2023-February 2024: 2,680 units). As per Vahan data, five of the seven luxury carmakers have seen their sales decline including the market leader (see data table above). 

BMW India, the luxury EV market leader (1,282 units, down 6%), has sold 69 fewer units than the 1,351 EVs a year ago. This gives BMW a current market-leading share of 46% compared to 50% in the April 2023-February 2024 period.

Mercedes-Benz India, which has rolled out a flurry of new models in the past year, has registered the highest YoY growth in this segment. Its 11-month sales of 958 units are up 87% YoY, a stellar performance which has helped its market share rise to 34% from 19% a year ago.

Volvo India, the No. 3 in the luxury EV makers list, has clocked cumulative sales of 342 EVs, down 38% on the 554 units a year ago. As a result, its market share stands reduced to 12% from 20% a year ago.

Audi India, with sale of 124 units in the past 11 months, sees demand down by 21% YoY in the current fiscal.

Porsche, which sold 51 EVs in the April 2024-February 2025 period, is down by 47% on its year-ago retails of 97 zero-emission cars and SUVs.

The electric luxury e-PV industry has registered cumulative 11-month retail sales of 2,781 units, up 4% on the 2,680 units it sold in April 2023-February 2024. This gives this niche sub-segment a penetration level of 3% from the 94,500 electric passenger vehicles sold in the fiscal year to date.