Luxury electric car and SUV sales jump 61% to a new high of 5,404 EVs in FY2026

India’s electric passenger vehicle (e-PV) industry charged to a new fiscal year high in retail sales in FY2026. The 199,333 units delivered to customers was an 83% YoY increase (FY2025: 108,682 units) which included the highest-ever sales from the luxury e-PV sub-segment. Over the past four fiscals, demand for luxury cars, SUVs and sedans has risen by 450% from 986 units in FY2023 to 5,404 units in FY2026.

In tandem with the overall growth trend, the eight luxury e-PV manufacturers scaled a new fiscal year high in FY2026 with retail sales of 5,404 units as demand for luxury electric cars, sedans and SUVs jumped by 61% YoY (FY2025: 3,357 units). This translates into an additional 2,407 units year on year with the bulk of the sales going to market leader BMW India (which was ranked the No. 7 EV OEM amongst all 17 PV makers). As per the Vahan retail sales data for FY2026, four of the eight luxury carmakers registered a sales decline.

BMW India, with 3,537 zero-emission cars and SUVs, captured a 65% share of the luxury EV market.

BMW India has entered FY2027 on a very strong note. In FY2026, the German carmaker sold 3,537 units, which is a handsome 124% YoY increase (FY2025: 1,580 units). This strong performance gives it a commanding luxury e-PV market share of 65% compared to 47% a year ago. BMW India sold a total of 17,299 vehicles comprising both ICE and EV models, marking a 14% YoY increase and No. 2 rank in the overall luxury PV segment.

Mercedes-Benz India, with 1,047 EVs (ranked overall No. 10 EV OEM), witnessed a 10% YoY sales decline (FY2025: 1,157 units). This sees its e-PV market share reduce to 19%, which is quite a climbdown from the 34% it had in FY2025. However, the brand with the three-pointed star remained the luxury PV market leader in FY2026 with 18,145 units and 2% YoY growth.

Volvo India, the consistent No. 3 in the luxury EV makers list, also saw a decline in demand. The Swedish carmaker sold 382 zero-emission cars and SUVs, down 5% on the 403 units in FY2025 – this sees its market share fall to 7% from 12% a year ago. Volvo India’s combined ICE and EV sales at 1,647 units were down 2% YoY.

American EV maker Tesla takes fourth rank in its first year in India with 342 units of the Model Y e-SUV and a 6% market share. The Model Y, imported as a CBU for the India market, is currently available in India starting at Rs 59,89,000.

German sportscar maker Porsche, sold 59 units of its EVs in FY2026, which is one additional unit YoY (FY2025: 58 EVs). This gives the sportscar maker an 8% EV penetration level from its total retails of 697 units in FY2026.

Audi India, with retail sales of 17 units, saw demand slide sharply by 87% YoY (FY2025: 131 units). Audi is ranked a similar sixth on the combined ICE and EV sales front with 248 units, down 40% YoY.

At No. 7 on the luxury e-PV ladder-board is Rolls-Royce which sold 15 units of its first all-electric model – the Spectre – which is literally the Rolls-Royce of EVs. Priced from Rs 7.50 crore through to Rs 9.50 crore for the Spectre Black Badge, the uber-luxurious sedan (with 530km range) rivals other high-end luxury EVs such as the Mercedes-Benz EQS, Porsche Taycan Turbo, and BMW i7 M70, albeit it sits in a higher luxury bracket.

Wrapping up the luxury e-PV OEM list at eighth position is JLR India, which sold five EVs. However, in the overall luxury car and SUV market, JLR is third on the podium after Mercedes-Benz and BMW with 5,699 units, up 6% YoY (FY2025: 5,353 units).

In terms of EV market penetration, the eight luxury EV OEMs had a 2.71% share compared to 3.08% in FY2025 which can be attributed to the robust 83% YoY growth India e-PV Inc achieved last fiscal.