Mirroring the trend in global electric vehicle sales, particularly Europe which saw BEVs record their largest YoY decline since January 2017 – of 36 percent in August – demand for EVs in India fell to a 19-month low of 5,733 units in September 2024. This is a year-on-year decline of 9 percent (September 2023: 6,298 units).
Demand rose consistently and hit a high of 9,661 units in the FAME II-ending month of March 2024. However, since then, as per retail sales data from the Vahan website, monthly numbers have gone down, dropping to 6,630 units (down 5 percent YoY) in August and now 5,733 units in September.
Tata Motors
Tata Motors, which has the largest EV portfolio among mass market carmakers in the countr, sold 3,530 units in September 2024. This is a YoY decline of 18 percent (September 2023: 4,320 EVs) and is the company’s lowest monthly number since February 2023 (3,919 EVs). Last month’s performance is reflected in the reduced market share – in September 2024, Tata Motors’ ePV market share was 61 percent, down from the 68 percent it had in September 2023.
In an effort to drive up demand ahead of the festive season, Tata Motors even slashed prices of its EVs – the Nexon EV (by Rs 3 lakh), Punch EV (by Rs 1.20 lakh) and the Tiago EV (by Rs 40,000) – for a limited period up to October 31, 2024. However, that doesn’t seem to have reflected in the September numbers but just might in October. The company is also offering six months of free charging at any of the over 5,500 Tata Power charging points across the country, as a value add.
Tata Motors has, in the first nine months of CY2024, retailed 45,557 EVs, which is an increase of 3 percent YoY (January-September 2023: 44,231 EVs).
MG Motor India
MG Motor India sold 955 units of the Comet and ZS EV in September, up 7 percent on year-ago sales of 894 units but down 32 percent month-on-month (August 1,411 units). Its September 2024 sales are also the lowest in the first nine months of CY2024. MG recently also launched the Windsor as its third EV in our market.
The company has a market share of 16.65 percent in September. For the January-September 2024 period, total retails of 11,657 units are already 23 percent more than its CY203 sales of 9,484 units.
Last month MG also introduce the Battery-as-a-Service (BaaS) program for its EVs which is essentially a financing scheme that allows customers to purchase the car without the battery and rent the battery to pay as per usage. According to the OEM, the BaaS program essentially brings down the upfront acquisition cost of an EV while also reducing running costs over an extended period.
Mahindra
Mahindra is ranked third on the electric vehicle ladder-board with sale of 443 XUV 400s, its sole EV, in September 2024, up 23 percent YoY (September 2023: 361 units) and 33 percent month-on-month (August 2024: 333 units). This gives the company a 7.72 percent market share. Mahindra’s first nine-month sales in the year to date at 5,108 units are a near doubling of sales and up 85 percent YoY (January-September 2023: 2,754 units). Mahindra had sold 4,208 EVs in CY2023.
Mahindra, which will have added manufacturing capacity of around 100,000 units for its upcoming Born Electric vehicles by end-March 2025, plans to invest Rs 12,000 crore towards its EV programme. It has announced 4-5 new models on the INGLO platform, which will have key components from the Volkswagen Group.
BYD India
BYD India, which sells the all-electric Atto 3 SUV, e6 MPV and the Seal sedan, maintains its number four position on the cumulative EV sales front, but has dropped to fifth in September sales, ceding that ranking to Citroen. In September 2024, BYD sold 161 EVs, down 27 percent on August 2024’s 221 units but up marginally on the year-ago 151 units. The Chinese carmaker is 242 units away from surpassing its CY2023 total of 2,011 units. BYD India will launch the new eMax 7 MPV on October 8, which offers a generational update from the BYD e6. You can read more about it here.
Citroen
September 2024 has turned out to be the best-ever month for Citroen India with 386 units sold, 50 units more than the previous best in June 2023 (336 units). The company, which retails the e-C3, the electric avatar of the C3 hatchback, is seeing growing demand particularly from EV fleet operators. The Citroen eC3 should see increased sales momentum later this year. 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. By end-September, Citroen with 1,455 units has already achieved 75 percent of its CY2023 sales of 1,947 units.
Hyundai Motor India
Hyundai Motor India, having discontinued the Kona EV in India, sold 26 Ioniq 5 EVs in September, 15 fewer than it did in August. This is the company’s lowest monthly EV sales in the past nine months. Cumulative January-September 2024-month sales at 823 units are down 26 percent YoY (January-September 2023: 1,116 units). Hyundai had sold a total of 1,601 EVs in CY2023.
Luxury EV sales
As per Vahan retail sales data, deliveries of luxury EVs dropped 14 percent YoY in September to 209 units (September 2023: 245 units). However, the cumulative nine-month sales reflect strong 20 percent YoY growth – the January-September 2024 total of 1,928 units constitute an additional 321 EVs over 1,607 units sold in the year-ago period.
With three months left in CY2024, cumulative luxury electric PV retails from seven OEMs, at 1,928 units, are 714 units shy of the CY2023 total of 2,642 units.
BMW India remains the luxury EV market leader both in September (104 units) and in the first nine months of 2024 (797 units), which gives it a luxury EV market share of 50 percent for September and 41 percent for the January-September 2024 period.
Mercedes-Benz India sold 75 EVs in September 2024, 24 more than in August and its second-best monthly sales in the year, after April’s 133 units. Its combined January-September 2024 sales (566 EVs) are up 56 percent YoY (January-September 2023: 329 EVs) and give it a 29 percent share of the luxury EV market in the year to date. Importantly, for the German carmaker, it has surpassed its CY2023 total of 515 units.
Volvo Auto India sold 15 EVs in September, 18 fewer units than it did in August. Its cumulative nine-month sales at 369 units and give it a 19 percent market luxury PV market share. In CY2023, Volvo had sold a total of 570 EVs.
Audi India sold 11 EVs last month and takes its nine-month total to 125 units, up 34 percent YoY (January-September 2023: 93 units) and currently has a 6.50 percent share of the luxury passenger vehicle market in the year to date.
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