Taking off from where they left in FY2024, which was a record fiscal with 90,335 units and 90% year-on-year growth, India Electric Passenger Vehicle Inc has opened FY2025 on a decent note. As per Vahan data (as of May 1, 2024), this segment witnessed retail sales of 6,577 electric cars and SUVs in April 2024, which makes for a 22% YoY increase (April 2023: 5,412 units).
The rise in sales of electric passenger vehicles is now quite apparent as seen in the growing number of green-number-plated cars, SUVs and MPVs 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.
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 4,701 units in April, which helps it maintain its lead with a 71.47% share in a dynamic market which is seeing rivals roll out new competitive products at regular intervals.
MG Motor India remains well set in second position. The company sold 813 units in April 2024, with its two products – the ZS EV and Comet EV – giving it a 12% market share.
Mahindra & Mahindra, with 580 units of the XUV400, is in third position and has an 8.81% EV market share. 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.
BYD India, which sells the Atto 3 SUV, e6 MPV and launched the Seal sedan on March 5, has risen to fourth rank last month. The Indian arm of the Chinese EV giant sold a total of 127 units.
The fifth EV maker with three-figure sales is Mercedes-Benz India which has clocked sales of 119 units in April, its best monthly performance in the first four months of CY2024. This puts it ahead of Hyundai Motor India (84 units) and BMW India (51 units).
As per the Vahan data, luxury carmakers in India sold 225 units in April 2024, which gives them a 3.42% share of the Indian EV market last month. Mercedes-Benz India (119 units) is the topper, followed by BMW India (51 units), Volvo Auto India (36 units), Audi (11 units) and Porsche (8 units).