Mirroring the development in world electrical car gross sales, significantly Europe which noticed BEVs file their largest YoY decline since January 2017 – of 36 p.c in August – demand for EVs in India fell to a 19-month low of 5,733 models in September 2024. It is a year-on-year decline of 9 p.c (September 2023: 6,298 models).
Demand rose constantly and hit a excessive of 9,661 models within the FAME II-ending month of March 2024. Nevertheless, since then, as per retail gross sales knowledge from the Vahan web site, month-to-month numbers have gone down, dropping to six,630 models (down 5 p.c YoY) in August and now 5,733 models in September.
Tata Motors
Tata Motors, which has the most important EV portfolio amongst mass market carmakers within the countr, offered 3,530 models in September 2024. It is a YoY decline of 18 p.c (September 2023: 4,320 EVs) and is the corporate’s lowest month-to-month quantity since February 2023 ( 3,919 EVs). Final month’s efficiency is mirrored within the decreased market share – in September 2024, Tata Motors’ ePV market share was 61 p.c, down from the 68 p.c it had in September 2023.
In an effort to drive up demand forward of the festive season, Tata Motors even slashed costs 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 restricted interval as much as October 31, 2024. Nevertheless, that does not appear to have mirrored within the September numbers however simply perhaps in October. The corporate can also be providing six months of free charging at any of the over 5,500 Tata Energy charging factors throughout the nation, as a worth add.
Tata Motors has, within the first 9 months of CY2024, retailed 45,557 EVs, which is a rise of three p.c YoY (January-September 2023: 44,231 EVs).
MG Motor India
MG Motor India offered 955 models of the Comet and ZS EV in September, up 7 p.c on year-ago gross sales of 894 models however down 32 p.c month-on-month (August 1,411 models). Its September 2024 gross sales are additionally the bottom within the first 9 months of CY2024. MG lately additionally launched the Windsor as its third EV in our market.
The corporate has a market share of 16.65 p.c in September. For the January-September 2024 interval, complete retails of 11,657 models are already 23 p.c greater than its CY203 gross sales of 9,484 models.
Final month MG additionally introduce the Battery-as-a-Service (BaaS) program for its EVs which is actually a financing scheme that permits clients to buy the automotive with out the battery and hire the battery to pay as per utilization. In response to the OEM, the BaaS program basically brings down the upfront acquisition price of an EV whereas additionally decreasing operating prices over an prolonged interval.
Mahindra
Mahindra is ranked third on the electrical car ladder-board with sale of 443 models). This provides the corporate a 7.72 p.c market share. Mahindra’s first nine-month gross sales within the 12 months so far at 5,108 models are a close to doubling of gross sales and up 85 p.c YoY (January-September 2023: 2,754 models). Mahindra had offered 4,208 EVs in CY2023.
Mahindra, which may have added manufacturing capability of round 100,000 models for its upcoming Born Electrical autos by end-March 2025, plans to speculate Rs 12,000 crore in direction of its EV programme. It has introduced 4-5 new fashions on the INGLO platform, which may have key parts from the Volkswagen Group.
BYD India
BYD India, which sells the all-electric Atto 3 SUV, e6 MPV and the Seal sedan, maintains its quantity 4 place on the cumulative EV gross sales entrance, however has dropped to fifth in September gross sales, ceding that rating to Citroen. In September 2024, BYD offered 161 EVs, down 27 p.c on August 2024’s 221 models however up marginally on the year-ago 151 models. The Chinese language carmaker is 242 models away from surpassing its CY2023 complete of two,011 models. BYD India will launch the brand new eMax 7 MPV on October 8, which affords a generational replace from the BYD e6. You’ll be able to learn extra about it right here.
Citroen
September 2024 has turned out to be the all time month for Citroen India with 386 models offered, 50 models greater than the earlier greatest in June 2023 (336 models). The corporate, which retails the e-C3, the electrical avatar of the C3 hatchback, is seeing rising demand significantly from EV fleet operators. The Citroen eC3 ought to see elevated gross sales momentum later this 12 months. Between March and June 2024, the e-C3 has acquired bulk orders for over 7,000 models from Blusmart, OHM E Logistics and Cab-E. By end-September, Citroen with 1,455 models has already achieved 75 p.c of its CY2023 gross sales of 1,947 models.
Hyundai Motor India
Hyundai Motor India, having discontinued the Kona EV in India, offered 26 Ioniq 5 EVs in September, 15 fewer than it did in August. That is the corporate’s lowest month-to-month EV gross sales prior to now 9 months. Cumulative January-September 2024-month gross sales at 823 models are down 26 p.c YoY (January-September 2023: 1,116 models). Hyundai had offered a complete of 1,601 EVs in CY2023.
Luxurious EV gross sales
As per Vahan retail gross sales knowledge, deliveries of luxurious EVs dropped 14 p.c YoY in September to 209 models (September 2023: 245 models). Nevertheless, the cumulative nine-month gross sales replicate sturdy 20 p.c YoY progress – the January-September 2024 complete of 1,928 models represent a further 321 EVs over 1,607 models offered within the year-ago interval.
With three months left in CY2024, cumulative luxurious electrical PV retails from seven OEMs, at 1,928 models, are 714 models shy of the CY2023 complete of two,642 models.
BMW India stays the posh EV market chief each in September (104 models) and within the first 9 months of 2024 (797 models), which provides it a luxurious EV market share of fifty p.c for September and 41 p.c for the January-September 2024. interval.
Mercedes-Benz India offered 75 EVs in September 2024, 24 greater than in August and its second-best month-to-month gross sales within the 12 months, after April’s 133 models. Its mixed January-September 2024 gross sales (566 EVs) are up 56 p.c YoY (January-September 2023: 329 EVs) and provides it a 29 p.c share of the posh EV market within the 12 months so far. Importantly, for the German carmaker, it has surpassed its CY2023 complete of 515 models.
Volvo Auto India offered 15 EVs in September, 18 fewer models than it did in August. Its cumulative nine-month gross sales at 369 models and provides it a 19 p.c market luxurious PV market share. In CY2023, Volvo had offered a complete of 570 EVs.
Audi India offered 11 EVs final month and takes its nine-month complete to 125 models, up 34 p.c YoY (January-September 2023: 93 models) and at present has a 6.50 p.c share of the posh passenger car market within the 12 months so far.
Additionally See:
Karnataka plans street tax, registration costs waiver on hybrid automobiles
Mahindra eager on buying 50 p.c stake in Skoda Auto Volkswagen India
Thanks for taking the time to learn this text! I hope you discovered the data insightful and useful. If you happen to loved the sort of content material, please think about subscribing to our publication or becoming a member of our neighborhood. We’d like to have you ever! Be happy to share this text along with your family and friends, who may also discover it attention-grabbing.
Kanishk Singh has always had a keen interest in fast-paced cars. For the past three years, he has been writing about automobiles, but his fascination with cars dates back even further. He thoroughly enjoys learning about their features and expressing his thoughts through his writing. Kanishk also has a profound interest in the stock market, shares, and business strategies. He possesses a wealth of knowledge on these subjects and consistently writes articles on them. Currently, he is working as a writer for Lattestnews24, specifically focusing on the Automobile, Finance, and Business categories. His well-crafted words are highly appreciated by the readers, as they find them both informative and creative.