Retail sales of electric passenger vehicles in July 2024 were down 3%, up 4% on June and an increase of 21% YoY in the January-July period. While market leader Tata Motors, with 4,752 EVs, saw its market share decline to 63% from the 70% it had a year ago, MG Motor India’s share has risen to 20%. Luxury EV makers saw a 14% decline in July.
01 Aug 2024 | 7329 Views | By Ajit Dalvi
Retail sales of electric passenger cars, SUVs and MPVs have crossed the 7,500-unit mark for the third month in a row in July 2024. While the 7,517 units sold in July 2024 are down 3% on year-ago sales (July 2023: 7,768 units), they are a 4% month-on-month increase (June 2024: ...
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Retail sales of electric passenger cars, SUVs and MPVs have crossed the 7,500-unit mark for the third month in a row in July 2024. While the 7,517 units sold in July 2024 are down 3% on year-ago sales (July 2023: 7,768 units), they are a 4% month-on-month increase (June 2024: 7,211 units).
Cumulative sales for the first seven months of CY2024 at 56,207 units are up 21% YoY (January-July 2023: 46,523 units) and are already 68% of CY2023’s total sales of 82,546 units. This retail sales data is from the government of India’s Vahan website (August 1, 11am) and covers the light motor vehicle and light passenger vehicle categories.
While CY2024 had opened with 8,477 e-passenger vehicles sold in January, the FY2024-ending month of March delivered the highest sales – 9,759 units.
TATA MOTORS SELLS 4,752 EVs in JULY 2024, DOWN 13% YoY
Electric passenger vehicle 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, sold 4,752 EVs in July 2024. This constitutes a YoY decline of 13% YoY (July 2023: 5,470 EVs), reflecting the increased competition in the marketplace. In July 2024, Tata Motors share of the ePV market was 63%, down from the 70% it had in July 2023.
On the cumulative seven-month retail sales front, Tata Motors clocked 37,842 units, which is an increase of 7.57% YoY (January-July 2023: 35,178 EVs). At this stage of the current calendar year, Tata Motors has achieved 63% of its total CY2023 sales of 60,053 units.
MG Motor India, which has two EVs on sale (the ZS EV and Comet EV), sold 1,520 units in July – its best monthly performance in the year to date. This gives it a market share of 20%, improving upon its year-ago share of 16% in July 2023.
MG Motor India, which now operates under the JSW Group brand, plans to introduce two new EVs – a five-door SUV and a compact MPV – based on the E260 EV platform. Both models are likely to be priced below Rs 15 lakh and will compete with the Tata Tigor X-Pres T EV and the BYD E6 MPV respectively. 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.
Mahindra & Mahindra is ranked third on the e-PV ladder-board with sale of 485 XUV 400s, its sole EV, in July 2024, up 27% (July 2023: 380 units). This gives the company a 6.45% EV market share for the month. M&M’s seven-month sales in the year to date are 4,325 units, up 117% YoY (January-July 2023: 1,985 units).
M&M remains strongly optimistic about its EV model programme and future growth. At the company’s Q1 FY2025 results announcement on July 31, Rajesh Jejurikar, Executive Director and CEO (Auto and Farm Sector) at M&M said: “We believe the country needs a strong electrification drive. We have created products which will excite the market and we will be on track for launching our new EVs going forward.”
M&M, 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, which sells the Atto 3 SUV, e6 MPV and launched the Seal sedan on March 5, is ranked fourth in July as well as January-July 2024 with 342 units (4.54% market share) and 1,368 units, respectively. This is the EV OEM’s best monthly sales in the year to date and improving upon June 2024’s 238 units. BYD was behind Hyundai for the first three months of this year but has surged ahead of the Korean carmaker since April for four straight months.
Meanwhile, PCA Motors (Citroen India) has gone ahead of Hyundai in the numbers game. In July, PCA sold 155 units, albeit this is down 35% on June’s 238 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, which has a 29.2kWh battery pack and an ARAI-claimed range of 320km, 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.
Having discontinued the Kona in India, five years after launching it in July 2019, Hyundai Motor India sold 55 Ioniq 5 EVs in July. For the first seven months of 2024, Hyundai retail sales total is 753 units, up 5% (January-July 2023: 716 units).
LUXURY EV RETAILS DOWN 14% IN JULY, UP 28% in JANUARY-JULY 2024
Demand for luxury electric cars, sedans and SUVs was slow in July compared to previous months this year. As per Vahan data, combined retail sales of seven OEMs in July 2024 were 165 units, down 14.50% (July 2023: 193 EVs). However, they have logged a 28% YoY increase when it comes to cumulative seven-month sales: 1,525 units in January-July 2024 versus the 1,191 units sold in January-July 2023.
BMW India is the luxury EV market leader both in July (70 units) and in January-July 2024 (615 units). While the July sales are down 34% (July 2023: 107), the cumulative seven-month sales are up 4% YoY (January-July 2023: 589).
Mercedes-Benz India, with 30 units in July 2024, sold 7 fewer EVs than it did in July 2023. However, its January-July 2024 sales (435 EVs) are up 85% YoY (January-July 2023: 235 EVs).
Volvo Auto India saw 40 of its EVs going home to new buyers in July, five more than in July 2023. Cumulative seven-month sales at 314 units are a 13% improvement over year-ago sales of 277 units.
Audi India sold 17 EVs in nine EVs last month, compared to nine in July 2023. The carmaker’s first seven-month sales this year at 99 units are up 90% YoY versus the 52% in the year-ago period.
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