January 2025 turns out to be the second-best month for electric passenger vehicles in the current fiscal after festive October 2024. While market leader Tata Motors, which retailed 5,037 EVs, is feeling the heat of the rising competition, JSW MG Motor with 4,225 EVs has seen its market share jump three-fold in a year. The seven luxury EV makers sold 332 units, up 13 percent.
03 Feb 2025 | 10391 Views | By Ajit Dalvi
The key newsmakers at last month’s Bharat Mobility Global Expo in New Delhi, which saw over 90 new product launches and reveals, were electric vehicles on two and four wheels. Most of the 34 vehicles unveiled on January 17 were zero-emission products, clearly pointing the way the industry is headed. ...
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The key newsmakers at last month’s Bharat Mobility Global Expo in New Delhi, which saw over 90 new product launches and reveals, were electric vehicles on two and four wheels. Most of the 34 vehicles unveiled on January 17 were zero-emission products, clearly pointing the way the industry is headed. With the two leading passenger vehicle manufacturers Maruti Suzuki India and Hyundai India plugging into the e-mobility industry in full earnest, the dice has been cast. January 2025, the first month of the new year, saw 11,231 new EVs being bought, as per retail sales data from Vahan (February 2). This marks a 32% YoY increase (January 2024: 8,483 units).
On the cumulative front, total retails for the April 2024 to January 2025 period at 84,937 units are up 15% on year-ago sales of 74,013 units. With two months left to go in FY2025, the first 10 months’ score is 93% of FY2024’s record ePV sales of 91,303 units and currently just 6,366 units away from setting a new high. This will be achieved in the first two to three weeks of February 2025.
There’s plenty of action underway and the fast-growing competition for a bigger slice of the electric car and SUV market has eaten into market leader Tata Motors’ share, which now is at its lowest in the past three years. Let’s take a detailed look at the movers and shakers in the opening month of CY2024, the first month of the fourth quarter of FY2025, and also for the first 10 months of FY2025.
January 2025: 5,037 EVs, down 13% YoY – Market share: 45%
Apr ’24-Jan ’25: 48,565 EVs, down 7% YoY – Market share: 57%
CY2024: 61,435 units, up 2% YoY – Market share: 62%
For the first 10 months of FY2025, a total of 48,565 Tata EVs have been driven home by their owners, which is a 7% YoY decline. This translates into a current market share of 57% compared to 70% in April 2023-January 2024. In CY2024, the company had clocked retails of 61,435 units, up 2% YoY and a market share of 62 percent.
The company continues to have the largest e-PV portfolio in India (for a mass-market carmaker) comprising the Nexon EV, Tigor EV, Tiago EV, Xpres-T (for fleet buyers), Punch EV and the recently launched Curvv EV.
Following the launch of the Punch EV, first Tata EV vehicle built on the new Gen 2 architecture called Acti.EV, in January 2024, Tata Motors launched the Curvv EV in August 2024, also born off the same architecture and which also underpins a range of new Tata SUVs including the recently revealed Harrier EV and the upcoming Safari EV. A much-looked-forward-to model is the Harrier EV equipped with 4WD and slated for launch in the first half of CY2025.
January 2025: 4,225 EVs, up 251% YoY – Market share: 37%
Apr ’24-Jan ’25: 22,418 EVs, up 138% YoY – Market share: 26%
CY2024: 21,464 units, up 125% YoY. Market share: 21%
JSW MG Motor India, which wrapped up CY2024 on a very strong note with retails of 21,464 EVs and a 21% market share, is maintains its rich vein of growth in FY2025. In January 2025, the car and SUV OEM sold 4,225 EVs, up 251% on a low year-ago base of 1,203 units. This gives it a 37% share of January sales, a three-fold jump from the 14% in January 2024. For the first 10 months of FY2024, with sales with 22,418 units, up 138% YoY, it gets a market share of 26%, double its 13% year ago.
This is mainly the result of a brand-new product. The MG Windsor EV, the company’s third electric vehicle after the ZS EV and Comet EV, has clearly added tailwinds to sales. Launched on September 2024, strong demand for the Windsor EV has hugely accelerated sales (as seen in the data table above) from October onwards. Priced at Rs 13.49 lakh (ex-showroom) and billed as India's first intelligent Crossover Utility Vehicle (CUV), the Windsor EV combines features of both a sedan and an SUV.
Furthermore, JSW MG Motor India is also benefiting from its innovative Battery-as-a-Service (BaaS) program for its EVs. According to the OEM, this flexible ownership program eliminates the upfront cost of the battery, enabling customers to pay only for its usage. This subscription model lowers the per-kilometre expense significantly reducing the initial acquisition cost to ensure an economical ownership experience. Under BaaS, the Windsor is available at Rs 999,000 + battery rental @ Rs3.5/km, MG Comet EV starts at Rs 499,000 + battery rental at Rs2.5/km and the MG ZS EV is offered at Rs 13.99 Lakh + battery rental at Rs 4.5/km.
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.
January 2025: 686 EVs, down 13% YoY – Market share: 6%
Apr ’24-Jan ’25: 5,698 EVs, up 19% YoY – Market share: 7%
CY2024: 7,104 units, up 66% YoY. Market share: 7%
The Mahindra XUV400 EV, currently priced between Rs 16.74 lakh and 17.49 lakh, comes with 34.5kWh and 39.4kWh battery options, with MIDC ranges of 359km and 456km, respectively.
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. On November 26, 2024 M&M launched the first of its two ‘Born Electric’ SUVs – the Be 6e (priced from Rs 18.90 lakh) and the XEV 9e (priced from Rs 21.90 lakh) – built on its innovative INGLO (Intelligent Electric Global) platform. Bookings for the two new e-SUVs are to commence on February 14 with deliveries beginning end-February or early March 2025. Expect Mahindra’s EV numbers to then accelerate like never before.
January 2025: 321 EVs, up 89% YoY – Market share: 2.85%
Apr ’24-Jan ’25: 783 EVs, down 50% YoY – Market share: 0.92%
CY2024: 910 units, down 43% YoY. Market share: 0.91%
The cumulative 10-month total at 783 units is down 50% YoY but now that the much-awaited Creta EV, the all-electric avatar of the high-selling Creta midsize SUV, is in the fray, Hyundai should fare much better in FY2025 and CY2025. The recently listed Korean auto major has outlined strategic EV launch game-plan which comprises four models including a mas-market model.
BYD INDIA
January 2025: 312 EVs, up 91% YoY – Market share: 2.77%
Apr ’24-Jan ’25: 2,703 EVs, up 81% YoY – Market share: 3.18%
CY2024: 2,819 units, up 40% YoY. Market share: 2.84%
At the Auto Expo 2025 last month, BYD took the covers off the Sealion 7 EV, its second eSUV after the Atto 3 in India. Positioned as an SUV alternative to the stylish BYD Seal sedan, the Sealion gets a five- seat cabin with stylish coupe-SUV body style. It has similar headlamps and connected tail-lamp setups with a more aggressive front and rear bumper design. The cabin is pretty similar to the Seal sedan, with the highlight being a large rotating screen that has been a signature feature in most BYD models.
The Sealion 7, which is 4.8 metres long and is equipped with FWD and RWD, is powered by a 82.5kWh battery which is has a maximum range of up to 567km. BYD is to announce the pricing strategy for the Sealion 7 on February 17, with deliveries commencing from March.
January 2025: 269 EVs, up 768% YoY – Market share: 2.39%
Apr ’24-Jan ’25: 1,851 EVs, up 5% YoY – Market share: 2.17%
CY2024: 1,873 units, down 4% YoY. Market share: 1.89%
After hitting best-ever monthly sales of 388 units in September 2024, and following it up with 256 units in October, retail sales fell sharply to 82 units in November and 00 units in December. The company, which retails the Citroen e-C3 (electric avatar of the C3 hatchback), has a fair number of bookings from EV fleet operators. The eC3, which has a 29.2kWh battery pack and an ARAI-claimed range of 320km, could see increased sales momentum in CY2025. 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.
January 2025: 47 EVs, up 24% YoY – Market share: 0.41%
Apr ’24-Jan ’25: 363 EVs, down 3% YoY – Market share: 0.42%
CY2024: 401 units, down 8% YoY. Market share: 0.40%
LUXURY EV SALES UP 13% IN JANUARY BUT FLAT FOR FIRST 10 MONTHS OF FY2025
BMW India, the luxury EV market leader (1,046 units, down 14%), has sold 176 fewer units than its year-ago 1,222 EVs. This gives BMW a current market share of 43% compared to 50% in April 2023-January 2024.
Mercedes-Benz India, which has rolled out a flurry of new models in the past year, has registered the highest YoY growth in this segment. Its 10-month sales of 883 units are up 89% YoY, a robust performance which has helped its market share rise to 36% from 19% a year ago.
Volvo India, the No. 3 in the luxury EV makers list, has 318 EVs to its name, down 37% on the 508 units a year ago. As a result, its market share stands reduced to 13% from 21% a year ago.
Audi India, with retails of 143 units in CY2024, has seen flat sales, matching its CY2023 performance (143 EVs) for a market share of 5% versus 5.41% a year ago.
Porsche, which has sold 49 EVs in the April 2024-January 2025 period, is down by a sizeable 48% on its year-ago retails of 94 zero-emission cars and SUVs.
For the 10-month period under review, luxury EVs accounted for 2.86% of the overall Indian e-PV market of 84,937 units compared to 3.28% in April 2023-January 2024.
ELECTRIC CAR & SUV BUYERS TO BENEFIT FROM WIDER PRODUCT CHOICE IN CY2025
January 2025, with the mega Bharat Mobility Global Expo, provided a glimpse into the fast-expanding electric passenger vehicle industry in India. The once product-choice-restricted e-PV buyer in India is finally getting an array of products to choose from.
Maruti Suzuki unveiled the 500km-range e-Vitara, its first-ever electric SUV, which will be officially launched in March 2025 and will take on the Tata Curvv EV, Hyundai Creta Electric, MG ZS EV and Mahindra BE 6.
Hyundai Motor India launched the Creta Electric, the zero-emission avatar of its best-selling product and India’s No. 1 midsize SUV, the Creta, at Rs 17.99 lakh. With an up to 473km range, the Creta Electric joins a growing segment of midsize electric SUVs.
While electric PV market leader Tata Motors showcased the production version of the Harrier EV with 4WD which is to launched in the first half of this year, Toyota Kirloskar Motor displayed the Urban Cruiser EV. This is Toyota’s version of the Maruti e-Vitara and will be launched in the second half of CY2025. JSW MG Motor India, which is currently having a great run in the market, revealed the M9 MPV and the Cyberster convertible.
Vietnamese EV maker Vinfast, which is setting up a manufacturing plant in Tamil Nadu, displayed its first models for the Indian market – the VF 6 and VF7.
The luxury EV makers also made an impact at the Auto Expo 2025 with BMW India taking the covers off the X1 Long Wheelbase All Electric and Mercedes-Benz launching the EQS Maybach SUV 680 ‘Night Series’. German sportscar maker showcased two BEVs – the all-new Macan SUV and the refreshed Taycan sports sedan.