Electric Cars sales by 3% in India, Tata losses 7 % share in EV market.
Retail sales of Electric Cars in India surpassing 7,500 units for the third consecutive month in July 2024. Despite a 3% year-on-year decline from 7,768 units sold in July 2023, sales in July 2024 increased by 4% compared to June 2024, which recorded 7,211 units. Cumulative sales for the first seven months of 2024 reached 56,207 units, a 21% increase from 46,523 units during the same period in 2023. This growth represents 68% of the total sales for 2023.
Key Highlights:
- July 2024 sales reached 7,517 units, marking a 4% rise over June 2024.
- Cumulative 2024 sales hit 56,207 units, up 21% year-on-year.
- Tata Motors leads the market with a 63% share, selling 4,752 units.
- MG Motor India achieved its best monthly performance with 1,520 units sold.
- Mahindra reported a 117% year-on-year increase with 4,325 units sold in 2024.
Retail Sales of Electric Cars in India
Tata Motors Leads the Market
Tata Motors, the market leader, sold 4,752 units in July 2024, marking a 13% decline from July 2023’s 5,470 units. The company’s market share decreased from 70% in July 2023 to 63% in July 2024. However, Tata Motors’ January-July 2024 sales increased by 7.57% year-on-year, reaching 37,842 units. This accounts for 63% of its total sales in 2023.
MG Motor India’s Strong Performance
MG Motor India sold 1,520 units of the ZS EV and Comet EV in July 2024, achieving a market share of 20%. This marks the company’s best monthly performance of the year, up from a 16% market share in July 2023. MG is expanding its sales network to Tier 3 and Tier 4 cities and rural markets, with plans to introduce the Windsor, a rebranded Wuling Cloud EV from Indonesia, by late August or early September.
Mahindra’s Growth and Future Plans
Mahindra sold 485 units of its XUV400 in July 2024, a 27% increase from July 2023. The company holds a 6.45% market share for the month and has sold 4,325 units since January 2024, a 117% increase year-on-year. Mahindra plans to invest Rs 12,000 crore in its EV program, aiming to add around 100,000 units of manufacturing capacity for its upcoming Born Electric vehicles by March 2025. The company plans to introduce 4-5 new models on the INGLO platform, incorporating key components from the Volkswagen Group.
Other Players: BYD, Citroen, and Hyundai
BYD ranked fourth in July with 342 units sold, while Citroen sold 155 units of the eC3, a 35% decrease from June’s sales. Hyundai, having discontinued the Kona in India, sold 55 Ioniq 5 EVs in July. Hyundai’s total retail sales for the first seven months of 2024 reached 753 units, a 5% increase year-on-year.
Luxury EV Sales
Luxury electric vehicle sales saw a decline in July 2024, with a total of 165 units sold, down 14.50% from July 2023. However, cumulative sales for January-July 2024 increased by 28%, reaching 1,525 units compared to 1,191 units in the same period in 2023. BMW India led the luxury segment, followed by Mercedes-Benz India, Volvo Auto India, and Audi India.
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