As revealed by FADA (Federation of Automobile Dealers Association), Electric car sales witnessed 2.5% penetration in the automotive industry in May 2023
With the onslaught of increasing electric vehicle adoption, EV sales are increasing by quite a respectable margin. India is still young where EV charging infrastructure is concerned. This leads to people getting skeptical about EV ownership and many EV buyers have expressed their disappointment as well.
Despite all that, EV space is growing at an unprecedented rate. Total sales stood at 7,437 units in May 2023. As opposed to 2,961 units sold in May 2022 and 5,834 units sold in April 2023, Electric car sales registered 151.17% YoY growth and 27.48% MoM growth. Volume growth stood at 4,457 units YoY and 1,603 units MoM.
Tata Motors topped Electric car sales with 78.28% market share
When it comes to EV penetration in the automotive industry, it stands at 2.5%, up from 2.1% in April 2023 and up from 1.0% in May 2022. Highest-seller is still Tata Motors and by a big margin. The homegrown company sold 5,822 units last month which accounted for 78.28% market share among all other EV makers. Tata has come a long way too as it sold 2,501 units last year and 4,392 units a month before. In effect, Tata registered 132% YoY growth and 32.56% MoM growth. Volume growth for Tata Motors stood at 3,321 units YoY and 1,430 units MoM.
MG took second place with 437 units and registered 74.80% YoY growth and 30.45% MoM growth. With the launch of MG Comet, we expect sales to increase in the coming months. Mahindra currently has just one EV in its arsenal.
Mahindra sold 363 XUV400s last month and saw 3933.33% YoY growth as opposed to just 9 EVs sold in the same month last year. That said, Mahindra faced 28.12% MoM decline which should be slightly alarming to the company as it has to counter Nexon EV. Citroen sold a healthy 308 units of eC3. As opposed to 229 units sold in April 2023, Citroen saw 34.50% MoM growth.
Hyundai currently has Kona EV and Ioniq 5 on sale in India. In total, Hyundai sold 163 units with a solid 503.7% YoY growth and 219.61% MoM growth. Volume growth stood at 136 units YoY and 112 units MoM. With the launch of Hyundai Creta EV in the future for the mainstream market, sales will go up considerably.
EV space saw 151.17% YoY growth and 27.48% MoM growth
Chinese EV giant BYD is currently the world’s highest EV maker. But in India, BYD has a limited portfolio that ensured 138 units with 228.57% YoY growth and 10.39% MoM decline. BMW India sells i4 and iX EVs and totalled 70 units last month and became the highest luxury EV seller in India. BMW saw 677.78% YoY growth and 16.67% MoM growth.
Kia sold 45 units of EV6 in India with 32.35% MoM growth as opposed to 34 units sold a month before. Volvo sold 42 units of XC40 Recharge in India, which is India’s most affordable dual motor EV. There was 23.53% MoM growth. The three-pointed star sold 18 EVs in India with 260% YoY growth and 33.33% MoM decline. Other brands combined, sold 31 units which saw 73.73% YoY decline and 138.46% MoM growth.
Source: Electric - rushlane.com
