Tata Motors electric car sales have reported a 15.5% decline YoY in May 2024 – MG has posted a staggering growth of 210%
Electric car sales in India in May 2024 saw a marginal decline of 1.24% on a YoY basis while MoM sales escalated by 3.01%. Total sales last month stood at 7,638 units, a decline over 7,734 units sold in May 2023 while sales were significantly higher when compared to 7,415 units sold in April 2024.
Electric 2W Retail May 2024 YoY and MoM
Of a total of 7,638 units of electric cars sold last month, Tata Motors captured a major share of 66% with 5,083 units sold in May 2024. For the company, this may have been a 15.54% YoY decline when compared to 6,018 units sold in May 2023 however, MoM sales however grew by 2.56% from 4,956 units sold in April 2024. Tata Motors has the highest number of electric cars on sales among which are Tiago, Tigor, Punch and Nexon priced from Rs 7.99-19.49 lakh (ex-sh). The company now gears up for launch of the Curvv EV along with the Harrier EV, Sierra EV and Avinya EV.
MG Motor was at No. 2 with 1,441 units sold last month, a 210.56% YoY growth from just 464 units sold in May 2023. The company’s electric lineup includes the Comet and ZS EV which are priced from Rs 6.99-25.2 lakh. The company witnessed a 19.78% MoM growth from 629 units sold in April 2024.
With its single offering in this electric car segment, Mahindra has seen a 44.62% improvement in sales of its XUV400. Sales grew to 564 units in the past month from 390 units sold in the corresponding month last year but fell by 10.33% on a MoM basis. The company plans expansion in this segment and recently the XUV700 EV has also been sighted on test. Mahindra has also announced investment of Rs 12,000 crore in the EV business over the next three years.
Posting an 11.64% YoY and 18.12% MoM growth in its Seal, E6 and Atto3 electric car sales, BYD India has seen increased demand for these models which are priced from Rs 29.15-53 lakh (ex.sh). Hyundai sales dipped 43.56% YoY but improved by 12.94% MoM to 96 units. The company sells the Kona and Ioniq5 in this segment both of which are priced from Rs 23.84-45.95 lakh (ex.sh). Hyundai Creta EV is set to enter production by the end of this year and is likely for launch in January 2025. Citroen sales fell both on YoY and MoM basis by 73.46% and 32.81% to just 86 units while there had been 324 units sold in May 2023 and 128 units sold in April 2024.
BMW Claims Top Spot Among Luxury Brands
There was a reshuffle in the electric luxury segment. Mercedes Benz, which was the best-selling OEM in April 2024, lost its position to BMW in May 2024. BMW sales were at 72 units last month, while the company experienced a 4% YoY de-growth, sales improved by 33.33% on a MoM basis. BMW sells four products, i7, iX, i4, iX1, in this segment, all priced between Rs 67-250 lakh (ex.sh).
Mercedes sales on the other hand grew by 200% YoY from 19 units sold in May 2023 to 57 units in May 2024. MoM sales fell by 55.47% over 128 units sold in April 2024. The Mercedes EV portfolio, which currently includes the EQB and EQE SUVs along with the EQS sedan, are all priced from Rs 74.5-245 lakh (ex.sh). Lower down the list was Volvo with 35 units sold last month resulting in a 22.22% YoY and 7.89% MoM de-growth. Audi (6 units) and Porsche (2 units) both suffered severe YoY and MoM decline.
Kia India also saw its YoY sales decline by 55.32% to 21 units of EV6 sold during the past month, though there was a 5% MoM improvement over 21 units sold in April 2024. Kia EV6 is priced from Rs 61-66 lakh. There were others in this segment that added just 12 units to total sales, a 45.45% YoY and 29.41% MoM de-growth.
Source: Electric - rushlane.com
