With several automakers such as Maruti Suzuki, Toyota and Honda all are planning EV launches by 2025, the segment is set to get even more competitive
The electric car market in India is ruled by many factors. Added impetus given in view of favorable government policies stir up sales to some extent. Rising fuel prices and a bid to conserve energy and preserve the environment also play a major role in improving sales. New developments in battery technology and expansion of charging facilities also weigh heavily in boosting sales across this segment. Electric car sales that reached an all-time high in October 2024 dipped by 18.30% MoM even as it showed off a healthy YoY growth. Leaders continued with Tata Motors at the helm followed by MG Motor and Mahindra.
Electric Car Sales Nov 2024
Electric car sales in November 2024 stood at 8,668 units. This was a 14.58% YoY growth from 7,565 unit sales of Nov 2023. However, the fag end of the year saw lower demand. The segment suffered a drastic 18.30% MoM decline from 10,609 units sold in Oct 2024. Tata Motors, a leader in the electric car segment with models such as the Nexon, Tiago, and Tigor along with the Punch and Curvv, witnessed sales of 4,224 units in Nov 2024. This was a 17.71% YoY and 31.34% MoM decline. Sales had stood at 5,133 units in Nov 2023 and 6,152 units in Oct 2024.
MG Motor sold a total of 3,163 units of its Windsor, Comet and ZS in Nov 2024. The company has reported strong YoY growth of 230.86% from 956 units sold in Nov 2023. Its MoM sales too improved by 25.02% over 2,530 units sold in Oct 2024. Tata Motors and MG were the only two automakers to record sales above the 1000 unit mark.
Mahindra sales of its XUV400 stood at 552 units which was a 2.03% YoY growth though MoM sales declined by 39.14% Mahindra now looks forward to improved demand coming from its two new offerings – XEV 9e and BE 6 electric SUVs. Both these models promise outstanding performance and boast of cutting edge technology. Sales of BYD India in Nov 2024 grew by 135% to 329 units, up from 140 units sold in Nov 2023. It saw a 9.37% MoM decline over 363 units sold in Oct 2024. The BYD lineup in India includes the Atto 3, eMAX7 and Seal.
Luxury Electric Car Sales Nov 2024
In the luxury electric car segment, Mercedes overtook BMW by just 4 units. Mercedes sales stood at 98 units, a 58.06% YoY growth from 62 unit sales in Nov 2023. Its MoM sales however dipped by 32.88% when compared to 146 units sold in Oct 2024. BMW on the other hand suffered a YoY and MoM decline in sales to 94 units. There had been 283 units sold in Nov 2023 and 140 units in Oct 2024 relating to a 66.78% and 32.86% sales decline respectively.
Citroen also suffered a YoY and MoM decline in sales to 82 units while sales had surpassed the 100 unit mark both in Nov 2023 and Oct 2024 at 130 units and 254 units. Kia India on the other hand has found increased demand for its electric lineup that includes only the EV6. Sales grew by 78.95% YoY to 68 units from 38 units sold in Nov 2023 while MoM sales were up nearly double by 94.29% from 35 units sold in Oct 2024.
Volvo had 32 unit sales in Nov 2024 with related to a strong 113.33% MoM growth while Hyundai Ioniq 5 sales declined to 21 units last month relating to an 87.35% YoY and 36.36% MoM decline. There were others in this segment that added just 5 units to total sales with numbers declining both on a YoY and MoM basis.
This post was last modified on December 21, 2024 5:29 pm
Source: Electric - rushlane.com
