Several upcoming models by leading automakers in the electric car segment could significantly boost sales in the months ahead
Economic concerns, reduced incentives and sufficient charging infrastructure has led to the electric car segment seeing lackluster sales over the past few months. Lower sales both on a year on year (YoY) and month on month (MoM) basis was experienced in September 2024 to just 5,874 units sold. Federation of Automobile Dealers Association (FADA), sales results showed many brands report lower sales while there were some gainers in this segment.
Tata Motors Leads Electric Car Segment
Total electric car sales in the past month stood at 5,874 units. This was a YoY de-growth by 7.76% from 6,368 units sold in Sept 2023. MoM sales also declined by 7.32% from 6,338 units sold in August 2024. This was the lowest sales recorded in this segment during the period January to Sept 2024.
Tata Motors, with the healthiest lineup of electric cars, among which are the likes of Nexon, Tiago, Tigor, Punch and new Curvv EV, has recorded retail sales at 3,621 units in Sept 2024. This was a marked decline of 16.26% over 4,325 units sold in Sept 2023. MoM sales also suffered a setback by 11.38% from 4,086 units sold in Aug 2024. Tata Motors is planning to launch BaaS (Battery as a Service) for its electric lineup which will relate to significantly lower pricing.
MG Motor has the Comet and ZS EV along with the new Windsor in this segment, sales of which have seen a 9.16% YoY growth to 977 units in the past month from 895 units sold in Sept 2023. MoM sales however, declined massively by 27.79% over 1,353 units sold in Aug 2024.
Mahindra EV lineup, which currently sees the XUV400 as the only offering in this segment, has seen outstanding demand. Sales improved by 26.82% YoY and 43.22% MoM to 454 units. This was a growth over 358 units and 317 units sold in Sept 2023 and Aug 2024 respectively. In a bid to extend its EV segment, Mahindra is also actively testing the new range of electric SUVs among which the e9 and BE05 could be the first to launch as they have been recently seen during a TVC shoot.
Citroen electric car retail sales saw overwhelming demand last month. Sales improved to 386 units which was a 169.93% YoY and 142.77% MoM growth. BYD India also showed YoY growth in electric car retail sales by 7.95% to 163 units while there had been 151 units sold in Sept 2023. MoM sales on the other hand declined by 22.01% from 209 units sold in Aug 2024.
BMW Sales Exceed Mercedes in Luxury Segment
German luxury car maker BMW India is a leader in the luxury segment with sales of 106 units in Sept 2024. The company reported both YoY and MoM growth by 37.66% and 68.25% respectively over 77 units and 63 units sold in Sept 2023 and Aug 2024. Mercedes electric car sales also surged YoY and MoM to 81 units last month. This was a 10.96% YoY and 68.75% MoM growth over 73 units and 48 units sold in Sept 2023 and Aug 2024 respectively.
Lower down the sales list was Hyundai with 26 unit sales, reporting a double digit YoY and MoM decline by 67.79% and 33.33% while Kia India’s EV6 sales dipped to 17 units in the past month. There had been 35 units sold in Sept 2023 while in Aug 2024, sales were at 18 units.
Volvo also reported significantly lower sales last month down to 15 units. This was a 72.73% YoY decline from 55 units sold in Sept 2024 while MoM sales were down 48.28% over 29 units sold in Aug 2024. Audi sales also fell 57.69% to 11 units over 26 units sold in Sept 2023 while there were others in this segment that added 17 units to total sales relating to a 142.86% MoM growth from 7 units sold in Aug 2024.
Source: Electric - rushlane.com
