The electric passenger vehicle segment posted severe decline in sales both on YoY and MoM basis in August 2024
Following our earlier report that saw petrol and diesel car sales in India dip by 4.53% on a YoY and 3.64% on a MoM basis, the scenario was no different in the electric passenger vehicle segment as well. Electric car retail sales, as reported by Federation of Automobile Dealers Association (FADA), saw several brands report lower sales. However, there were others in this segment that accounted for overwhelming growth.
Electric Car Retail Sales Aug 2024 – Tata Leads by Huge Margin
Electric car sales in August 2024 fell to 6,338 units, a 9.97% YoY decline from 7,040 units sold in August 2023. MoM sales also ended in the red by 15.59% from 7,541 units sold in July 2024. In fact, retail sales of electric passenger cars have fallen to their lowest level in calendar YTD in August 2024. Market leader Tata Motors, with the largest portfolio of electric passenger vehicles that include the Nexon, Tiago, Tigor, Punch and the new Curvv EV, saw highest sales last month at 4,086 units. This was however a double digit 14.57% YoY decline over 4,783 units sold in August 2023. MoM sales also dipped 14.43% from 4,775 units sold in July 2024.
Despite lower sales, Tata Motors scores over MG Motor, the 2nd best-selling electric car maker in India, by a significant margin. MG Motor sales were at 1,353 units in the past month, a 12% YoY improvement from 1,208 units sold in August 2023. MoM sales however, declined by 11.10% when compared to 1,522 units sold in July 2024. MG Motor has the Comet and ZS in its electric lineup, both of which are priced from Rs 4.99-25.44 lakh (ex-showroom) with BaaS. The new Windsor EV has been recently added to its portfolio in three variants of Excite, Exclusive and Essence. Prices range from Rs 9.99 lakh with BaaS.
At No. 3 on this list of electric car sales in August 2024, Mahindra has seen a decline in sales across its electric vehicle segment that currently includes only the XUV400. Sales dipped 21.92% YoY and 34.91% MoM to just 317 units, down from 406 units and 487 units sold in August 2023 and July 2024 respectively. Mahindra recently announced a JV with Volkswagen. This will allow Mahindra to extend its electric vehicle portfolio with aims to capture a larger market share in the SUV segment.
BYD India, with Atto3, E6 and Seal in its electric PV segment, has seen outstanding YoY growth with sales escalating 100.96% to 209 units from just 104 units sold in August 2023. MoM sales however, dipped representing a 38.71% decline from 341 units sold in July 2024.
Another major player in this segment was Citroen with 159 units sold last month relating to a huge YoY improvement by 34.75% from 118 units sold in August 2023. MoM sales also ended positively by 2.58% from 155 units sold in July 2024. Citroen exclusively sells the eC3 in this segment in Indian markets where it is priced from Rs 11.97-13.56 lakh (ex-sh).
BMW Scores over Mercedes in Luxury Segment
BMW India sales in the electric passenger vehicle segment dipped by 25% YoY and 10% MoM to 63 units. There had been 84 units and 70 units sold in August 2023 and July 2024 respectively. BMW has a healthy lineup of electric cars among which are the iX1, i4, iX and i7, priced from Rs 66.9 – 2.60 crores (ex-showroom).
On the other hand, its competitor in the luxury segment, Mercedes Benz has posted both YoY and MoM improvement in sales to 48 units in August 2024. This related to a healthy 128.57% YoY growth from just 21 units sold in the same month last year. MoM sales tally also grew by 60% from 30 units sold in July 2024.
Lower down the list, sales declined for each of the automakers. Hyundai posted 79% YoY and 20.09% MoM degrowth to 39 units in the past month. Volvo sales also fell 38.30% and 27.50% YoY and MoM to 29 units while Kia India sales were down to 18 units. Audi AG also suffered a YoY and MoM setback by 33.33% and 41.18% respectively to 10 units. There were others in this segment that added just 7 units to total retail sales in August 2024 as against 39 units sold in August 2023 and 33 units in July 2024.
Source: Electric - rushlane.com
