Electric car sales grew YoY and MoM in April 2024 with Tata Motors taking the lead with a 67% market share
From April 2023 to April 2024, electric car sales in India have seen a steady rise. Tata Motors was a clear leader with a 67% market share and the highest number of models in this segment. FADA reports Electric car sales in the past month stood at 7,415 units, a 22.79% YoY growth from 6,039 units sold in April 2023. This was a volume improvement of 1,376 units. MoM sales however, declined by 21.97% from 9,503 units sold in March 2024.
Electric Car Sales April 2024
Tata Motors recorded the highest sales in the electric car segment in April 2024. Sales stood at 4,956 units, up 10.04% YoY while it also showed off a 29.25% MoM decline. There had been 4,504 units sold in April 2023 while March 2024 sales had been significantly higher at 7,005 units. Tata Motors has the Tiago, Tigor, Punch and Nexon in this segment priced from Rs 7.99-19.29 lakh (ex-sh).
MG Motor, with its electric vehicle lineup that includes the Comet and ZS EV, has seen good demand in April 2024 when sales grew by 243.71% to 1,203 units from 305 units sold in the same month last year. MoM sales also saw an upward spiral by 6.37% over 1,131 units sold in March 2024. More affordable pricing from Rs 6.99-25.08 lakh has been seen as its advantages.
Mahindra was the 3rd best-selling automaker in the electric vehicle segment in April 2024. Its sole offering XUV400, launched in January 2023, has amassed 625 unit sales last month, a 17.13% YoY growth to command an 8.48% market share. MoM sales however, saw a decline of 4.48% from 661 units sold in March 2024.
BYD E6 and Atto3 along with the recently launched Seal, saw its sales decline by 15.85% YoY and 0.73% MoM to 138 units. Rather highly priced from Rs 29.15-34.49 lakh (ex.sh) has not gone down well with buyers in Indian markets. In March 2024, the company also added the new Seal EV to its lineup. This electric sedan is priced between Rs 41 – 53 lakh and is offered in two battery options in RWD and AWD forms. Citroen eC3 sales dipped by 46.67% YoY to 128 units while its MoM sales also suffered a 28.09% setback from 178 units sold in March 2024.
There was Hyundai also in the fray with its Kona and Ioniq5 sales at 85 units in April 2024, a 63.46% YoY growth but a 42.18% MoM decline. The Kona and Ioniq5 are priced from Rs 23.84-45.95 lakh (ex.sh). Hyundai Creta EV is being readied for launch and is set to enter production by the end of 2024. It will rival the upcoming Maruti Suzuki eVX besides the Tata Curvv EV and MG ZS EV. Kia EV6 sales suffered a serious setback to just 20 units sold last month. This was a 48.72% YoY and 39.39% MoM decline.
Mercedes Claims Top Spot Among Luxury Brands
Mercedes Benz with its extensive lineup of electric models, showed off a 326.67% YoY growth while MoM sales also improved by 150.98% to 128 units in April 2024. There had been just 30 units and 51 units sold in April 2023 and March 2024 respectively. BMW EV segment with four products — i7, iX, i4, iX1, all priced between Rs 67-250 lakh (ex.sh) accounted for lower sales at 54 units in April 2024, relating to a YoY and MoM decline.
Volvo electric vehicle sales improved to 38 units in April 2024 but saw a 6% MoM decline. Audi on the other hand, has reported improvement in sales to 11 units in the past month, a 120% YoY growth from 5 units sold in April 2023 while MoM sales were up 22.22% as against 9 units sold in March 2024. There were others in this segment that added 25 units to total electric car sales last month, a YoY growth but MoM decline.
