Improved accessibility to charging stations, which is found to be sorely lacking as on date, are vital to the growth of electric passenger cars in India
Even as the Indian automobile sector is being continually nourished with new and improved electric vehicles, the lack of charging stations at strategic points is hindering progress. According to Federation of Automobile Dealers Associations (FADA) electric passenger vehicle penetration is at around 1.5 to 2 percent while EV two wheeler penetration stands at 5 to 5.5 percent. Apart from challenges that buyers face in terms of charging infrastructure, constraints of higher initial costs and range have also resulted in an overall adverse effect in terms of sales in this segment. Though the calendar year 2024 started off on a positive note with the electric car segment showing off increased demand in India and several new model launches, February 2024 sales showed significantly lower numbers.
Electric Car Retail Sales February 2024 – Tata Motors Leads with 68% Market Share
Electric car retail sales stood at 7,231 units in February 2024. This was a YoY growth of 51.72 percent from 4,766 units sold in February 2023. However, MoM sales performance saw a decline of 11.43 percent from 8,164 units sold in January 2024. While almost every automaker has seen a YoY growth, except for BYD and Kia, MoM sales performance ended in the red across segment with only PCA Automobiles (Citroen) showing outstanding growth.
Tata Motors, which has the largest portfolio of electric cars, led the segment with 4,941 electric cars sold last month. This was a YoY growth of 25.89 percent from 1,925 units sold in February 2023 while MoM sales dipped by 11.63 percent over 5,591 units sold in January 2024. Tata Motors’ EV portfolio currently includes the Nexon EV, Tiago EV, Punch EV and Tigor EV all priced in a Rs 7.99 to Rs 19.29 lakh range.
At No. 2 was MG Motors. The company sells the Comet and ZS in the electric segment priced from Rs 6.99 to Rs 25.08 lakh. MG recently reduced prices of Comet EV, making it more affordable at INR 6.99 lakh. The company has also added new variants to its ZS EV lineup with the Excite Pro positioned above base Executive trim and below Exclusive Plus trim. MG’s EV sales grew by 190.88 percent YoY to 1,053 units, up from just 362 units sold in February 2023 while MoM sales fell by 9.38 percent over 1,162 units sold in January 2024.
Mahindra EV retail sales that had stood at just 7 units in February 2023 improved by a whopping 8785.71 percent to 622 units in February 2024. Its MoM performance however saw a 16.06 percent decline from 741 units sold in January 2024. Mahindra XUV400, the electric segment is priced from Rs 15.49 lakh to Rs 19.39 lakh. The XUV400 was recently updated and is now called XUV400 Pro while the company plans to launch 5 new models under the born EV platform, INGLO.
BYD and BMW overtook Hyundai in terms of electric vehicle sales in February 2024 with 143 units sold though the company has reported both a YoY and MoM decline. There had been 242 units and 150 units sold in February 2023 and January 2024 respectively. China’s Build Your Dreams currently sells the Atto 3 SUV and e6 MPV in India which are priced from Rs 29.15 lakh to Rs 34.49 lakh. The automaker has just introduced the Seal EV sedan in India which could offer a range of 510-650 km depending on variant.
Premium / Luxury EV Sales February 2024
In this exclusive segment, it was BMW that saw the most sales for its electric vehicle lineup in February 2024 with 127 units sold in the said month. This related to a 115.25 percent YoY growth from 59 units sold in February 2023 while MoM sales fell by 13.01 percent over 146 units sold in January 2024. There are 4 BMW Electric cars currently available – iX1, i4, iX and i7 being offered at starting price Rs 66.90 lakh to Rs 2.50 crores.
Hyundai Motor India dropped to a 6th position on this list from No.4 in January 2024. Sales stood at 118 units in the past month up 136 percent YoY from 50 units sold in February 2023 while MoM sales dipped by 27.16 percent. Hyundai’s EV lineup comprises the Kona and Ioniq5 which are currently priced from Rs 23.84 lakh to Rs 45.95 lakh.
PCA Automobiles, the Indian affiliate of Citroen, is a relatively new entrant into the EV segment. The company witnessed sales of 79 units in February 2024 relating to a 182.14 percent MoM improvement in sales over 28 units sold in January 2024 and was the only automaker on this list to report a growth. Its sole electric offering – eC3 is priced from Rs 11.61-13.35 lakh.
Volvo India (43 units) and Mercedes Benz (42 units) each posted YoY growth but MoM declined in EV sales. Kia Motors sales dipped to 21 units in February 2024 posting both a YoY and MoM fall from 30 units sold in February 2023 and 35 units sold in January 2024. Kia’s EV lineup consists of the sole EV6 which is priced from Rs 61.00 to Rs 66.00 lakh depending on variant.
Audi AG has seen outstanding demand for its extensive EV lineup with sales zooming to 20 units last month and was the only automaker on this list to post YoY and MoM growth. Sales were up 122.22 percent YoY and 42.86 percent MoM over 9 units and 14 units sold in February 2023 and January 2024 respectively. Audi’s EV pricing ranges from Rs 1 crore to Rs 1.95 crore. There are other EV manufacturers in India that have contributed 22 units to total sales in February 2023 relating to a 69.23 percent YoY growth from just 9 units sold in February 2023. Sales however slipped by 11.43 percent from 28 units sold in January 2024.
