Optimism continues to rise in the electric passenger vehicle segment which has posted significant increase in demand in January 2024
The electric car segment has been seeing increased demand in India. New model launches have spurred up sales in this segment to a great extent. Even as the Government of India is continually introducing new and more favourable policies, buyer awareness concerns are also rising, while improved battery technology is slowly but surely alleviating customer’s fears of range and performance.
Electric Car Sales Jan 2024
Boosted by new product launches, the electric car segment improved in January 2024 showing both YoY and MoM growth. Sales stood at 8,165 units in the past month, a 136.84 percent YoY growth over 3,447 units sold in January 2023. It was also a 13.07 percent MoM growth over 7,220 units sold in December 2023.
Tata Motors, that also has the highest number of electric offerings in its portfolio, was the No. 1 electric PV OEM. Retail sales in the past month stood at 5,591 units to command a 68 percent share in this segment. This was a 125.26 percent YoY growth from 2,482 units sold in January 2023. MoM sales also improved by 14.69 percent from 4,875 units sold in December 2023. Tata offers Nexon EV, Tiago EV, Punch EV and Tigor EV.
MG Motors has the ZS EV and Comet EV in its portfolio which has steered the company to post a total of 1,162 unit retail sales. This was a 167.13 percent YoY growth from 435 units sold in January 2023 while MoM retail sales improved by 21.17 percent over 959 units sold in December 2023. Mahindra, which offers XUV400 EV, has also seen an 11.09 percent MoM growth in retail sales to 741 units in the past month from 667 units sold in December 2023. Mahindra now plans launch of the XUV300 EV sometime 2024. It will be positioned below the XUV400 EV in the company lineup and will take on the Nexon EV in its segment.
Outstanding growth was also reported by Hyundai Motor with its EV retail sales at 162 units, up 38.46 percent YoY and 30.65 percent MoM from 117 units and 124 units sold respectively in January 2023 and December 2023. Hyundai has the IONIQ 5 and Kona Electric in its currently lineup and will soon bring in the Creta EV which is currently on test. BYD sales stood at 150 units in January 2024 with a 7.14 percent YoY growth but 11.76 percent lower sales on a MoM basis over 170 units sold in December 2023. BYD offers Atto3 and e6. Soon they will launch the Seal EV sedan.
Citroen, which offers eC3, reported 28 units retail sales last month relating to a 42.86 percent MoM de-growth. Kia EV sales saw a 27.08 percent YoY de-growth but an improvement in MoM sales by 16.67 percent to 35 units in January 2024. Kia has the EV6 on sale, with plans to launch Clavis EV and EV9 later this year.
Premium / Luxury EV Sales Jan 2024
BMW India retail sales of EVs also grew by 15.87 percent YoY but dipped 10.98 percent MoM to 146 units from 164 units sold in December 2023. BMW EV portfolio in India includes iX1, i4, iX and i7. Price ranges from Rs 67 lakh to Rs 2.5 crore. Mercedes has also reported YoY growth of 29.55 percent to 57 percent in January 2024 while its MoM sales dipped 30.49 percent over 82 units sold in December 2023. Mercedes India EV portfolio includes EQB, EQE and EQS with prices ranging from Rs 75 lakh to Rs 2.45 crore.
Volvo India also saw its MoM sales fall to 50 units in the past month from 54 units sold in December 2023. Volvo India EV portfolio includes XC40 EV and C40 EV with prices in the range of Rs 58 lakh to Rs 63 lakh. Audi EV sales in India fell by 12.50 percent MoM to 14 units in January 2024. Audi India EVs include e-tron, e-tron GT, RS e-tron GT, Q8 e-tron and Q8 Sportback e-tron with prices ranging from Rs 1 crore to Rs 1.95 crore. Porsche with 8 units sold last month in the EV segment, down 69.23 percent from 26 units sold in December 2023. Porsche EV on offer in India is the Taycan which is priced at Rs 1.61 crore to Rs 2.44 crore.
