Electric vehicle sales dropped 3% in July 2024, with Tata Motors losing 7% market share. However, MG, Mahindra, and BYD saw increased sales.
Electric vehicle (EV) sales in India saw a slight decline of 3% in July 2024 compared to the same month last year. Despite this, retail sales of electric cars and SUVs have crossed the 7,500-unit mark for the third consecutive month. In July 2024, 7,517 EVs were sold, down from 7,768 units in July 2023 but up by 4% from June 2024’s 7,211 units. Cumulative sales for the first seven months of 2024 reached 56,207 units, showing a 21% increase year-on-year (YoY) from 46,523 units in the same period last year.
Tata Motors, a dominant player in the EV market, sold 4,752 units in July 2024, marking a 13% YoY decline from 5,470 units in July 2023. Tata’s market share dropped from 70% to 63%. Despite this, Tata Motors’ sales from January to July 2024 were up by 7.57% YoY with 37,842 units sold.
MG Motor India recorded its best monthly performance of the year in July, selling 1,520 units of the ZS EV and Comet EV, which increased its market share from 16% to 20%. MG plans to expand its sales network to Tier 3 and Tier 4 cities and rural markets and is preparing to launch the Windsor EV.
Mahindra sold 485 units of its XUV400 in July 2024, a 27% increase from 380 units in July 2023, securing a 6.45% market share. Mahindra’s sales for the first seven months of 2024 rose by 117% YoY to 4,325 units. The company plans to invest Rs 12,000 crore in its EV program and introduce 4-5 new models on the INGLO platform.
BYD sold 342 units in July 2024, achieving its best monthly sales of the year. Citroen sold 155 units of the eC3, while Hyundai sold 55 units of the Ioniq 5 in July 2024.
Luxury EV sales saw a decline in July 2024, with combined sales of seven carmakers dropping by 14.50% YoY to 165 units. BMW India led the luxury EV market in July with 70 units sold, although this was a 34% decline from July 2023. Mercedes-Benz, Volvo, and Audi also recorded varying sales figures.
Specifications, Features, and Prices (July 2024)
| Manufacturer | Model | Units Sold | Market Share | Key Features | Price Range (INR) |
|---|---|---|---|---|---|
| Tata Motors | Nexon EV | 4,752 | 63% | Long range, advanced safety features | 14 – 17 lakhs |
| MG Motor India | ZS EV | 1,520 | 20% | High performance, extensive network | 20 – 25 lakhs |
| Mahindra | XUV400 | 485 | 6.45% | Robust design, fast charging | 16 – 19 lakhs |
| BYD | Atto 3 SUV | 342 | 4.54% | Spacious interior, latest tech | 30 – 34 lakhs |
| Citroen | eC3 | 155 | – | Compact size, suitable for city | 12 – 14 lakhs |
| Hyundai | Ioniq 5 | 55 | – | Sleek design, high efficiency | 40 – 45 lakhs |
| BMW India | Various | 70 | – | Luxury features, high performance | 70 – 85 lakhs |
| Mercedes-Benz | Various | 30 | – | Premium build, advanced tech | 75 – 90 lakhs |
| Volvo | Various | 40 | – | Scandinavian design, eco-friendly | 65 – 80 lakhs |
| Audi | Various | 17 | – | Stylish, powerful engines | 80 – 95 lakhs |
In summary, while overall EV sales dipped slightly in July 2024, several manufacturers showed strong year-on-year growth. Tata Motors faces increased competition, with companies like MG, Mahindra, and BYD gaining traction in the market. The luxury EV segment also experienced fluctuations, highlighting the dynamic nature of the Indian EV market.
