India Electric Passenger Vehicle Inc. had a remarkable performance in FY2024, achieving a record fiscal year with 90,335 units and a significant 90 percent year-on-year growth. The company has commenced FY2025 on a positive trajectory, as indicated by recent data. According to Vahan data, the electric car segment recorded retail sales of 6,577 units in April 2024, showcasing a 22 percent year-on-year increase compared to the same period in April 2023 when 5,412 units were sold.

The surge in sales of electric passenger vehicles is clearly evident by the growing presence of green-number-plated cars, SUVs, and MPVs on Indian roads. Factors contributing to this growth include rising consumer awareness about electric vehicles, an expanded range of choices resulting from manufacturers introducing new EV models, continuous enhancements in charging infrastructure primarily in urban areas, and the appeal of owning a cost-effective and environmentally friendly vehicle.

Market dynamics exhibit Tata Motors emerging as the leader in the EV segment, boasting the largest EV portfolio featuring models such as the Nexon EV, Tigor EV, Tiago EV, Xpres-T (targeted at fleet buyers), and Punch EV. Tata Motors achieved sales of 4,701 units in April, maintaining its dominance with a 71.47 percent market share in the competitive EV market. In FY2024, Tata Motors sold a total of 73,833 EVs, representing a substantial 48 percent year-on-year growth and accounting for 13 percent of the brand's overall sales during the year.

Securing the second position, MG Motor India sold 813 units in April 2024, with its ZS EV and Comet EV contributing to a 12 percent market share. Mahindra & Mahindra claimed the third spot by selling 580 units of the XUV400, garnering an 8.81 percent market share. In January 2024, Mahindra launched the updated XUV400 with introductory prices ranging from Rs 15.49 lakh to Rs 17.49 lakh (ex-showroom) applicable until May 31, 2024.

BYD India, featuring the Atto 3 SUV, e6 MPV, and the newly launched Seal sedan, climbed to the fourth position with a total of 127 units sold last month. Mercedes-Benz India achieved its best monthly performance, selling 119 units in April, surpassing competitors Hyundai Motor India (84 units) and BMW India (51 units).

Luxury car manufacturers collectively sold 225 units in April 2024, claiming a 3.42 percent share of the Indian EV market. Alongside Mercedes and BMW, Volvo Auto India sold 36 units, Audi recorded 11 units, and Porsche sold 8 units during the same period.

Also Read:

1. BMW Launches 2024 M4 Competition Coupe in India, Priced at Rs 1.53 Crore

2. All you need to know about the newly launched Force Gurkha worth 18 lakh

3. The new Maruti Swift has been leaked ahead of its launch in India