Sales of electric vehicles increased significantly in India in October 2024. According to FADA, the number increased to 10,609 units, surpassing the 10,000 unit threshold. Compared to the 7,626 items sold in October 2023, this represented a 39.12% YoY increase. From 5,874 units sold in September 2024, MoM sales increased by an additional 80.61%.
Recent entrants to this market include the BYD e-Max 7 and the MG Windsor. Tata Motors held a 72% market share, dominating the industry. In October 2024, 6,152 units were sold. Compared to the 5,598 units sold in October 2023 and the 3,621 units sold in September 2024, this represented a 9.90% YoY and a 69.90% MoM increase. Along with the Punch, Tiago, and Curvv in this market, the Nexon and Tigor are the company’s most electrified versions.
Electric Vehicles Sales Tata, MG, Mahindra, BYD, Citroen, Mercedes, and BMW in October 2024
Mahindra and MG Motor came next, and both have witnessed remarkable advancements in their electric vehicle portfolios. Sales of MG Motors increased from 944 units sold in October 2023 to 2,530 units in October 2024, a 168.01% YoY increase. From 977 units sold in September 2024, MoM sales also increased by 158.96%.
Delivery of the new MG Windsor EV has just begun, and given that the business got over 15,000 reservations on the first day, sales figures are expected to soar. Sales of the XUV400, Mahindra’s only electric vehicle, totalled 907 units. This corresponded to a rise of 99.78% MoM and 227.44% YoY. In October 2023 and September 2024, sales were 277 and 454 units, respectively.
Two electrified SUVs were recently hinted about by Mahindra. On November 26, 2024, the new BE 6e and XEV 9e electric SUVs will make their debut worldwide. BYD India also recorded triple-digit YoY and MoM growth, with 363 units sold in the most recent month. Compared to 144 and 163 units sold in October 2023 and September 2024, this represented a 152.08% YoY and 122.70% MoM increase.
With ratings of 420 and 530 kilometers on a single charge, the new eMax 7, an all-electric MPV, is being offered in two versions: Premium and Superior. Strong year-over-year growth in Citroen sales, which increased by 45.98% to 254 cars. However, compared to the 386 units sold in September 2024, MoM sales decreased by 34.20%.
Last month, BMW India sold 140 vehicles in total. Compared to merely 94 units sold in the same month the previous year, this represented a 48.94% YoY increase. Compared to 106 units sold in September 2024, MoM sales increased by 32.08%. With 146 units sold in October 2024, Mercedes-Benz also demonstrated impressive results in its electric vehicle market.
Compared to 40 and 81 units sold in October 2023 and September 2024, respectively, this represented a YoY and MoM rise of 265% and 80.25%. Sales of Kia India’s electric vehicles fell 32.69% year over year to 35 units.
However, MoM sales increased by 105.88% compared to the 17 units sold in September 2024. Hyundai saw a YoY drop in sales of electric vehicles as well. Last month, Hyundai electric vehicle sales fell to 33 units, representing an 83.25% YoY drop from October 2023’s 197 units. With a 26.92% increase from 26 units sold in September 2024, MoM sales finished on a more favourable note.
Last month, 15 Volvo XC40 and C40 cars were sold. While its MoM performance stayed unchanged, this represented a 72.22% YoY drop from 54 units sold in October 2023. Despite having a robust selection of electric vehicles, Audi saw a 63.64% MoM and an 80% YoY drop in sales to just 4 units in October 2024. Others in this segment increased total sales by 30 units, resulting in a 76.47% MoM growth but a 6.25% YoY loss.
