November 2024 EV sales: MG’s rise reshapes the EV market landscape

After a strong October 2024, when electric passenger vehicle retail sales touched a record 11,165 units, up 47 percent year on year, November 2024 appeared relatively subdued with sales of 8,596 units, up 14 percent year on year. Despite the slowdown, November volumes were still 40 percent higher than the 17 month low of 6,148 units recorded in September 2024. These numbers have also helped cumulative EV sales cross the entire CY2023 total of 82,558 units.

According to Vahan retail data as of December 1, 2024, total sales of electric cars, SUVs and MPVs between January and November 2024 stood at 89,557 units. This represents a 19 percent year on year increase compared to 75,051 units sold in the same period last year.

A volatile year for EV sales

CY2024 has seen sharp fluctuations in monthly EV sales. The year began strongly with 8,481 units in January, slipped 11 percent month on month to 7,519 units in February, peaked at 9,769 units in March, fell steeply to 6,148 units in September, and then surged to an all time high of 11,165 units in October. Below is a closer look at how individual manufacturers performed in November.

Tata Motors: 4,196 units, down 18 percent YoY

Market share: November 2024 at 49 percent, down from 68 percent in November 2023

Tata Motors continues to feel pressure from rising competition. As per Vahan data, the long time EV market leader sold 4,196 units in November 2024, an 18 percent decline compared to 5,124 units in November 2023. This resulted in Tata’s market share falling sharply to 49 percent. In October 2024, the company had sold 6,449 units, giving it a 58 percent share of the market.

Tata Motors currently has the largest EV portfolio in India, including the Nexon EV, Tigor EV, Tiago EV, Punch EV and Curvv EV. Its cumulative January to November 2024 sales stand at 57,084 units, up 4 percent compared to 54,947 units in the same period last year. This gives Tata an 11 month market share of 64 percent. Having sold 60,004 EVs in CY2023, the company needs another 2,920 units in December to exceed last year’s total.

To support demand, Tata Motors is expanding its EV sales network and is also offering six months of free charging across more than 5,500 Tata Power charging points nationwide.

JSW MG Motor India: 3,126 units, up 227 percent YoY

Market share: November 2024 at 36 percent, up from 13 percent in November 2023

MG Motor India posted its strongest ever monthly EV performance in November 2024, selling 3,126 units. This was 227 percent higher than last year and 15 percent higher than October 2024 sales of 2,712 units. The strong showing has been driven largely by the MG Windsor, the company’s third EV in India after the ZS EV and Comet.

The company has also benefited from its Battery as a Service program, which significantly lowers the upfront cost of EV ownership. Under this model, the MG Windsor is priced at Rs 9.99 lakh with a battery rental of Rs 3.5 per km. The Comet and ZS EV are also offered under this subscription plan.

MG Motor is expanding its footprint aggressively into Tier 3, Tier 4 and rural markets. The company plans to add 100 new touchpoints by the end of 2024 and reach 520 touchpoints across 270 cities by March 2025.

As a result, MG’s November market share rose to 36 percent, while its cumulative January to November 2024 sales reached 17,614 units, giving it a 20 percent share for the year to date. The company has already comfortably surpassed its CY2023 total of 9,523 units.

Mahindra: 547 units, up 1 percent YoY

Market share: November 2024 at 6 percent, down from 7 percent in November 2023

Mahindra sold 547 units of the XUV400 in November 2024, marginally higher than the 542 units sold a year earlier. This translated into a 6 percent market share for the month. For the January to November period, Mahindra’s total sales stood at 6,685 units, up 101 percent year on year, giving it a 7.46 percent market share.

Mahindra sold 4,267 XUV400 units in CY2023. Sales are expected to gain momentum following the XUV400 securing a 5 star Bharat NCAP safety rating in mid November.

The company plans to add manufacturing capacity of around 100,000 units for its new EV range by the end of March 2025 and has committed an investment of Rs 12,000 crore towards its EV program. In November, Mahindra launched its first two Born Electric SUVs, the BE 6e and XEV 9e, built on the INGLO platform. Deliveries are expected to begin in late February or early March 2025.

BYD: 326 units, up 133 percent YoY

Market share: November 2024 at 6 percent, up from 2 percent in November 2023

BYD India retained its fourth position in the EV market, selling 326 units in November 2024. This was a 133 percent increase compared to November 2023, although lower than October’s record 377 units. The company’s cumulative January to November sales reached 2,487 units, exceeding its entire CY2023 total of 2,012 units.

To strengthen its presence in India, BYD is evaluating the launch of a midsize electric SUV priced around Rs 20 lakh. If approved, this model could enter the sub Rs 20 lakh segment by the second half of 2025 and compete with the upcoming Hyundai Creta EV and Maruti Suzuki e Vitara. The new EV is expected to be showcased at the Bharat Mobility Show in January 2025.

Citroen: 82 units, down 36 percent YoY

Market share: November 2024 at 0.95 percent, down from 1.71 percent in November 2023

Citroen recorded retail sales of just 82 units in November 2024, a sharp decline from its recent highs. The company had achieved its best ever monthly sales of 388 units in September, followed by 255 units in October.

Citroen currently sells only one EV in India, the eC3, which has seen strong interest from fleet operators. Between March and June 2024, the model received bulk orders exceeding 7,000 units from operators such as BluSmart, OHM E Logistics and Cab-E. Cumulative sales for the first 11 months of 2024 stood at 1,794 units, slightly below its CY2023 total of 1,949 units.

Hyundai: 20 units, down 88 percent YoY

Market share: November 2024 at 0.95 percent, down from 1.71 percent in November 2023

Hyundai posted its lowest monthly EV sales in November 2024, retailing just 20 units of the Ioniq 5. This marked an 88 percent decline compared to November 2023. Sales slowed significantly after the discontinuation of the Kona EV earlier this year, leaving the Ioniq 5 as Hyundai’s only electric offering.

The company’s cumulative January to November 2024 sales stood at 889 units, down 40 percent year on year. Hyundai sold 1,608 EVs in CY2023.

A turnaround is expected in early 2025 with the launch of the Creta EV. The electric version of Hyundai’s best selling midsize SUV is part of the company’s broader EV strategy, which includes four new electric models, one of which will be positioned as a mass market offering.

Kia: 67 units, up 76 percent YoY

Market share: November 2024 at 0.77 percent, up from 0.50 percent in November 2023

Kia India continues to see limited traction in the EV segment. The company sold 67 units in November, and cumulative January to November sales reached 323 units. This translates to a market share of just 0.36 percent, down from 0.53 percent in CY2023.

Until September, Kia had only the EV6 on sale. In October, it introduced the six seater EV9 SUV priced at Rs 1.3 crore. Imported as a CBU, the EV9 is now Kia’s flagship model in India and competes with luxury electric SUVs such as the Mercedes EQS SUV, BMW iX and Audi Q8 e-tron.

Luxury EV sales: 2,533 units in January to November, up 12 percent YoY

Luxury EV demand softened in November 2024, with sales dropping 48 percent month on month to 228 units after a strong October. Despite this, cumulative sales for the first 11 months of 2024 reached 2,533 units, up 12 percent year on year.

BMW India remained the segment leader with 1,060 units sold between January and November, although it sold only 94 units in November, down 67 percent year on year. Mercedes-Benz sold 97 units in November, overtaking BMW for the second consecutive month.

Mercedes-Benz recorded January to November sales of 833 units, up 93 percent year on year, and has already surpassed its CY2023 total of 516 units. Luxury EVs accounted for 2.65 percent of overall EV sales in November and 2.82 percent of total electric car and SUV sales for the year to date.