Electric car and SUV sales hit all-time highs with new launches - Asiana Times — Source: Hyundai

Tata’s EVs had an 85 percent market share between April to September 2022; MG’s sales increased, thereby increasing the market share

Electric mobility is a hot topic right now, and this can be witnessed in the increasing sales and technology of electric vehicles (EVs) over the past few months. Electric two-wheeler sales have been on the rise for a while now.

And, sales of electric scooters and bikes in the first half of FY2024 (April-September 2022 period) witnessed a 404 percent increase, at 2,77,910 units. In comparison, 55,147 units were sold in the same period last year, and sales of EV cars are not far behind.

The most recent retail numbers, as tweeted by the president of the Federation of Automobile Dealers Associations of India (FADA), Vinkesh Gulati, show that cumulative retail in the first six months of this financial year are 18,142 units, which showcases a 268 percent year-on-year growth (H1 FY2022 figures were at 4,932 units). Vitally, there has been month-on-month growth as well. Also, figures for July-September 2022 (Q2 FY2023) at 10,015 units were an increase of 23 percent over Q1’s (April-June) 8,127 units.

With petrol and diesel prices soaring there has been a gradual shift of ICE buyers to electric cars. Along with this has come a marked rise in CNG prices, which have been hiked seven times this year.

Tata Motors takes 85 percent market share

With three EVs on sale – the Nexon EV, Tigor EV, and Tiago EV – market leader Tata Motors have a staggering 85.53 percent market share with 15,518 units sold, with a monthly average of 2,586 units. In the first half of FY2023, the company had already sold 81 percent of its total FY2022 tally, which stood at 19,105 units.

Tata is aiming for overall passenger vehicle sales of 5,00,000 units this year and is hoping that electric cars account for 10 percent of that. At 34,482 units, it is a bit shy of that target with six months to go this fiscal year. India’s most affordable electric car currently on sale, the recently launched Tiago EV, could help increase those numbers when deliveries begin in January 2024.

MG Motor India’s market share also increases

With the premium ZS EV, MG Motor India is second in the rankings chart with 1,591 units. In the first quarter of FY2023, it sold 727 units, and Q2 (July-September) sales of 827 units a 19 percent increase. It is quite impressive how despite having only a single EV on sale versus Tata’s three, it has gained an 8.32 percent market share.

Due to rising fuel prices, the company could be seeing considerable demand for its sole EV on offer. The ZS EV was also facelifted in March, and it offers 42km more range than before. With this rise in the adoption of EVs in the market – more significantly after COVID-19 – MG is now focusing on volumes by entering the more affordable segment. They are expected to bring a compact two-door electric car, based on the Wuling Air EV, next year, in the Rs 10-15 lakh price range.

Hyundai Motor India not far behind

With 309 units sold, Hyundai Motor India is placed third and has recorded its highest monthly sales of 74 units in September. Hyundai’s sole EV option in India, the Kona Electric, may not appeal to those who like their SUVs to look rugged. But, with the launch of the Ioniq 5 EV that the company sells abroad, India will be getting a taste of the World Car of The Year. It can go up to 300km on a single charge and it takes 47 minutes to charge from 10 to 80% using a 100 kW DC charger at a station.

Bookings for BYD Atto 3 SUV open

Bookings opened for BYD India’s second all-electric model for India on Tuesday, the Atto 3 SUV, which will compete with the Tata Nexon EV, Hyundai Kona, and MG ZS EV. With 264 e6 MPVs sold in the past six months, the manufacturer is placed fourth in the rankings table, finishing just under the podium places.

Prices for the BYD Atto 3 EV SUV will be announced next month with deliveries expected to start early next year.

Meanwhile, makers of higher-end luxury EVs, Mercedes-Benz, BMW, Audi, and Jaguar Land Rover have sold 233 units between them. These are mainly imported as CBUs (completely built units), and they are here to essay what the best in the world has to offer, many of them fall behind on tasks due to them using existing ICE architecture to make electric cars.

With battery prices expected to reduce gradually due to manufacturers focusing on localization to reduce costs to make affordable electric cars and two-wheelers, sales of EVs are only expected to improve.