In the Indian electric car market, Tata Motors holds the top spot among the top 10 companies with the highest electric car sales. Following Tata Motors are MG Motor, Mahindra & Mahindra, BYD India, BMW India, Hyundai Motor India, Citroen, and Volvo, alongside companies like Mercedes-Benz. Let’s delve into the details of how these companies fared in terms of electric vehicle (EV) sales in February 2024.
Electric Cars Sales Report of February 2024
The electric car market is experiencing fluctuations, with February 2024 witnessing more than 11% decline compared to January 2024. However, there has been an overall annual increase of approximately 52% in EV sales. While Tata Motors continues to dominate the electric car market, Mahindra & Mahindra has shown remarkable growth, especially with a staggering 8785% increase in the monthly sales of the Mahindra XUV400.
Top 3 Companies and More
Tata Motors, a long-time leader in the electric car segment, continues to maintain its position with four EV models – Nexon EV, Punch EV, Tiago EV, and Tigor EV. Despite experiencing a monthly decline of nearly 12%, Tata Motors achieved an impressive 26% yearly growth, selling 4941 EVs in February. MG Motor India secured the second position by selling a total of 1053 units, featuring the Comet EV and ZS EV, with a substantial 190% yearly increase in sales. Mahindra & Mahindra Limited secured the third spot with 622 units of the XUV400 sold, experiencing a monthly decline of 16%.
Sales Across Other Companies
Beyond the top three, BYD India Private Limited held the fourth position by selling 143 units. BMW India Private Limited followed with 127 units, Hyundai Motor India Limited with 118 units, and PC Auto-mobils India Private Limited with 79 units. Volvo Auto India sold 43 units, while Mercedes-Benz AG sold 42 units. Kia Motors sold 21 units, Audi sold 20 units, and the remaining companies collectively sold 22 units.
Looking Ahead in 2024
In February 2024, a total of 7231 new electric cars were purchased in India, showcasing a growing acceptance of electric vehicles among Indian consumers. The electric car market is expected to witness several new launches in the coming months, further diversifying the options available to consumers. Tata Motors and MG Motor have already launched affordable electric car models, and the trend is likely to continue with various price segments in the EV market. The increase in acceptance and the availability of cost-effective electric cars demonstrate the ongoing shift towards sustainable and environmentally friendly transportation options in India.