EV Car Sales Analysis June 2024 – Tata, MG, Hyundai, Mahindra, BYD
3 min readGaadiWaadi –
In June 2024, the EV car market in India experienced a 13.5 per cent decline in sales compared to the previous year
India’s electric vehicle market saw Tata Motors leading the mass-market segment with 4,346 units sold, despite a slight decline. MG Motor showed growth with 1,405 units, while Mahindra and BYD India also reported positive year-over-year sales. Hyundai and Kia faced significant declines compared to the previous year. In the luxury segment, BMW India led, while Mercedes-Benz and Audi AG showed strong growth. The market dynamics indicate a mixed performance as automakers prepare for new launches.
Mass Market Segment
Tata Motors led the electric car segment with 4,346 units sold, commanding a solid 63% share. Despite a 20.77% decline YoY and 14.50% MoM, Tata’s lineup, including the Tiago, Tigor, Punch, and Nexon continues to dominate. Meanwhile, MG Motor recorded a 21.12% YoY growth with 1,405 units sold, although MoM sales decreased by 2.50%.
The Comet and ZS EV models contributed to its performance, with plans for a new crossover EV launch soon. Mahindra also saw a 7.99% YoY growth with 446 units sold, but MoM sales dropped by 20.92%. The upcoming XUV700 EV is expected to boost its lineup, currently led by the XUV400 EV.
EV Sales
Jun-24 Sales
Jun-23 Sales
Market Share
Jun 24
Tata Motors (-20.77%)
4,346
5,485
63.04 %
MG Motors (21.12%)
1,405
1,160
20.38 %
Mahindra (7.99%)
446
413
6.47 %
Citroen (-29.76%)
236
336
3.42 %
BYD (23.78%)
229
185
3.32 %
Hyundai (-61.88%)
61
160
0.88 %
BMW (-50%)
50
100
0.73 %
Mercedes-Benz (10.81%)
41
37
0.59 %
Volvo (-6.82%)
41
44
0.59 %
Kia (-61.54%)
15
39
0.22 %
Audi (114.29%)
15
7
0.22 %
Others (80%)
9
5
0.13 %
Total
6,894
7,971
-13.51 %
BYD India experienced significant growth, with sales increasing by 23.78% YoY and 40.99% MoM to 229 units. The revamped Atto 3 series contributed to this success, offering multiple variants to cater to different market segments. Hyundai faced challenges with a 61.88% YoY and 36.46% MoM decline, selling only 61 units. The upcoming Hyundai Creta EV aims to rejuvenate its electric vehicle portfolio.
Kia’s electric vehicle sales dropped by 61.54% YoY and 28.57% MoM, with only 15 units sold. The brand continues to focus on expanding its EV lineup to regain market momentum. Currently, EV6 is the only model in their portfolio.
Luxury Segment Highlights
BMW India led the luxury electric vehicle segment with 50 units sold, despite a 50% YoY and 30.56% MoM decline. Models such as the i7, iX, i4, and iX1 contribute to BMW’s robust electric portfolio. Mercedes-Benz recorded a 10.81% YoY growth with 41 units sold. The introduction of new models like EQA and EQB has expanded its electric SUV lineup alongside EQE and EQS. Audi AG saw remarkable growth in June 2024, with a 114.29% YoY and 150% MoM increase to 15 units sold. The brand’s electric vehicle lineup continues to attract demand in the luxury segment.
Despite the overall market decline, certain brands like Tata and BYD demonstrated resilience and growth in the electric vehicle space. As automakers prepare to introduce new models and expand their electric portfolios, the market dynamics are expected to evolve significantly in the coming months.
Why are EV sales on the decline?
The EV market globally is facing challenges that could slow its growth further. First, there’s concern about the cost of EVs, especially with used EV prices dropping. This makes potential buyers worry about affordability. Second, uncertainty about government policies adds to the hesitation, as people wait for more straightforward rules and incentives. Lastly, there aren’t enough fast-charging stations, making it inconvenient for EV owners and raising concerns about range. These issues are making some consumers think twice about switching to electric vehicles.
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