Electric two-wheelers and electric three-wheelers continue to dominate the electric vehicle sales figures in India. Electric car adoption, on a larger scale, seems to be further away.
The reports of electric car sales going south in various international markets have been doing rounds of various media corners over the past few months. In India, during February 2024, eight out of the top ten electric car brands in the country posted a month-on-month (MoM) decline.
Mahindra and Mahindra, with 592 sales to end consumers in India, posted a decline of over 20% MoM. PCA Automobiles and Audi AG were the only OEMs to have grown in India during the month.
In the luxury segment, BMW’s electric car sales in the country declined over 38% MoM as the OEM only registered 92 EVs in February against the 149 it had registered in January 2024.
Tata Motors has been holding the tag of the most-selling electric car brand in India for a long time now. None of the OEM’s competitors have been able to sell half of what Tata has been retailing in India MoM.
| Electric Car OEM | JAN | FEB | % Change | |
| 1 | TATA PASSENGER ELECTRIC MOBILITY LTD | 4,404 | 4,299 | -2.38 |
| 2 | MG MOTOR INDIA PVT LTD | 1,122 | 1,020 | -9.09 |
| 3 | MAHINDRA & MAHINDRA LIMITED | 742 | 592 | -20.22 |
| 4 | HYUNDAI MOTOR INDIA LTD | 169 | 116 | -31.36 |
| 5 | BYD INDIA PRIVATE LIMITED | 139 | 101 | -27.34 |
| 6 | BMW INDIA PVT LTD | 149 | 92 | -38.26 |
| 7 | PCA AUTOMOBILES INDIA PVT LTD | 26 | 50 | 92.31 |
| 8 | VOLVO AUTO INDIA PVT LTD | 54 | 43 | -20.37 |
| 9 | MERCEDES -BENZ | 61 | 41 | -32.79 |
| 10 | AUDI AG | 14 | 19 | 35.71 |
In the electric three-wheeler (E3W) space, Piaggio’s MoM sales declined by over 5%, while Bajaj Auto’s declined by over 12%. Mahindra Last Mile Mobility, comfortably sitting on the top spot, reported sales of 3,781 E3W units, resulting in a 16.99% MoM growth for the company.
Omega Seiki Mobility packed a punch as its sales grew 35.42% MoM in the segment. Euler Motors has now also become a constantly growing OEM as the start-up posted 16.20% growth. Dilli Electric Auto’s sales increased from 58 units in January 2024 to 109 units in February 2024.
| Electric 3 wheeler L5 OEM | JAN | FEB |
% Change
|
|
| 1 | MAHINDRA LAST MILE MOBILITY LTD | 3,232 | 3,781 | 16.99 |
| 2 | PIAGGIO VEHICLES PVT LTD | 2,096 | 1,983 | -5.39 |
| 3 | BAJAJ AUTO LTD | 1,578 | 1,379 | -12.61 |
| 4 | OMEGA SEIKI PVT LTD | 367 | 497 | 35.42 |
| 5 | TI CLEAN MOBILITY PVT LTD | 360 | 458 | 27.22 |
| 6 | EULER MOTORS PVT LTD | 321 | 373 | 16.20 |
| 7 | MAHINDRA & MAHINDRA LIMITED | 239 | 183 | -23.43 |
| 8 | ALTIGREEN PROPULSION LABS PVT LTD | 145 | 149 | 2.76 |
| 9 | DILLI ELECTRIC AUTO PVT LTD | 58 | 109 | 87.93 |
| 10 | ATUL AUTO LTD | 102 | 101 | -0.98 |
On the electric two-wheeler front, Ola Electric continues to lead the market with 33,722 sales in February 2024. TVS Motor’s market share fell by over 5% MoM, while Bajaj’s increased by over 6%.
| Electric Two Wheeler OEM | JAN | FEB |
% Change
|
||
| 1 | OLA ELECTRIC TECHNOLOGIES PVT LTD | 32,316 | 33,722 | 4.35 | |
| 2 | TVS MOTOR COMPANY LTD | 15,313 | 14,499 | -5.32 | |
| 3 | BAJAJ AUTO LTD | 10,872 | 11,618 | 6.86 | |
| 4 | ATHER ENERGY PVT LTD | 9,342 | 8,983 | -3.84 | |
| 5 | GREAVES ELECTRIC MOBILITY PVT LTD | 2,358 | 2,484 | 5.34 | |
| 6 | HERO MOTOCORP LTD | 1,494 | 1,750 | 17.14 | |
| 7 | BGAUSS AUTO PRIVATE LIMITED | 1,487 | 1,349 | -9.28 | |
| 8 | WARDWIZARD INNOVATIONS & MOBILITY LIMITED | 976 | 840 | -13.93 | |
| 9 | OKINAWA AUTOTECH PVT LTD | 683 | 660 | -3.37 | |
| 10 | OKAYA EV PVT LTD | 581 | 657 | 13.08 |
