In November, total electric vehicle (EV) sales decreased by 14 per cent year-over-year, with Mercedes-Benz surpassing BMW in luxury EV sales.
India’s electric passenger vehicle market registered mixed results in November 2024. After recording a best-ever monthly tally of 11,165 units in October (a 47% year-on-year increase), November’s 8,596 units rose only 14% year-on-year, appearing subdued against the festive surge. However, November’s total remained 40% higher than the 17-month low of 6,148 units in September. Cumulative January-November sales of electric cars, SUVs, and MPVs reached 89,557 units, surpassing the full-year 2023 figure of 82,558 and reflecting a 19% year-on-year increase from 75,051 units last year.
Industry leader Tata Motors saw a significant drop in November to 4,196 units, down 18% year-on-year, and its market share fell to 49% from 68% a year earlier. Nonetheless, from January to November, Tata Motors sold 57,084 units, up 4% year-on-year, and approached its 2023 total of 60,004 units.
JSW MG Motor India capitalised on strong demand for the MG Windsor. Its November sales of 3,126 units were its best-ever monthly result, giving it a 36% market share in November, up from 13% a year earlier. January-November retails at 17,614 units represented a 20% share of the segment and easily surpassed the company’s 2023 total of 9,523 units.
Mahindra, with 547 units sold in November, recorded a modest 1% year-on-year increase, but overall January-November sales more than doubled to 6,685 units. BYD India maintained fourth position, selling 326 units in November, up 133% year-on-year, and reaching 2,487 units in 11 months, higher than its entire 2023 total of 2,012 units.
Citroen’s November sales fell to 82 units, down 36% year-on-year. The brand’s cumulative 1,794 units for January-November are close to its previous year’s total. Hyundai’s EV performance remained subdued at 20 units, an 88% year-on-year drop, reflecting the discontinuation of the Kona EV. However, Hyundai’s upcoming Creta EV launch in early 2025 is expected to revitalize its sales. Kia India, another underperformer, sold a total of 323 units in 11 months, with the recent launch of the EV9 positioned at the luxury end of the market.
Luxury EV demand declined 48% in November, with 228 units sold, but the January-November count of 2,533 units still grew 12% year-on-year. BMW India and Mercedes-Benz India, key players in the luxury segment, experienced varied fortunes. BMW’s November tally of 94 units dropped sharply, while Mercedes-Benz took the lead with 97 units. Mercedes-Benz’s year-to-date total of 833 units represented a 93% year-on-year increase and already exceeded its 2023 volume.
Overall, while November 2024 EV sales dipped from the October peak, the sector maintained growth on a year-to-date basis. Emerging models, improved infrastructure, and upcoming launches are expected to bolster demand in the months ahead.
