Here we have listed top ten electric vehicle brands in the month of April 2024 in India
The EV sales report for April is out and on the whole, the positive news is that most of the manufacturers have had a positive YoY growth while overall MoM growth was negative.
The government is trying to push more EV sales and almost all the manufacturers are taking advantage of the lucrative schemes to lure more consumers into buying their electric products. Overall compared to last year there definitely is positive growth but when you look at the monthly performance almost all the manufacturers have taken a hit.
Tata Motors as usual leads the pack and it takes a lion’s share of the market solely because of how it has managed to crack the code to sell EVs in the mass market segment. It has the highest number of models from any Indian manufacturer and if the rumours are true, then there are plenty more coming our way in different segments as well.
Selling the second-highest number of EVs in April 2024 is the British-origin MG Motors. They have actually had an incredible sale this month as both their YoY and MoM performance are positive. The jump from a mere 350 units in April last year to a staggering 1,203 units last month gives a YoY growth of 243.71% and they had managed to sell 1,131 units in March 2024 which is an increase of 6.37% MoM growth.
|
Manufacturer |
April 2024 |
March 2024 |
April 2023 |
MoM% |
YoY% |
|
Tata Motors |
4,956 |
7,005 |
4,504 |
-29.25% |
10.04% |
|
MG |
1,203 |
1,131 |
350 |
6.37% |
243.71% |
|
Mahindra & Mahindra |
629 |
661 |
537 |
-4.84% |
17.13% |
|
BYD |
138 |
137 |
164 |
0.73% |
-15.85% |
|
PCA Automobiles |
128 |
178 |
240 |
-28.09% |
-46.67% |
|
Mercedes-Benz |
128 |
51 |
30 |
150.98% |
326.67% |
|
Hyundai |
85 |
147 |
52 |
-42.18% |
63.46% |
|
BMW India |
54 |
71 |
67 |
-32.94% |
-19.40% |
|
Volvo |
38 |
44 |
36 |
-13.64% |
5.56% |
|
Kia |
20 |
33 |
39 |
-39.39% |
-48.72% |
|
Audi |
11 |
9 |
5 |
22.22% |
120.00% |
|
Porsche |
8 |
16 |
5 |
-50.00% |
60.00% |
|
Others |
17 |
20 |
10 |
-15.00% |
70.00% |
|
Total |
7,415 |
9,503 |
6,039 |
-21.97% |
22.79% |
Tata’s main rival, Mahindra & Mahindra, are still lagging behind by a huge number but still managed to clinch the third spot by selling a total of 629 units. It is an increase of 17.13% compared to the 537 units that were sold same time last year, but Mahindra managed to sell more in March 2024 with 661 units which means there is a decline of 4.84%. All these numbers are for only one model in their electric portfolio and with the Born Electric range of vehicles slated for launch from next year, they should hopefully start seeing more numbers.
Next comes the Chinese EV manufacturer, BYD(Build Your Dream), and with 3 models in its stable it has managed to sell 138 units in April 2024. This is almost exactly the same number of vehicles (137 units) it managed to sell in March 2024 which is why the MoM% of growth is at a low 0.73%. But BYD India had managed to sell 164 units in April 2023 which compared to this year is -15.85% YoY. Although BYD’s mega investment plan was rejected by the Indian government, it still is looking at ways to setup a manufacturing plant in India after which it will be a whole different game for the Chinese manufacturer.
PCA Automobiles India and Mercedes-Benz are the last of manufacturers to sell more than 100 units with both of them selling exactly 128 units. Unfortunately, for the PCA group this means that both their MoM% as well as YoY% has taken a toll into the negative %, while on the other hand the same numbers are an improvement in both MoM% and YoY% for the German manufacturer.
The Korean cousins, Hyundai and Kia Motors, managed to sell 85 and 20 units respectively. This can be attributed to the total number of EVs itself from both the manufacturers which totals to 3 models. Both of them do not have a presence in the mass market segment as well which could be one of the main reasons for selling in less numbers. Both the manufacturers have made huge plans for investing and developing EVs from the ground up which should be fruitful for both the manufacturers and the buyers.
The rest of the German manufacturers: BMW (54), Audi (11), and Porsche (8) have managed to sell a little less than average number of vehicles when compared to the monthly sales data but except for BMW the others have had a pretty good YoY% growth. Although these numbers are small, it is understandable as most of them belong to the performance or luxury cars category.
The Swedish manufacturer, Volvo, managed to sell 38 units and this too had a negative MoM% growth while the YoY% was almost 5.56%. Apart from this the rest of the crowd managed to sell a total of 17 units while it did sell 20 units in March 2024 and just 10 units in April 2023.
As you can see from the total numbers, the overall sales dipped -21.97% in MoM% data while it was a steady increase of 22.79% in YoY% growth. We are expecting more models from almost all manufacturers this year and many manufacturers have planned to reduce their dependency on ICE engines and may stop using pure ICE engine by 2030.