India (Commonwealth) _ February 2024 sales showed noticeably lower numbers, despite the fact that the year 2024 began well with the electric car market seeing growing demand in India and numerous new model debuts. February 2024 – Tata Motors holds a 68% market share leading electric car retail sales. In February 2024, retail sales of electric cars totaled 7,231 units.
The Federation of Automobile Dealers Associations (FADA) estimates that the penetration rate of electric passenger vehicles is between 1.5 and 2 percent, but that of EV two-wheelers is between 5 and 5.5 percent. In addition to the infrastructure of charging that customers must contend with, the limitations imposed by greater beginning prices and range have also led to an overall negative in relation to this segment’s sales.
With 4,941 sold last month, Tata Motors, which has the greatest selection of electric vehicles, dominated the sector. While MoM sales decreased by 11.63 percent over the 5,591 units sold in January 2024, YoY increase was 25.89 percent from 1,925 units sold in February 2023. The Nexon EV, Tiago EV, Punch EV, and Tigor EV are the current models in Tata Motors’ EV lineup. They are all priced between Rs 7.99 to Rs 19.29 lakh.
MG Motors was ranked No. 2. In the electric sector, the business offers the Comet and ZS, with prices ranging from Rs 6.99 to Rs 25.08 lakh. Comet EV’s pricing was been lowered by MG to INR 6.99 lakh, making it more accessible. The ZS EV portfolio now includes more versions from the manufacturer, the Excite Pro sitting above the standard Executive trim and below the Exclusive Plus trim. While MoM sales decreased by 9.38 percent over the 1,162 units sold in January 2024, MG’s EV sales increased by 190.88 percent YoY to 1,053 units, up from just 362 units sold in February 2023.
Mahindra EV retail sales increased dramatically from just 7 units in February 2023 to 622 units in February 2024, a phenomenal 8785.71 percent increase. However, compared to 741 units sold in January 2024, its MoM performance decreased by 16.06 percent. The pricing range for the Mahindra XUV400 in the electrified sector is Rs 15.49 lakh to Rs 19.39 lakh.
After a recent upgrade, the XUV400 is now known as the XUV400 Pro. The business also intends to introduce five more models under the INGLO born EV platform. In February 2024, BYD and BMW surpassed Hyundai in the sales of electric vehicles with 143 units sold; nonetheless, the firm has recorded a fall in both YoY and MoM. In February 2023 and January 2024, there were 242 and 150 units sold, respectively. The Atto 3 SUV and e6 MPV are presently available for purchase in India via China’s Build Your Dreams, with prices ranging from Rs 29.15 lakh to Rs 34.49 lakh. The manufacturer has unveiled the Seal EV sedan in India, with a potential range of 510–650 km according on the model.
Sales of Premium and Luxury EVs in February 2024 With 127 sales of its electric car portfolio in February 2024, BMW led this particular sector in sales of electric vehicles. As compared to 146 units sold in January 2024, MoM sales decreased by 13.01 percent, resulting in a YoY gain of 115.25 percent from 59 units sold in February 2023. The beginning prices of the four BMW electric vehicles that are now on the market are Rs 66.90 lakh to Rs 2.50 crores. They include the iX1, i4, iX, and i7.
From No. 4 in January 2024 to No. 6 on this ranking, Hyundai Motor India saw a decline. Sales this past month were 118 units, increasing 136% YoY from 50 units in February 2023. Mercedes Benz (42 units) and Volvo India (43 units) both reported YoY rise in EV sales, while MoM fell. After selling 30 units in February 2023 and 35 units in January 2024, Kia Motors’ sales fell to 21 units in February 2024, indicating a YoY and MoM decline.
Sales of Audi AG’s wide range of electric vehicles soared to 20 units last month, and the company was the only one on this list to report YoY and MoM increase due to the exceptional demand for its products.
