Electric Vehicle Sales in September 2024: Key Winners and Losers

The sales of electric vehicles (EVs) have faced difficulties recently because of the state of the economy, a reduction in government subsidies, and a lack of infrastructure for charging EVs. With just 5,874 units sold in September 2024, sales were down both month over month (MoM) and year over year (YoY). The Federation of Automobile Dealers Association (FADA) released data showing that some brands saw an increase while others saw decreased sales.

Tata Motors Leads the Electric Car Segment

Tata Motors saw a drop in sales even though it was the market leader for electric vehicles. With 5,874 units sold overall for the month, September 2023 had a YoY decline of 7.76% from 6,368 units in September 2023. The MoM sales data for the EV category between January and September 2024 were the lowest, falling by 7.32% from 6,338 units in August 2024.

Tata Motors

With the Nexon, Tiago, Tigor, Punch, and the recently released Curvv EV among its varied lineup, the business sold 3,621 units at retail in September 2024. When compared to the 4,325 units sold in September 2023, this signified a 16.26% decrease. In August 2024, MoM sales decreased by 11.38% from 4,086 units sold. With the upcoming release of the Battery-as-a-Service (BaaS) model by Tata Motors, EV prices may drop considerably.

MG Motor

MG's Comet, ZS EV, and new Windsor models yielded varying degrees of success. With 977 units sold in September 2024 as opposed to 895 in September 2023, the company reported a YoY gain of 9.16%. However, from 1,353 units in August 2024, MoM sales fell sharply by 27.79%.

Mahindra

Mahindra announced strong demand for the XUV400, the company's only electric vehicle. With 454 units sold, sales increased by 43.22% MoM and 26.82% YoY from 358 in September 2023 and 317 in August 2024. Mahindra is also in testing mode for two upcoming electric SUVs that are anticipated to hit the market soon: the BE05 and the e9.

Citroen

Citroen delivered an amazing result, with sales climbing to 386 units, a phenomenal YoY growth of 169.93% and a MoM growth of 142.77%.

BYD India

The company's YoY growth was 7.95%, with 163 units sold in September 2024, up from 151 in the same month last year. However, MoM sales decreased by 22.01% from 209 units in August 2024.

BMW Exceeds Mercedes in the Luxury Segment

In the luxury EV segment, BMW India emerged as the leader with 106 units sold in September 2024, showing YoY growth of 37.66% and MoM growth of 68.25%. In comparison, Mercedes-Benz recorded 81 units sold, a YoY increase of 10.96% and a MoM surge of 68.75%.

Other Brands See Declines

Hyundai

Sales dropped significantly, with only 26 units sold in September 2024, a YoY loss of 67.79% and a MoM drop of 33.33%.

Kia

EV6 sales fell to 17 units in September 2024, down from 35 in September 2023 and 18 in August 2024.

Volvo

Sales fell sharply to 15 units, down 72.73% year on year from 55 units in September 2023 and 48.28% month on month from 29 units in August 2024.

Audi

Sales dropped 57.69% year on year to 11 cars, from 26 in September 2023. Other brands in the segment added 17 units, representing a 142.86% MoM increase from 7 units sold in August 2024.

Conclusion

While the electric vehicle category is currently encountering challenges, new models from major manufacturers are likely to boost sales in the coming months. Companies such as Tata Motors, Mahindra, and MG are well-positioned to capitalize on the expanding demand for electric vehicles, while others face significant obstacles. The luxury segment remains competitive, with BMW outpacing Mercedes. As the market adjusts to shifting circumstances, sales trends may vary in the near future.