India’s Electric Passenger Vehicle Market Sales Report – November 2024

November 2024 marks a mixed month for India’s electric passenger vehicle (ePV) market. Following the record-breaking festive sales in October (11,165 units, up 47% YoY), November saw a 23% MoM decline to 8,596 units. However, sales still rose 14% YoY and significantly outperformed September’s 17-month low of 6,148 units. With cumulative January-November 2024 sales of 89,557 units (up 19% YoY from 75,051 units), the ePV market has already surpassed its entire CY2023 retail tally of 82,558 units.

The market saw varied performances across key OEMs, reflecting competitive dynamics and shifting consumer preferences. Below is an analysis of the key players, their November performance, and cumulative trends.

Tata Motors: Dominance Under Pressure

​Tata Motors, India’s largest ePV manufacturer, faced stiff competition in November 2024, retailing 4,196 EVs (down 18% YoY). This caused its market share to drop to 49% from 68% a year ago. Despite a strong October (6,449 units, up 15% YoY), its performance in November highlights growing challenges from rivals.

Tata’s cumulative January-November 2024 sales of 57,084 units reflect a modest 4% growth over the previous year. The company remains just 2,920 units short of surpassing its CY2023 sales (60,004 units). Leveraging its extensive EV portfolio and promotional offers like six months of free charging, Tata is expected to maintain its market leadership.

MG Motor India: Powered by Windsor EV

​MG Motor India recorded its best-ever monthly sales in November 2024 with 3,126 units, up 15% from October. This robust performance is largely credited to the newly launched MG Windsor EV, India’s first intelligent CUV. Windsor's innovative Battery-as-a-Service (BaaS) program has played a key role in driving demand by lowering acquisition costs.

With cumulative January-November 2024 sales of 17,614 units, MG has already outpaced its CY2023 total of 9,523 units. The brand’s aggressive expansion into Tier 3 and Tier 4 cities and its plans to establish 100 new touchpoints by March 2025 are expected to sustain growth.

Mahindra & Mahindra: Building Momentum

​Mahindra’s XUV400 EV achieved steady sales of 547 units in November, reflecting a modest 1% YoY growth. However, its cumulative January-November sales of 6,685 units represent a substantial 101% increase YoY. Mahindra recently bolstered its portfolio with the launch of the Be 6e and XEV 9e SUVs on the INGLO platform, poised to drive future growth.

BYD India: Emerging Force

​BYD achieved notable growth with November sales of 326 units, up 133% YoY. Cumulative sales for January-November 2024 reached 2,487 units, already exceeding CY2023’s total. With plans to introduce a midsize electric SUV in 2025, BYD is positioning itself as a strong contender in the Rs 20-lakh segment.

Citroën and Hyundai: Challenges Persist

While Citroën’s eC3 saw a sharp 36% YoY decline in November (82 units), Hyundai recorded its lowest monthly EV sales at just 20 units of the Ioniq 5. Hyundai’s cumulative January-November 2024 sales of 889 units were down 40% YoY, though the forthcoming Creta EV is expected to reinvigorate demand in 2025.

Luxury EV Segment

The luxury EV market saw a 48% MoM drop to 228 units in November. However, cumulative sales for January-November 2024 rose 12% YoY to 2,533 units. BMW led the segment with 1,060 units, followed closely by Mercedes-Benz at 833 units.

Conclusion

India’s ePV market is navigating a transitional phase marked by growing competition and evolving consumer preferences. While November’s sales reflect a slowdown from October’s festive highs, the cumulative growth trajectory remains strong. With new launches and strategic initiatives from key players, the market is poised for sustained growth into 2025.

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