Electric Car Sales in India Sees A Minute Decline of 5% in Nov, Tata Motors Continues To Lead

In Nov 2023, Indian EV sales dropped 5% to 7042 units. Tata Motors leads with 68.56% market share but faces increased competition from new entrants like Citroen, BYD and MG.

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The November month of 2023 witnessed a slight decline in EV car sales in India. The total EV car sales last month stood at 7042, that's 395 units less than the October 2023 figure of 7437. Thus a minute 5% decline was observed. However, this decline is much smaller than what the ICE car sales saw in the same period. The ICE car sales in the month of November saw a substantial decline of -14.3%.

Electric Car Sales Highlights For November 2023

Manufacturer	Nov’23 Sales	Market Share Nov’23
Tata Motors	4,828	68.56%
MG Motor India	891	12.65%
Mahindra & Mahindra	493	7%
BYD India	122	1.73%
Hyundai Motors	160	2.27%
Kia Motors	29	0.4%

• Tata Motors sees a major decline: Tata Motors, although leading the electric car segment with a 68.56% majority market share, has experienced a significant reduction from its previous market share of 80%. This is most likely due to the increased competition from new models from rival brands like BYD, MG Motors, Citroen and Mahindra, which are now more aggressive in the EV car segment and are rapidly catching up with the Tata.

• New Entries: PSA Automobiles India (Citroen India) has outperformed expectations, indicating a rising demand for its electric hatchback eC3. The Citroen eC3 rivals the likes of Tata Motors Tiago.EV and MG Motors Comet EV in the entry level mass market EV segment. Moreover, it is also one of the most affordable EV cars in India with a decent range of 320 Km, consecutive DC fast charging capability, interior space and features.

The electric vehicle market in India remains more or less stable with a slight decline this month. However, it is expected that the sales will rise back soon as many new EV cars and SUVs and facelifts of current models are expected to arrive in India in the coming few months. The list includes the Tata Curvv EV, Tata Punch EV, Hyundai Creta EV, an update to the Mahindra XUV400 electric, etc. Moreover, OEMs like Maruti Suzuki and Kia are also expected to launch at least 1 or 2 EV models in India in the year 2024.

Conclusion

Looking forward, despite the observed decline in November, the EV car sales in India is expected to grow slightly or else remain stable in the long run. This pattern could be seen in the total number of EV car sales from November 2022 to November 2023, which stands at 82,090 units with an average sale of 6314 units each month. Moreover, Tata Motors is expected to continue being the majority market share holder, but its market share may decline further due to the evolving landscape, ongoing diversification and increased competition from new brands and new models.

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