Tata Motors emerged as the front-runner once again in April 2023, selling a total of 4,392 units. This represents an impressive YoY growth of 141.72%, compared to the 1,817 units sold in the same period last year.
However, there was a decline of 38.46% in sales compared to the previous month when Tata Motors sold 7,137 units. Despite this decline, Tata Motors maintained a significant market share of 75.2% in April 2023, although it was slightly lower than the 83.31% market share it held in March 2023.
In terms of volume, Tata Motors experienced a YoY growth of 2,575 units, while there was a decrease of 2,745 units in sales compared to the previous month.
XUV400 helps Mahindra to gain second position
Additionally, Mahindra witnessed remarkable growth in the EV market with the commencement of XUV400 deliveries, selling 505 electric vehicles last month. This accounted for an astonishing YoY growth of 3784% and a MoM growth of 113.04%, both of which are the highest among the companies mentioned. Mahindra gained 492 units in volume YoY and 268 units MoM.
MG, with its ZS EV, sold 335 units in the previous month, and the introduction of Comet is expected to further boost their sales. MG registered a YoY growth of 36.73%, but experienced a MoM decline of 32.19%.
PSA Automobiles, the Indian entity of Stellantis’ PSA, sold 229 units of the Citroen eC3 in April, marking a significant MoM growth of 36.73% compared to the 202 units sold the previous month. This accounted for a volume growth of 27 units MoM.
April 2023 Electric cars sales YoY growth
| No. | EV Brand | April 2023 | April 2022 | Diff | Growth % YoY | Share % Apr 23 |
|---|---|---|---|---|---|---|
| 1 | Tata | 4,392 | 1,817 | 2,575 | 141.72 | 75.28 |
| 2 | Mahindra | 505 | 13 | 492 | 3,784.62 | 8.66 |
| 3 | MG | 335 | 245 | 90 | 36.73 | 5.74 |
| 4 | Citroen | 229 | 0 | 229 | 3.93 | |
| 5 | BYD | 154 | 21 | 133 | 633.33 | 2.64 |
| 6 | BMW | 60 | 17 | 43 | 252.94 | 1.03 |
| 7 | Hyundai | 51 | 23 | 28 | 121.74 | 0.87 |
| 8 | Volvo | 34 | 0 | 34 | 0.58 | |
| 9 | Kia | 34 | 0 | 34 | 0.58 | |
| 10 | Mercedes | 27 | 11 | 16 | 145.45 | 0.46 |
| 11 | Others | 13 | 105 | -92 | -87.62 | 0.22 |
| Total | 5,834 | 2,252 | 3,582 | 159.06 | 100.00 |
BYD, with its e6 and Atto 3 combined, sold 154 units, showcasing a remarkable YoY growth of 633% from the 21 units sold a year ago. However, they experienced a MoM decline of 45.20% compared to the 281 units sold in March 2023.
BMW, on the other hand, has three EVs available in the Indian market, including the i4, iX, and i7. In total, BMW sold 60 EVs last month, experiencing a notable YoY growth of 252.94% and a MoM growth of 17.65%.
Hyundai sold 51 units of the Ioniq 5 and Kona EV, witnessing a substantial YoY growth of 121.74% and a MoM growth of 10.87%. Hyundai is also currently testing an electric version of the Creta.
Kia has the EV6 as its sole offering in India, selling 34 units in the previous month and experiencing a MoM growth of 70% compared to the 20 units sold a month prior.
Similarly, Volvo has one EV, the XC40 Recharge, which sold 34 units but saw a decline in sales of 26% MoM.
April 2023 Electric cars sales MoM growth
| No | Car brand | Apr 23 | Mar 23 | Diff | % Growth MoM | Share % Mar 23 |
|---|---|---|---|---|---|---|
| 1 | Tata | 4,392 | 7,137 | -2,745 | -38.46 | 83.32 |
| 2 | Mahindra | 505 | 237 | 268 | 113.08 | 2.77 |
| 3 | MG | 335 | 494 | -159 | -32.19 | 5.77 |
| 4 | Citroen | 229 | 202 | 27 | 13.37 | 2.36 |
| 5 | BYD | 154 | 281 | -127 | -45.2 | 3.28 |
| 6 | BMW | 60 | 51 | 9 | 17.65 | 0.6 |
| 7 | Hyundai | 51 | 5 | 10.87 | 0.54 | |
| 8 | Volvo | 34 | 46 | -12 | -26.09 | 0.54 |
| 9 | Kia | 34 | 20 | 14 | 70.00 | 0.23 |
| 10 | Mercedes | 27 | 29 | -2 | -6.90 | 0.34 |
| 11 | Others | 13 | 23 | -10 | -43.48 | 0.27 |
| Total | 5,834 | 8,566 | -2,732 | -31.89 | 100.00 |
Mercedes-Benz, with its four electric vehicles (EQB, EQC, EQS, and AMG EQS) available in the Indian market, sold a total of 27 units. While Mercedes-Benz witnessed a YoY growth of 145.45%, there was a MoM dip of 6.90%.
Other brands combined sold 13 units, representing a significant YoY decline of 87.62% and a MoM decline of 43.48%.
Overall, the Indian EV market witnessed substantial growth, with a total of 5,834 EVs sold in April 2023. This represents a YoY growth of 159.06%, compared to the 2,252 units sold in April 2022, and a MoM growth of 31.89% compared to the 8,566 units sold in March 2023. However, the EV penetration in the passenger vehicle (PV) segment stood at 2.1%, slightly lower than the 2.6% recorded in March 2023.
Conclusion
Tata Motors maintained its leadership position in the Indian EV market, witnessing impressive YoY growth. Mahindra also experienced significant growth with the introduction of XUV400 deliveries. MG, PSA Automobiles, BYD, BMW, Hyundai, Kia, Volvo, and Mercedes-Benz all contributed to the growth of the EV market in India, albeit with varying levels of success. Despite some fluctuations in monthly sales figures, the overall trend showed substantial growth in the EV sector.
Source: Rushlane.com
Also see:
