Tata dominates EV sales with 73 percent market share in 2023

MG Motor India and Mahindra follow, taking distant second and third places, respectively.

Published On Jan 04, 2024 05:45:00 PM

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Electric vehicle sales have steadily been on the rise and with 81,870 units of retail sales in CY2023, the EV four-wheeler industry saw 114 percent year-on-year growth, up from 38,257 units sold in CY2022. Tata Motors continued to retain its market leadership with a 73 percent share, followed by MG Motor India and Mahindra in second and third, respectively.

MG Motor India see 175 percent sales growth over CY2022
BMW leads luxury EV sales with 1,280 units

Electric vehicles sales breakup CY2023

Tata Motors maintained its dominance by selling an estimated 59,580 units, recording an 86 percent YoY growth. Tata’s market share used to be in excess of 80 but has now reduced due to more products being available in the market from rival manufacturers. Its also worth noting that Tata Motors has the widest EV product portfolio among all carmakers in India.

EV retail sales by carmakers
Manufacturer	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
Tata Motors	2,471	3,917	7,303	4,492	6,002	5,479	5,461	4,771	4,312	5,538	5,024	4,806	59,580
MG Motor India	435	362	517	350	464	1,158	1,237	1,202	891	929	935	950	9,430
Mahindra	0	7	259	537	389	412	380	405	359	273	518	662	4,201
BYD	140	242	300	164	146	184	118	104	151	141	139	168	1,997
Citroen	0	0	209	240	324	336	223	118	141	172	126	49	1,938
Hyundai	117	50	48	54	170	160	116	186	213	195	165	123	1,597
Kia	48	30	23	38	47	39	29	28	35	52	37	30	436

MG Motor India, with 9,430 units and 175 percent growth, has the ZS EV and Comet EV on sale and came in second – the company has a notable share of 11.51 percent. Mahindra came in third with a 5.13 percent market share, and with just one EV available – the XUV400 – the carmaker sold 4,201 units in CY2023. BYD India is ranked fourth with total sales of 1,997 units, up 341 percent YoY (CY2022: 343 units) and a market share of 2.43 percent.

Meanwhile, Citroen achieved sales of 1,938 units and a 2.36 percent market share with its sole eC3 hatchback. Lastly Hyundai and Kia collectively sold 2,033 units, recording a 144 percent YoY growth. Hyundai contributed 1,597 units, a 158 percent increase from CY2022, while Kia sold 436 units of the EV6, marking a 103 percent YoY growth.

Luxury EV sales

Luxury car manufacturers achieved notable success as well, collectively achieving sales of 2,582 units, showing an impressive 355 percent YoY growth. BMW India has a strong lead with 1,280 units, followed by Volvo India (553 units), Mercedes-Benz (505 units), Audi (140 units), Porsche (95 units) and Jaguar Land Rover (9).

*Retail sales data is as per Vahan website

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