Electric car retail sales in FY24 grew by an astronomical 91.37% with every car manufacturer posting double and triple digit growth
As per data released by Federation of Automobile Dealers Associations (FADA), the electric car segment March 2024 has recorded a total of 90,996 unit retail sales in FY2024. This was a 91.37% growth over 47,551 units sold in FY2023 relating to a volume growth of 43,445 units. Several factors have led to this astronomical increase. While awareness among buyers has greatly intensified, favourable government incentives coupled with an overall advancement in battery technologies along with the setting up of charging stations at strategic locations, have all played a major part in this growth.
Electric Car Retail Sales FY2024 – Tata Motors Leads
Tata Motors, with a healthy lineup of electric cars among which are the Tiago, Tigor, Punch and Nexon, led the electric passenger vehicle sales with 64,217 units thus witnessing a year-on-year YoY) growth of 65.82%. In FY2023, there had been 38,728 units sold relating to a volume growth of 25,489 units. Currently commanding a lion’s market share of 70.57%, the company’s electric vehicle lineup is set to be enhanced by the new Curvv EV while testing continues for the Harrier and Safari EVs as well.
At No. 2 was MG Motor with 11,611 unit retail sales in the electric vehicle segment that currently comprises the Comet and ZS. These two models are priced from Rs 6.99-25.08 lakh (ex.sh) and led the company to a triple digit 155.19% YoY growth from 4,550 units sold in FY2023. Set to expand their EV lineup, there is the new MG Cloud EV out on test runs and is expected to be launched during the festive season later this year.
Posting the most remarkable YoY growth was Mahindra with a 1151.75% improvement to 6,071 units sold in FY2024 up from 485 units sold in FY2023. Mahindra has a sole offering in this segment with the XUV400 priced from Rs 15.49-19.39 lakh. Mahindra also plans to enhance their EV portfolio and promises a total of 5 electric cars over coming years. It has started testing the new XUV.e9 which was spotted with a first in segment triple screen dashboard.
In the electric vehicle segment is also the Citroen eC3 priced at Rs 11.61-13.35 lakh (ex.sh). It has seen elevated retail sales of 2,032 units in FY2024, up 872.25% when compared to 209 units sold in FY2023. Hyundai retail sales in the electric car segment has also seen outstanding growth up 128.91% to 1,829 units in FY2024 from just 799 units sold in the same period a year ago. There is the Kona and Ioniq5 in this segment that are being offered in a price range of Rs 23.84-45.95 lakh (ex.sh).
BYD has an interesting lineup of electric cars in India with the E6, Atto3 and Seal priced from Rs 29.15-53 lakh. Retail sales in FY2024 grew by 61.86% to 1,774 units, up from 1,096 units sold in FY2023. Kia has the EV6 on offer in India. Retail sales of Kia electric cars in India were at 429 units for FY 2024, which is a 36% YoY growth.
Electric Car Retail Sales FY2024 in Luxury Segment
BMW led the luxury segment in terms of electric car retail sales in FY2024. An innovative lineup that includes the iX1, i4, iX and i7, has accounted for sales of 1,420 units relating to an impressive 260.4% YoY growth over 394 units sold in FY2023. This was a significant difference of 1,026 units on a YoY basis.
Volvo electric vehicle retail sales also surged by 305.44% YoY to 596 units in FY2024 from 147 units sold in FY2023. The company’s XC40 and C40 are priced between Rs 74.5 lakh to 2.45 crores (ex.sh). Retail sales list of electric cars also included Mercedes (562 units), Audi (164 units) and Porsche (113 units) each of which have seen outstanding YoY improvement in sales. There were others in this list that saw retail sales dip 56.05% to 178 units in FY2024 from 405 units sold in the same period last year.
