Electric car sales saw a 2.92% YoY decline with segment leader Tata Motors commanding a 61.47% market share but reporting subdued demand
As per latest data released by Federation of Automobile Dealers Associations (FADA), for the month of July 2024, while car retail sales has posted double digit YoY and MoM growth in July 2024, sales of electric cars fell by 2.92% on a YoY basis. Total electric car retail sales in the month of July 2024 stood at 7,541 units, down from 7,768 units sold in July 2023. Sales of electric cars however, improved significantly on a MoM basis by 9.38% when compared to 6,894 units sold in June 2024.
Electric Car Sales July 2024 – Tata Motors Posts 12.72% YoY Decline
Tata Motors, with the healthiest lineup of electric vehicles in its portfolio, suffered a 12.72% YoY decline with retail sales at 4,775 units in the past month. This was against 5,471 units sold in July 2023. MoM sales however, improved by 9.87% over 4,346 units sold in June 2023. Tata Motors holds an 85% share in the Indian electric passenger vehicle segment with models such as the Nexon, Tiago, Punch and Tigor. The new Curvv EV was recently launched and deliveries are set to commence from later this month.
MG Motor has the Comet and ZS EV in this segment and has recorded sales of 1,522 units last month. This was a healthy 23.04% YoY growth from 1,237 units sold in July 2023 while MoM sales also improved by 8.33% over 1,405 units sold in June 2024. MG Comet and ZS EV in its electric PV segment are priced from Rs 6.99-25.44 lakh (ex-showroom). The new Windsor EV was recently teased and set to come in with several first in class features. The MG Windsor will be officially launched on September 11th.
Also posting positive sales both on YoY and MoM basis was Mahindra with its sole electric offering XUV400, priced from Rs 15.49 lakh to 17.69 lakh (ex-showroom), commanding a 6.27% market share. Sales of the XUV400 improved by 28.50% YoY and 9.19% MoM to 487 units last month. This was a volume growth of 108 units over 379 units sold in July 2023 while MoM volume growth stood at 41 units.
Sales of BYD showed triple digit growth to 341 units in July 2024, a 188.98% YoY improvement over 118 units sold in July 2023. MoM sales were also highly encouraging with a 48.91% growth over 229 units sold in June 2024. BYD currently has the Atto3, E6 and Seal in its electric vehicle lineup, priced from Rs 24.99 lakh to Rs 53 lakh (ex-showroom). Citroen sales of its eC3 dipped by 30.49% YoY and 34.32% MoM to 155 units in July 2024. In June 2024, the company expanded its electric portfolio with the Citroen C3 Aircross, a 7 seater electric SUV. It is currently on sale in Europe and plans are afoot for its launch in Indian markets as well.
BMW India at No. 1 Position among Luxury Brands
Even as BMW India has reported 34.58% YoY decline to 70 units sold in July 2024, the company has featured as the top selling luxury brand in the country. It has however, shown off a 40% MoM growth from 50 units sold in June 2024. The BMW electric vehicle range consists of the iX1, i4, iX and i7, priced from Rs 66.9 lakh to Rs 2.60 crores (ex-showroom).
Hyundai Ioniq 5 faced a significant decline in sales in July 2024. Sales dipped by 52.59% YoY and by 9.84% MoM to 55 units in the past month. There had been 116 units sold in July 2023 and 61 units in June 2024. Sales of the Volvo XC40 and C40 grew by 14.29% YoY to 40 units in July 2024 even as sales declined by 2.44% on a MoM basis over 41 units sold in June 2024.
Lower down the sales order, Mercedes sales fell drastically by 18.92% YoY and 26.83% MoM to just 30 units. Mercedes EV lineup recently saw two new electric SUVs – EQA and EQB being added to existing EQE and EQS launched earlier taking the company’s BEV count to 4 models. There was rising demand for the Audi electric vehicle range with 17 units sold in the past month. This was a healthy 88.89% YoY growth along with a 13.33% MoM improvement in sales.
Sales of Kia EV6 however, declined by 44.83% to just 16 units in July 2024 whereas there had been 29 units sold in July 2023. MoM sales improved by 1 unit or 6.67% over 15 units sold in June 2024. There were others in this segment that reported a 371.43% YoY and 266.67% MoM growth to 33 units sold in the past month whereas there had been 7 units and 9 units sold in July 2023 and June 2024 respectively.
