EV sales penetration for leading 4W OEMs in India

Tata Motors registered the highest EV sales in the 4W segment, with 51,892 units for YTD 2024. MG Motors holds the highest EV penetration (33.4%) for YTD 2024 sales. The company has been recording an impressive sales penetration of EVs year on year. EVERY THIRD CAR MG MOTORS SOLD THIS YEAR IS ELECTRIC.

In the luxury segment, BMW has been making the highest sales and recorded an impressive 10.8% EV penetration in its sales in CY 2023.

% EV penetration for Mercedez Benz sales has been gradually increasing every year and currently stands at 4.6%.

Observations:

• Tata Motors has consistently made the highest EV sales in the 4W segment, with 51,892 electric cars for YTD CY 2024. This year, 11.7% of their total car sales have been electric, the same as CY 2023.

• A distant second in overall EV sales, JSW Morris Garages India registered the highest EV penetration (33.4%) for YTD 2024. The company has been recording an impressive EV sales penetration year on year, as seen in the graph below. Every third car they have sold this year is electric.

• Mahindra & Mahindra EV sales remain low at 1.5% penetration this year.

• Citroën India sold 5,949 cars in YTD 2024; of which were 1,953 electric, amounting to 32.8% EV penetration in sales. Fun fact – Citroen has sold more EVs than ICE cars in Telangana in YTD 2024.

• In the luxury segment, BMW Motors India has been making the highest sales and recorded an impressive 10.8% EV penetration in its sales in CY 2023, and 6.8% in YTD 2024.

• Volvo Car India sold 387 EVs YTD 2024 (total sales 1550), amounting for ~25% EV penetration in its sales.

• % EV penetration for Mercedes-Benz AG India sales has been gradually increasing y-o-y and stands at 4.6% for YTD 2024.

Also read: India’s Electric Vehicle sales trend | October 2024