Electric Car & SUV Sales Increase by 14% in November

The Nov 2024 sales for electric cars and SUVs increased by 14%. As per Vahan retail sales data (December 1, 2024) total January-November 2024 sales of electric cars, SUVs and MPVs at 89,557 units are 19% YoY increase over the year-ago-sales of 75,051 units. Luxury EV sales fell sharply last month but cumulative 11-month retails are up 12% year on year.

CY2024 has been somewhat of a roller-coaster in terms of monthly sales. It opened with strong sales of 8,481 units (up 146% YoY), dropped 11% month on month to 7,519 units in February, hit 9,769 EVs in the FY2024-ending month of March, dropped sharply to 6,148 units in September, and then hit its best-ever monthly numbers in October (11,165 units).

Tata Motors feels the heat the heat of the growing competition. As per Vahan data (December 1, 2024), the longstanding electric car and SUV market leader sold 4,196 EVs in November 2024, down 18% YoY (November 2023: 5,124 units). In October 2024, Tata Motors had sold 6,449 units (up 15% YoY) which gave it a market share of 58%. The company has the largest e-PV portfolio in India comprising the Nexon EV, Tigor EV, Tiago EV, Xpres-T (for fleet buyers), Punch EV and the recently launched Curvv EV.

BYD India, which sells the all-electric Atto 3 SUV, Seal sedan and more recently the new eMAX 7 MPV maintains its No. 4 EV OEM position. In November 2024, BYD sold 326 EVs, up 133% on November 2023’s 140 units.