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India's Electric Vehicle Sales Witness Downturn In June 2024
Electric passenger vehicle sales in India have slowed, according to the latest data from FADA for June 2024. Retail sales of these vehicles dropped by 13.51% year-on-year to 6,894 units, down from 7,971 units sold in June 2023. Month-on-month sales also fell by 9.74% compared to 7,638 units sold in May 2024.
Tata Motors led the market with 4,346 unit sales last month, capturing a 58.6% share despite a decline. The company saw a 20.77% drop year-on-year and a 14.50% decrease month-on-month from May's 5,083 units. Tata's current electric lineup includes the Tiago, Tigor, Punch, and Nexon.
MG Motor Sees Growth
MG Motor ranked second with a 21.12% year-on-year increase in sales to 1,405 units in June 2024. However, it experienced a slight month-on-month decline of 2.50% from May's 1,441 units. MG offers the Comet and ZS EV models priced between Rs 6.99-25.2 lakh (ex-showroom).
Mahindra secured third place with retail sales of 446 units last month, marking a 7.99% year-on-year growth but a significant month-on-month drop of 20.92%. The XUV400 is Mahindra's sole model in this segment, with an electric version of the XUV700 expected later this year.
Citroen and BYD Performance
Citroen reported a notable performance on a month-on-month basis with a growth of 174.42%, selling 236 units in June compared to May's 86 units despite a year-on-year decline of 26.76%. Citroen moved up from sixth place in May to fourth last month.
BYD India saw strong demand with retail sales growing by 23.78% year-on-year and by an impressive 40.99% month-on-month to reach 229 units last month. The company recently expanded its Atto 3 lineup with three new variants: Dynamic, Premium, and Superior.
Hyundai and Kia Sales Decline
Hyundai's electric vehicle sales suffered significantly with a year-on-year drop of 61.88% and a month-on-month decrease of 36.46%, selling only 61 units last month compared to June's previous year's figure of 160 units and May's figure of 96 units.
Kia also faced declines with sales falling by 61.54% year-on-year and by 28.57% month-on-month to just 15 units sold last month.
Luxury Electric Vehicle Market
BWM India led the luxury electric vehicle segment with sales of 50 units last month but saw declines of both year-on-year50%) and month-on-month (30.56%). BMW’s electric portfolio includes i7, iX, i4, iX1 models priced between Rs67-250 lakh (ex-showroom).
Mercedes Benz experienced positive demand with a year-on-year growth of 10.81%, selling four more units than June last year's total of thirty-seven but saw a monthly decline of twenty-eight percent compared to fifty-seven units sold in May.
Audi AG witnessed outstanding demand for its electric vehicles with an impressive growth rate of one hundred fourteen percent year-over-year and one hundred fifty percent on a monthly basis reaching fifteen unit sales in June twenty-twenty-four.
Volvo’s electric vehicle sales fell by six-point-eight-two percent year-over-year but improved seventeen-point-one-four percent on a monthly basis reaching forty-one unit sales last month.
The overall trend indicates fluctuating demand across different manufacturers within India's electric passenger vehicle market as companies continue to expand their offerings amidst varying consumer interests.
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