Electric car sales: Tata, MG lead ‘power’ play, competition knocks at the gates!
India’s electric car market saw an impressive jump in 2024, with sales rising by 20 percent and closing just shy of the 1 lakh-unit mark. This is a notable increase from the 82,688 electric cars sold in 2023, highlighting the growing shift towards electric cars in India despite the challenges.
Indian mass-market EV segment: JSW MG India’s trump card
One of the biggest winners of this growth was JSW MG Motor, which posted an impressive 125 percent growth in 2024 in terms of overall sales. Speaking of EVs alone, the company sold 21,484 electric cars last year, resulting in a sharp rise from 9,526 units in 2023. The driving force behind this growth was the success of the Windsor SUV, which quickly gained traction in the market. The introduction of a battery rental option further helped attract buyers. The Windsor EV also emerged as the highest-selling electric car, selling over 10,000 units within three months of its launch. Building on the success of the BaaS model that made the Windsor an instant success, MG quickly rolled out the subscription model for its existing lineup which includes the Comet and ZS EV. This move has brought the upfront cost of owning an EV down to as low as Rs 4.99 lakh, ex-showroom.
Indian mass-market EV segment: Double-digit takers in market share pie
The sales momentum from last year has carried into 2025, with January proving to be a strong month for mass market EV manufacturers. Hyundai officially entered the mass-market EV segment with the launch of the Creta Electric, while Maruti Suzuki made its long-awaited move with the unveiling of the e-Vitara at the Bharat Mobility Global Expo.
Despite having the most extensive lineup of electric vehicles in India, including models like the Tiago EV, Tigor EV, Nexon EV, Punch EV, and Curvv EV, Tata Motors has seen its market share dip to 38 percent. Meanwhile, JSW MG Motor India has continued its rapid growth, selling 4,455 EVs in January alone. Currently, EVs make up 70 percent of the company’s total sales and it now holds a 29 percent share in India’s mass-market electric car segment.
In addition to the Comet EV, Windsor EV, and ZS EV, the brand is now preparing to expand its lineup with the Cyberster electric roadster and the M9 MPV under its new premium channel, MG Select.
Mahindra & Mahindra has also strengthened its presence in the EV space, commanding a 16% market share in January 2025. The company’s expanding electric SUV lineup, which now includes the BE6 and XEV 9e born-electric models alongside the XUV400 EV, has helped boost its position.
Hyundai, a relatively new player in mass-market space, has made an immediate impact with the launch of the Creta Electric on January 17, 2025. The electrified version of its best-selling SUV has given Hyundai a solid 11 percent market share in the EV segment. The Creta nameplate continues to dominate, with January 2025 emerging as its best sales month yet – 18,522 units sold, surpassing the previous record of 17,497 units in October 2024. This growth can also be attributed to the addition of the battery-powered Creta.
Other players, including Kia, Citroen, and BYD, collectively accounted for a modest 4 percent market share in January 2025. However, with Maruti Suzuki’s e-Vitara set to hit the roads soon, competition is expected to intensify further. Whether it will immediately shake up the segment remains to be seen, but it is clear that India’s EV market is entering an exciting new phase.
