India’s electric vehicle (EV) market saw a surge in sales in the first half of 2023, with the number of EVs sold doubling from the previous year. According to data from Canalys, a market research firm, 2 million light vehicles, including passenger cars and light commercial vehicles, were sold in India in the first half of 2023. 

This is compared to 1.8 million units sold in the same period in 2022. Of the 2 million vehicles sold in the first half of 2023, 48,000 were EVs which accounts for a share of 2.4%. This represents a 137% year-on-year growth in EV sales.

Tata Motors dominates India’s EV market

Tata Motors dominated India’s electric vehicle market in the first half of 2023, selling 34,000 units and capturing a 72% share. The company’s Tiago, Nexon, and Tigor models were all among the top-selling EVs in India. 

MG Motor and Mahindra were the second and third-best-selling EV brands in India, respectively, with 10.8% and 9% market shares. While Tata’s Tiago was the highest-selling EV car in India, followed by the Nexon and the Tigor, the Mahindra XUV400, and the MG ZS were the other two in the top five.

As per Canalys, MG Motors surpassed 10% market share in India’s EV market, largely due to the success of the MG ZS and MG Comet (also known as the MG Air). These two models gained traction in selected markets.

Mahindra also made a significant impact in the market, challenging Tata with its XUV 400. The XUV 400 secured a substantial 9% market share. Likewise, Citroen had a good showing with its eC3 EV, which achieved a 3.5% market share. This is a reflection of the positive market response to more affordable compact EVs.

On the other hand, BYD, a Chinese automaker that began delivering its Atto 3 electric SUV in India in early 2023, had a market share of 2.9% in the first half of the year. BYD had previously aimed to reach 30% of the Indian EV market by 2030, but its US$1 billion investment plan in India was reportedly withdrawn earlier this year amid India’s concerns over Chinese investments.

Hyundai also launched its second EV in India, the Ioniq 5. The Ioniq 5 shares the platform with the Kia EV6. Hyundai also announced that it will launch five EV models in India by 2032. Maruti Suzuki, India’s leading car manufacturer, said it will launch its first EV in 2024 and plans to launch six more models by 2030.

“Maruti is late with EVs, but its scale and ambition give it the potential to dramatically expand the size of the Indian EV market,” Canalys said. 

“Despite increased competition in 2023, Canalys expects Tata to continue to dominate the market, with the Tiago remaining the most affordable EV in the market,” Ashwin Amberkar, Analyst at Canalys said.

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India’s leading electric vehicles manufacturer Tata Motors has unveiled its new Curvv design to help it produce longer-range EVs. The company plans to deploy this new platform and the first EVs will be out by 2024 with bigger batteries and range up to 500km.

Tata Motors has seen a surge in the number of electric vehicles it has sold in India in the last two years and it is the leading local manufacturer of EVs in the subcontinent. The gradual growth in demand has been fueled by an incentive regime for manufacturers that cut across the central and regional governments. However, despite the incentives, EVs currently account for about 1% of vehicle sales in India, due mainly to their cost and lack of sufficient EV infrastructure.

The Curvv design will see Tata Motors manufacturing cars with bigger batteries and more efficient and shorter charging times for the batteries. The budding Indian EV market is still grappling with the high prices of EVs together with a dearth of charging infrastructure in several parts of the country. The new design will be based on a new architecture for electric models.

Tata Motors has made a huge investment in EV technology to deliver clean cars to the Indian market. It plans to raise more than $2 billion in equity funding focused on its EV unit research and development efforts. It has also had to grapple with the rising cost of battery cells and other components of EVs.

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Indian multinational automotive manufacturing company Tata Motors seems to have big plans for the Indian EV a.k.a Electric vehicle market. The company already accounts for a major market share in the EV sector with its Nexon EV and now, the company is all set to expand its portfolio by launching over 10 more EVs in India.

Tata Motor’s current EV lineup includes the popular Tata Nexon compact SUV and the Tata Tiago hatchback. Now, the company is expected to launch multiple EV models by 2026. These models include the EV variants of the existing Petrol/Diesel cars such as the Tata Safari and Tata Harrier.

For starters, the Tata Safari and Harrier are two popular choices when it comes to Petrol/Diesel cars. Now, that these popular choices are slated to get EV version would make up for a great lineup for EV buyers. Some of the other models expected to launch as EVs are Tata Altroz EV, Tata Punch EV, of course, Next-Gen Tata Nexon and Tiago models.

The Tata Altroz Ev was shown at the last year’s Auto Expo 2020. The Altroz EV is touted to come with the same electric powertrain as the existing Nexon EV. It is expected to offer a 250-300 km range on a single charge. Furthermore, the Altroz will be able to get an 80% charge in just 60 minutes of fast charging.

Moreover, Tata has made an agreement with the investment firm TPG Rise Climate for employing the new EV support company. The company will invest a whopping Rs. 7,500 crore for an 11-15 per cent stake in the upcoming EV company. As for now, the new EV support company is called EVCo, but it could soon get a new name publically.

“We have a phased plan to move from generation one to subsequent generations of EVs and in that journey, some of our modern architectures will be adapted to make them more electric ready, specifically to accommodate more battery packs,” said Shailesh Chandra, the President of Passenger Vehicles at Tata Motors.

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