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aimed to reach 30% of the Indian EV market by 2030, but its US$1 billion investment plan in India was reportedly withdrawn earlier this year amid India’s concerns over Chinese investments.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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With petrol and diesel prices touching new all-time highs, the Indian automobile market is witnessing a paradigm shift. More and more automakers are hopping onto the all-electric bandwagon and EV sales have risen significantly as well.

A good indication of this is a recent report from JMK Research (via 91mobiles) that shows that the Indian electric vehicle market registered a massive 240% year-on-year growth in December 2021 in terms of sales.

A total of over 50,800 electric vehicles were purchased during December 2021, according to the report, which is 21% higher than the 42,055 figure from November of the same year. The gap gets even wider when December 2020 is brought into the picture, with only 14,978 new EVs registered across the country during the month.

The main contributors to the impressive growth figures were two-wheeler EVs and three-wheeler EVs, which together accounted for 90.3% of EV sales in December 2021. Both categories had a near equal share, with 48.6% of sales coming in from the electric two-wheelers camp and 41.7% from electric passenger three-wheelers. Electric cars and cargo vehicles, meanwhile, clocked in shares of 5 percent and 4.3 percent share, respectively.

Okinawa, Hero Electric, Ampere Vehicles, Ather Energy, Pure EV, TVS Motors, Benling India, Revolt, Bajaj, and Jitendra New EV Tech were the top 10 companies in the high-speed electric two-wheeler (HS-E2W) space, accounting for 94% of the total registrations recorded in the month of December 2021. This particular market clocked in sales of 24,725 units in December 2021, which is a 10% MoM and 444% YoY jump.

The scene is a lot different in the electric cars segment though, where Tata Motors stood unrivaled, accounting for 93% of the total of 2,522 units sold in December 2021. It is seconded by MG Motors.

Moving on to state-wise distribution, UP led the chart with a share of 23% from the total number of EVs sold last year. It is joined by Maharashtra and Karnataka on the podium, with 13% and 9% shares respectively. The 4th and 5th ranks are held by Rajasthan with 8% and Delhi with 7% contribution.

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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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The EV industry in India has changed a lot in the last year. Sales of electric vehicles in the country are on the rise. Although the industry is still in the budding stage, the interest in buying EVs has significantly increased. With that being said, let us look at the sales performance of EVs in India for H1 FY22.

A total of 6,261 units were sold during this period, up 234 percent over the 1,872 units sold from April to September 2020. This was a difference of 4,389 units. Leaders in this segment include automakers such as Tata Motors (Nexon and Tigor EV), MG Motors (ZS EV), Hyundai (Kona), and Mahindra (Verito).

Tata Motors, the Indian automobile giant, remains dominant with their Nexon (SUV) and Tigor (Sedan) models, making up for 70% of total private EV sales in H1 FY21-22. Both the Nexon and Tigor models enjoyed growth in sales by 214 percent and 701 percent, respectively, compared to H1 of last year.

The Tata Nexon topped the charts with 3618 units sold, single handily making up almost 58% of India’s total private EV sales for H1 of FY2021-22. Tata Motors also revealed the plan to launch ten more electric cars in India over the next five years. Rs 7,500 crore ($1 billion) has been raised for this venture, and out of these ten EVs being planned, at least seven cars will be launched over the next four years.

MG ZS EV was at No. 2 with 1,789 units sold in the April-September 2021 period, an increase of 250 percent or 1,278 units over just 511 units sold during the same period last year.

At No.3 was Tata Tigor EV with sales of 801 units in April-September 2021, up 701 percent from 100 units sold in the April-September 2020 period. This jump in sales can be accredited to the updates the vehicle received in the battery and other departments earlier this year.

Hyundai Kona came as 4th. The sales of this EV have dipped 50 percent from 101 units sold in April-September 2020 to 51 units in the same period of this year. At the last position of private EVs was the Mahindra Verito with just two units sold in the April to September 2021 period, down from 8 units sold in the same period of 2020, relating to a 75 percent degrowth.

With the EV charging stations reaching 500 (427 operational) across the country, government subsidies on EV purchase, and the ever-rising fuel prices, India might soon emerge as a leading EV market.

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As electric vehicles continue to gain ground, more carmakers are shifting towards releasing theirs. UK based Carmaker Jaguar Land Rover (JLR) has announced that its luxury Jaguar brand of cars will become all-electric as early as 2025, and all models from JLR are expected to be electric in less than a decade, by 2030.

According to a statement released by JLR on Monday, the company owned by Indian auto giant Tata Motors stated that it has plans to achieve zero emissions by the turn of the next decade and has taken the bold step to pursue investment that will be integral in the company significantly reducing its carbon footprint, going forward.

In addition, the Land Rover brand of the company will be releasing its first of six electric models beginning from 2024. The plan is to progressively develop pure electric vehicles to replace all the iconic Jaguar and Rover models that were a beauty to behold and packed with power and luxury decades ago.

The electrification process in the three UK plants of the company is expected to flow seamlessly and there shall be no shutdowns of the plants and subsequent job losses as the process progress.

It would be a complex process of retooling the hitherto traditional car production plants to suit the new production direction of fully electric vehicles. A number of machines in the assembly line will have to be replaced and the manpower needed will be given the necessary cutting-edge training so as to prevent redundancies in the system. JLR did not provide the outlay of investments needed to transform the three-vehicle manufacturing plants to fully electric vehicle production facilities.

The stock market reacted positively to the news as Tata Motors stock soared by 3% after the announcement. However, JLR is expected to release further details on the plans in due course.

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