September 2024 marked a challenging period for electric vehicle (EV) sales in India, recording the lowest figures in the past 19 months. Total EV sales reached 5,733 units, showing a 9% year-on-year (YoY) drop compared to September 2023. This decline mirrors a global slowdown, particularly in Europe, where battery electric vehicle (BEV) sales fell by 36% in August 2024.
EV sales peaked in March 2024 (9,661 units) before starting a downward trend. By August 2024, sales fell by 5% YoY to 6,630 units, followed by further drops in September.
1. EV Sales by Leading Brands – September 2024
| Brand | Model(s) | Sales in Sep 2024 | Sales in Sep 2023 | Month-on-Month Change | YoY Change |
|---|---|---|---|---|---|
| Tata Motors | Nexon EV, Punch EV, Tiago EV | 3,530 | 4,320 | – | -18% |
| MG Motor India | Comet EV, ZS EV | 955 | 894 | -32% | +7% |
| Mahindra | XUV400 | 443 | 361 | +33% | +23% |
| BYD India | Atto 3, e6, Seal Sedan | 161 | 151 | -27% | +6.6% |
| Citroen | e-C3 | 386 | N/A | – | – |
| Hyundai India | Ioniq 5 | 26 | N/A | – | – |
2. Segment-wise Prices for Leading EV Models
| Brand | Model | Price Range (INR) |
|---|---|---|
| Tata Motors | Nexon EV | ₹14.74 lakh – ₹19.84 lakh |
| Punch EV | ₹11.20 lakh – ₹13.50 lakh | |
| Tiago EV | ₹8.69 lakh – ₹12.03 lakh | |
| MG Motor India | Comet EV | ₹7.98 lakh – ₹9.98 lakh |
| ZS EV | ₹23.38 lakh – ₹27.40 lakh | |
| Mahindra | XUV400 | ₹15.99 lakh – ₹19.39 lakh |
| BYD India | Atto 3 | ₹33.99 lakh |
| e6 | ₹29.15 lakh | |
| Citroen | e-C3 | ₹11.50 lakh – ₹12.43 lakh |
| Hyundai India | Ioniq 5 | ₹44.95 lakh |
3. Key Features and Specifications by Model
| Brand | Model | Battery Capacity | Range (Km) | Top Speed (Km/h) | Charging Time |
|---|---|---|---|---|---|
| Tata Motors | Nexon EV | 40.5 kWh | 325 | 120 | 9 hours (AC) |
| Punch EV | 29 kWh | 300 | 115 | 8.5 hours (AC) | |
| Tiago EV | 24 kWh | 315 | 120 | 7.5 hours (AC) | |
| MG Motor India | ZS EV | 50.3 kWh | 419 | 140 | 7 hours (AC) |
| Comet EV | 17.3 kWh | 230 | 100 | 7 hours (AC) | |
| Mahindra | XUV400 | 39.4 kWh | 375 | 150 | 7 hours (AC) |
| BYD India | Atto 3 | 60.48 kWh | 521 | 160 | 9 hours (AC) |
| Citroen | e-C3 | 29.2 kWh | 320 | 107 | 8.5 hours (AC) |
| Hyundai India | Ioniq 5 | 72.6 kWh | 631 | 185 | 6 hours (AC) |
4. Impact of Pricing Strategies and Future Trends
- Tata Motors initiated price cuts for its leading models, reducing Nexon EV prices by ₹3 lakh, Punch EV by ₹1.2 lakh, and Tiago EV by ₹40,000. However, the impact of these offers is expected to show in October 2024 sales figures.
- MG Motor introduced the Battery-as-a-Service (BaaS) program, enabling customers to buy vehicles without batteries and rent them, significantly lowering the upfront cost of EVs.
5. Luxury EV Segment
Luxury EV sales dropped by 14% YoY in September, with 209 units sold compared to 245 units in September 2023. However, the segment has seen a 20% growth YoY over the first nine months of 2024.
| Brand | Model | Units Sold (Sep 2024) | Units Sold (Jan-Sep 2024) | YoY Change (2023-24) |
|---|---|---|---|---|
| BMW India | i4, iX, i7 | 104 | 797 | +50% |
| Mercedes-Benz | EQC, EQB, EQS | 75 | 566 | +56% |
| Volvo | XC40 Recharge | 15 | 369 | – |
| Audi | e-tron | 11 | 125 | +34% |
6. FAQs
- Why did EV sales drop in September 2024?
Sales declined due to reduced consumer demand, global trends, and economic factors affecting purchasing power. - Which brand had the highest EV sales in September 2024?
Tata Motors, with 3,530 units sold. - How does the Battery-as-a-Service (BaaS) program help reduce costs?
BaaS allows buyers to rent the battery instead of purchasing it, lowering the initial cost of the vehicle. - What are the top three luxury EV brands in India?
BMW India, Mercedes-Benz, and Volvo are leading luxury EV brands. - Which brand experienced the highest YoY growth in EV sales?
Mahindra, with an 85% YoY growth. - How much has Tata Motors reduced EV prices?
Nexon EV by ₹3 lakh, Punch EV by ₹1.2 lakh, and Tiago EV by ₹40,000. - What is the range of the Hyundai Ioniq 5?
The Hyundai Ioniq 5 has a range of up to 631 km on a full charge. - Which is the best-selling luxury EV brand in India?
BMW India, with 797 units sold from January to September 2024. - Why did Tata Motors cut EV prices?
To stimulate demand before the festive season and improve sales. - What is the market share of Tata Motors in September 2024?
61%, down from 68% in September 2023. - Which EV model has the highest range?
The Hyundai Ioniq 5 with a range of 631 km. - Which EV manufacturer introduced a new MPV in October 2024?
BYD India is set to launch the eMax 7 MPV. - What is Mahindra’s upcoming EV plan?
Mahindra plans to launch 4-5 new EV models on the INGLO platform. - What caused the drop in luxury EV sales in September 2024?
A combination of reduced demand and global market trends.
