As many as 8,357 EVs were sold last month compared to 7,064 units in November 2023, showed data from the Vahan portal of the ministry of road, transport & highways (MoRTH). New models lifted electric car sales by nearly a fifth (or 18%) in November, marking the second straight month of growth, rebounding from a challenging period for much of this financial year. Sales could grow further with automakers introducing a total of 10 new EVs, including six at the core of the market in the midsize SUV segment, in the year through March. Some such as Tata Motors Curvv EV, Kia's EV9, and Mahindra & Mahindra BE 6e and XEV 9e models have already been launched.
As many as 8,357 EVs were sold last month compared to 7,064 units in November 2023, showed data from the Vahan portal of the ministry of road, transport & highways (MoRTH). Other than October and November, sales have grown only in April this fiscal year.
Tata Motors continued to lead the sales tally, retailing 4,191 units last month, though it fell 13% from November 2023. Retail sales at JSW MG Motor India surged nearly fourfold to 3,126 units backed by demand for its latest Windsor model. Senior industry executives ET spoke to say the launch of the new models such as Maruti Suzuki Vitara E, Hyundai Creta EV, Mahindra BE 6e and XEV 9e will give further impetus to EV sales in the coming months.
"EVs are at a nascent stage and the full potential of this segment is yet to be unleashed. As this space is getting expanded with new entrants bringing their own technologies, this segment is poised for a steady growth over the next few years," said Satinder Singh Bajwa, chief commercial officer, JSW MG Motor India.
Factors such as limited offerings in the mainstream market, higher acquisition costs compared with petrol/diesel vehicles, and lack of adequate charging infrastructure have been hindering customer acceptance of electric cars in India.
On their part, automakers are launching affordable EV models and setting up charging stations at dealerships among steps to overcome customer reluctance for EVs. Stakeholders said such measures will help draw potential buyers and support growth in the segment. JSW MG Motor is looking to introduce one new energy vehicle, comprising both pure electric and plug-in hybrids, every six months to broaden its portfolio.
"We at JSW MG Motor India are one of segment leaders and are continuously innovating to make our EVs more accessible. On the back of several initiatives, including battery-as-a-service, we are happy to report that our MG Windsor has emerged as the highest selling EV for the second consecutive month," Bajwa said. "In addition, our EV portfolio contributed over 70% to our overall sales in November 2024, highlighting our commitment to promote sustainable mobility."
Tata Motors has rationalised prices of its electric vehicles in the past few months by passing on the benefits of lower cell prices to customers to make its vehicles more accessible.
"The simple reason for that (reduction in EV prices) has been steep reduction in the prices of cells. As a leading manufacturer in the country, we have tried to pass that on to the customers, so that we bring the price of electric vehicles closer to the automatic car prices in the ICE (internal combustion engine) segment," Shailesh Chandra, managing director, Tata Passenger Electric Mobility, said in a recent interview.
