EV Sales Report 4-Wheeler in January 2024 | Top EV Makers
H. Karan Kumar
Updated on Sept 19, 2023 | 6 min read
Tata Motors controls over 75% of all the electric cars in India besides MG ZS EV, Hyundai Kona, etc. Currently, Tata monopolises all aspects of electric vehicles, from EV manufacturing to component supply. Such domination of Tata is also reflected in the monthly EV sales report. So, in this article, we’ll see a detailed EV sales report of electric 4-wheelers in January 2024 and briefly examine why Tata is becoming unbeatable in the market.
EV 4-Wheeler Sales Report January 2024:
Electric cars cover almost 5.6% of all the EVs sold in India in Jan 2024, and a massive chunk of it is consumed by electric 4-wheelers only. Here’s a brand-wise breakdown of all the top electric cars:
SI No. | Makers | Jan-24 | Dec-23 | % MoM | Market Share |
1 | TATA MOTORS | 5,543 | 5,001 | 11% | 68.61% |
2 | MG MOTORS | 1,152 | 988 | 17% | 14.26% |
3 | MAHINDRA & MAHINDRA | 740 | 682 | 9% | 9.16% |
4 | HYUNDAI MOTOR | 161 | 126 | 28% | 1.99% |
5 | BYD | 148 | 174 | -15% | 1.83% |
6 | BMW | 145 | 177 | -18% | 1.79% |
7 | MERCEDES-BENZ AG | 56 | 84 | -33% | 0.69% |
8 | VOLVO | 49 | 62 | -21% | 0.61% |
9 | KIA MOTORS | 34 | 30 | 13% | 0.4% |
10 | PCA AUTOMOBILES | 28 | 52 | -46% | 0.35% |
11 | Others | 23 | 44 | -48% | 0.28% |
TOTAL | 8,079 | 7,420 | 9% | 100% |
Source: EV reporter.
The 9% MoM growth rate might look very small, but a justified comparison will be the YoY growth rate. From last year’s EV-4 wheeler sales in Jan 2023, which was 3443 units, to Jan 2024, which was 8079 units, India has grown by 134% YoY.
But a critical takeaway from this report is the market share, which signifies that Tata owns 2/3 of all the EV 4-wheeler sales in India.
Top Selling Electric cars
Back in 2019, when the Nexon EV began to roar in the EV market, a new electric car came in, the Hyundai Kona EV, priced very competitively to the Nexon EV with similar specifications. But as we know today, Nexon has become an unbeatable competitor with the largest charging infra.
Similarly, along with Nexon EV, some other EV makers are rising in the EV scene, like MG ZS EV, BYD, Mahindra XUV 400, etc. Let’s explore more about the other winning electric cars.
1. Tata Motors:
Starting with Nexon EV, Tata Motors now has 4 different electric cars in its portfolio, ranging from high-performance & expensive to cost-effective and economical. With the upcoming launches, Tata plans to have 10 electric vehicles by 2030. Tata intends to target a broad market segment ranging from high-speed to premium electric cars.
2. Mahindra & Mahindra:
It was anticipated that the only brand that could compete with Tata’s Nexon EV is Mahindra’s XUV400. Still, as time passes, even Mahindra can’t break the strong connection between Tata Motors and its customers. However, Mahindra’s upcoming vehicles are expected to be cost-effective and give tough competition to the most beloved Tata Motors.
How Tata monopolised the EV market
Among so many Players in the EV market, how is Tata able to capture such a massive market share? Give a deeper explanation.
Product strategy:
- Early focus on the mass market: Unlike competitors targeting the high-end segment initially, Tata strategically entered with affordable options like the Tiago and Tigor EVs, making them accessible to a broader audience.
- Catering to diverse needs: Their portfolio offers EVs across segments, from budget-friendly hatchbacks to premium SUVs like the Nexon EV and the recent Nexon EV Max with extended range, appealing to a broader range of customer preferences.
- Localization: Focusing on local production and component sourcing keeps costs down, making their EVs more competitive against imported options.
- Regular updates and improvements: Tata consistently upgrades its models with better features, range, and performance, demonstrating their commitment to continuous improvement.
Marketing and branding:
- Building a strong EV image: Through targeted marketing campaigns and collaborations, Tata has successfully positioned itself as a leader in the Indian EV space, fostering trust and brand recognition.
- Emphasizing sustainability and innovation: Tata resonates with eco-conscious and tech-savvy consumers by highlighting the environmental benefits and cutting-edge technology of their EVs.
- Engaging customer experience: They create interactive experiences through test drives, EV education initiatives, and community-building events, generating excitement and engagement.
Strategic partnerships:
- Securing battery supply: Collaborations with leading manufacturers like LG Chem and CATL ensure a reliable and stable supply of this crucial component, mitigating potential shortages.
- Charging infrastructure partnerships: Tata has partnered with companies like Tata Power and ChargePoint to install charging stations across India, addressing a primary concern for potential EV buyers.
- Government and industry collaborations: Active participation in government initiatives and industry associations allows Tata to stay ahead of policy changes and contribute to shaping the future of the EV ecosystem.
Operational efficiency:
- Leveraging existing infrastructure: Utilizing their established dealership network for EV sales and service provides a broader reach and ensures customer convenience.
- Streamlining manufacturing processes: Tata continuously optimises production processes to improve efficiency and cost-effectiveness, making EVs more competitive.
- Focus on research and development: Investing in R&D allows them to stay at the forefront of EV technology, developing better batteries, powertrains, and features for future models.
