Despite the fact that electric passenger vehicle sales in India are currently fewer than 1% of total passenger vehicle sales, the market is gaining traction. According to industry data for the first half of the current fiscal year, a total of 6,261 electric PVs were sold between April and September 2021, representing a 234 percent year-over-year increase on a low year-ago total(Report)
In the first half of FY2022, e-PVs accounted for only 0.45 percent of the total PV market, with 13,87,714 units sold. Importantly, the 6,251 e-PVs sold in the first half of FY2022 have already surpassed the 5,905 e-PVs sold in the entire FY2021.
Nonetheless, the e-PV rate of growth and market potential cannot be disregarded, given the strong tailwinds supporting the EV sector in the shape of Central and State EV legislation, the FAME subsidy, and new interest from car purchasers as a result of wallet-burning petrol and diesel costs.
Tata Motors accounted for 70.57 percent of total sales in the first half of FY2022, with 4,419 units sold between April and September 2021. Tata has now surpassed all of FY2021’s sales of 4,219 units at the halfway point of the current fiscal year. While the Nexon EV is India’s best-selling EV with 3,618 units and a 58 percent market share, the Tigor EV is third on the EV chart with 801 units and a 13 percent market share.
Tata Motors EVs continued to rise in October 2021, with 1,586 units sold across three models – Nexon, Tigor, and the X-Pres T EV – bringing the company’s seven-month total to 6,005 units. The company is on track to set a new record in FY2022, and it is expected to break the 10,000-unit EV sales barrier for the first time this fiscal year.
Tata Motors’ rapid EV sales growth, on the other hand, maybe about to stall. The global semiconductor supply issue, which has hit Indian OEMs, is to blame. “The typical waiting period for most (Tata Motors’) passenger vehicles is around 6-8 weeks,” P B Balaji, CFO, said at a media event last week. It takes roughly 9-10 weeks for the more popular models and up to 6 months for electric vehicles.”
The MG ZS EV is the second most popular model
MG Motor India’s ZS EV is ranked No. 2 in the India e-PV pecking order, with high customer demand and market interest. The ZS EV has a 29 percent market share in the first half of FY2022, with 1,789 units sold. The ZS EV, like the Nexon EV, has exceeded its full FY2021 sales tally of 1,499 units.
Hyundai Motor India, which launched the Kona EV in India in July 2019, may be unable to capitalize on the opportunity because the model is too unorthodox and is also more expensive than rivals when spec-to-spec. While the Korean automaker is developing an inexpensive EV for India, the new-generation Kona, which was unveiled globally, will also arrive in the country next year. Kia, the sister brand, is looking into bringing its worldwide EV lineup to India in the coming years.