Feb EV Sales: Electric Car Sales Decline, Startups Rise Once Again

- Advertisement -

Electric two-wheelers and electric three-wheelers continue to dominate the electric vehicle sales figures in India. Electric car adoption, on a larger scale, seems to be further away.

The reports of electric car sales going south in various international markets have been doing rounds of various media corners over the past few months. In India, during February 2024, eight out of the top ten electric car brands in the country posted a month-on-month (MoM) decline.

Mahindra and Mahindra, with 592 sales to end consumers in India, posted a decline of over 20% MoM. PCA Automobiles and Audi AG were the only OEMs to have grown in India during the month.

- Advertisement -

In the luxury segment, BMW’s electric car sales in the country declined over 38% MoM as the OEM only registered 92 EVs in February against the 149 it had registered in January 2024.

Tata Motors has been holding the tag of the most-selling electric car brand in India for a long time now. None of the OEM’s competitors have been able to sell half of what Tata has been retailing in India MoM.

Electric Car OEM JAN FEB % Change
1 TATA PASSENGER ELECTRIC MOBILITY LTD 4,404 4,299 -2.38
2 MG MOTOR INDIA PVT LTD 1,122 1,020 -9.09
3 MAHINDRA & MAHINDRA LIMITED 742 592 -20.22
4 HYUNDAI MOTOR INDIA LTD 169 116 -31.36
5 BYD INDIA PRIVATE LIMITED 139 101 -27.34
6 BMW INDIA PVT LTD 149 92 -38.26
7 PCA AUTOMOBILES INDIA PVT LTD 26 50 92.31
8 VOLVO AUTO INDIA PVT LTD 54 43 -20.37
9 MERCEDES -BENZ 61 41 -32.79
10 AUDI AG 14 19 35.71

 

In the electric three-wheeler (E3W) space, Piaggio’s MoM sales declined by over 5%, while Bajaj Auto’s declined by over 12%. Mahindra Last Mile Mobility, comfortably sitting on the top spot, reported sales of 3,781 E3W units, resulting in a 16.99% MoM growth for the company.

Omega Seiki Mobility packed a punch as its sales grew 35.42% MoM in the segment. Euler Motors has now also become a constantly growing OEM as the start-up posted 16.20% growth. Dilli Electric Auto’s sales increased from 58 units in January 2024 to 109 units in February 2024.

Electric 3 wheeler L5 OEM JAN FEB
% Change
1 MAHINDRA LAST MILE MOBILITY LTD 3,232 3,781 16.99
2 PIAGGIO VEHICLES PVT LTD 2,096 1,983 -5.39
3 BAJAJ AUTO LTD 1,578 1,379 -12.61
4 OMEGA SEIKI PVT LTD 367 497 35.42
5 TI CLEAN MOBILITY PVT LTD 360 458 27.22
6 EULER MOTORS PVT LTD 321 373 16.20
7 MAHINDRA & MAHINDRA LIMITED 239 183 -23.43
8 ALTIGREEN PROPULSION LABS PVT LTD 145 149 2.76
9 DILLI ELECTRIC AUTO PVT LTD 58 109 87.93
10 ATUL AUTO LTD 102 101 -0.98

 

On the electric two-wheeler front, Ola Electric continues to lead the market with 33,722 sales in February 2024. TVS Motor’s market share fell by over 5% MoM, while Bajaj’s increased by over 6%.

Electric Two Wheeler OEM JAN FEB
% Change
1 OLA ELECTRIC TECHNOLOGIES PVT LTD 32,316 33,722 4.35
2 TVS MOTOR COMPANY LTD 15,313 14,499 -5.32
3 BAJAJ AUTO LTD 10,872 11,618 6.86
4 ATHER ENERGY PVT LTD 9,342 8,983 -3.84
5 GREAVES ELECTRIC MOBILITY PVT LTD 2,358 2,484 5.34
6 HERO MOTOCORP LTD 1,494 1,750 17.14
7 BGAUSS AUTO PRIVATE LIMITED 1,487 1,349 -9.28
8 WARDWIZARD INNOVATIONS & MOBILITY LIMITED 976 840 -13.93
9 OKINAWA AUTOTECH PVT LTD 683 660 -3.37
10 OKAYA EV PVT LTD 581 657 13.08
- Advertisement -

Most Popular Articles

Mukul Yudhveer Singh
Mukul Yudhveer Singh
Mukul Yudhveer Singh is an Editor at EFY. He’s an experienced business journalist who is both an enthusiast and a cynic of technology. Believes in data, as well as hunch-based journalism. He defines journalism as- reporting facts which help the audience take their own decisions, not ones that influence them!

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

Growth Opportunities Connected With The Growing Semicon EcoSystem In India

0
India must concentrate on electronics products and semiconductor components, as progress in one area reinforces the other. The country can unlock immense economic opportunities...

“Don’t Let Designations Become A Wild Goose Chase”

0
In his childhood, he possessed just one sweater, meant to last through many winters. He could not join IIT Roorkee because the cost of...

“Capitalise On ‘China Plus Two,’ Where Products With Higher Value Addition Become The Focus”

0
EPIC Foundation aims to transform India into an electronics hardware product nation by collaborating with governments, universities, design houses, and startups. In a conversation...

Buzz

Ultraviolette Aims For European And Middle Eastern Expansion

0
Niraj Rajmohan, Co-Founder and CTO of Ultraviolette stated that 2024 is set to mark the company’s foray into international markets while simultaneously strengthening its...

Chargeup’s Goal: 25,000 Drivers In 17 Cities By 2025, Prioritizing Smaller Cities

0
Chargeup, the forefront battery financing and comprehensive EV asset management platform in India, is on a mission to integrate 100,000 drivers within the upcoming...

Ampere Nexus, Electric Scooter Launching April 30th

0
Greaves Electric Mobility’s Nexus, having recently traversed the distance from Kashmir to Kanyakumari, is set to be the brand’s inaugural luxury electric scooter and...

Important Sectors

Ultraviolette Aims For European And Middle Eastern Expansion

0
Niraj Rajmohan, Co-Founder and CTO of Ultraviolette stated that 2024 is set to mark the company’s foray into international markets while simultaneously strengthening its...

Ampere Nexus, Electric Scooter Launching April 30th

0
Greaves Electric Mobility’s Nexus, having recently traversed the distance from Kashmir to Kanyakumari, is set to be the brand’s inaugural luxury electric scooter and...

Ford Investes In Expanding EV Software Capabilities At Chennai Hub

0
Ford Business Solutions India, presently with a staff of 12,000, is poised to expand by an additional 3,000 employees. Ford, recognized for its efforts...
solar panels

Tata Power Solar And Indian Bank Forge Partnership To Propel Residential Solar Adoption

0
This collaboration aims to facilitate easy access to financing for homeowners, setting the stage for a greener future. Tata Power Solar Systems Limited (TPSSL) has...

Log 9 Enters EV Asset Management Via Amphion

0
Commercial electric vehicle asset management and finance is becoming one of India's biggest emerging business opportunities. Here's Log 9 joining the segment! Log 9 has...

Manufacturing

Honda plans major EV factory construction in Canada,

0
Honda's dedication to this facility reflects its wider ecological objectives, which include a target to only offer zero-emission vehicles by 2040 and to attain...
Sona Comstar

Sona Comstar Launches Mexico Plant For North American EV Demand

0
The new facility, established to address the increasing demand for premium driveline solutions for BEVs in North America, will focus on manufacturing differential assemblies...

Sterling Tools Inks MoU With Yongin For EV Components Facility

0
Sterling Tools announced that this strategic partnership is anticipated to bring in Rs 250 crore in business over the next five years. This collaboration...

Tata Elxsi-Renesas MCU Boosts EV Cost Efficiency And Market Speed

0
The Motor Control Unit's modular, scalable design facilitates integration across various EV applications, reducing time to market by 40%, lowering design and development costs...

Ramkrishna Forgings To Supply Powertrain Parts To Top US Electric Carmaker

0
Indian producer of rolled, forged, and machined products enter the US electric vehicle market for the first time. Ramkrishna Forgings, an Indian supplier of rolled,...