Car models crowd in as EVs spark in India
India’s fledgling electric vehicle market on expectations that a government push towards ecofriendly mobility and greater consumer awareness will further accelerate sales.
Domestic electric passenger vehicle sales have picked up pace, with the number of mass-market models growing threefold to a dozen by seven companies in 2023, from just four models by three manufacturers prior to the pandemic, according to data collated by automotive market research firm Jato Dynamics.
Tata Motors dominates the local EV market with its Tiago, Nexon, Tigor and Punch, followed by MG Motor India and Mahindra & Mahindra. China’s BYD, a relatively new entrant, is making strong inroads, surging ahead of even established rivals such as South Korea’s Hyundai and Kia. BYD, the world's number one electric vehicle maker, launched the Seal sedan earlier this week — the third model in its portfolio after the e6 multipurpose vehicle and Atto 3 SUV.
BYD sold 2,658 vehicles in India in 2023, recording a more than threefold rise from the previous year. Tata Motors, India’s third-largest carmaker, has lofty ambitions from the segment.
“The EV contribution in our portfolio is likely to increase to 25% in five years and reach 50% by 2030,” Tata Motors said in its annual report for FY23. Gaurav Gupta, deputy managing director at MG Motor India, said, “Around 30% of our total sales come from our EV models, as the company is continuing to enhance its product portfolio.”
MG is among the early automakers to launch EVs in India, starting with the ZS
