After achieving the best-ever monthly retail sales in October 2024, the electric passenger vehicle industry slowed down the festive season, recording lower monthly retail sales over the previous month. a YoY growth of 14% in November 2024
Electric four-wheelers recorded 8,596 units of retail sales and a YoY growth of 14% in November 2024, according to Vahan Data. Notably, November month brought a slight decrease in sales, reflecting the dynamic nature of the market.
Tata Motors, the longstanding electric 4W leader, continued to dominate the market in November and maintained market leadership, followed by MG Motors and Mahindra.
Let’s look closer at the top 10 original equipment manufacturers (OEMs) in the electric four-wheeler industry for November 2024. Top 10 electric car companies by sales and market share in November 2024.
Top 10 Electric Car Companies – Sales Data in November 2024
| Company Name | October | November | MoM Growth (%) | Market Share (%) (Nov) |
|---|---|---|---|---|
| Tata Passenger Electric Mobility Ltd | 6450 | 4205 | -34.79% | 39.77% |
| MG Motor India Pvt Ltd | 2712 | 3137 | 15.66% | 29.64% |
| Mahindra & Mahindra Ltd | 945 | 549 | -41.90% | 5.19% |
| PCA Automobiles India Pvt Ltd | 255 | 82 | -67.84% | 0.78% |
| BYD India Pvt Ltd | 377 | 326 | -13.54% | 3.08% |
| Mercedes-Benz | 157 | 97 | -38.22% | 0.92% |
| BMW India Pvt Ltd | 156 | 94 | -39.74% | 0.89% |
| KIA India Pvt Ltd | 45 | 67 | 48.89% | 0.63% |
| Hyundai Motor India Ltd | 35 | 20 | -42.86% | 0.19% |
| Volvo Auto India Pvt Ltd | 19 | 32 | 68.42% | 0.30% |
Tata Motors
Tata Motors continues to maintain its first position in the electric four-wheeler market leader board in November 2024 as well. The company reported a substantial decrease in retail sales, with sales figures falling to 4,205 units compared to 6,450 units in October.
This decrease resulted in a month-over-month growth rate of -34.79%, reducing Tata’s substantial market share to 39.77%.
MG Motors
In a surprising turn of events, MG Motors is the only brand to have positive MoM growth post the festive season. The company failed to surpass Tata Motors this month but surely is going to catch up soon. It retained its second position on the leaderboard in November 2024.
The company sold 3,137 electric two-wheelers, a slight increase from the 2,712 units sold in October. Its month-on-month growth stands at 15.66%, with a market share of 29.64%.
Mahindra and Mahindra
Mahindra and Mahindra continue to maintain its third spot on the leader board in November 2024.
The company sold 549 electric vehicles in November, which is a substantial decrease from the 945 units sold in October 2024. Mahindra recorded a month-on-month growth of -41.9% and now holds a market share of 5.19%.
BYD India Pvt Ltd
BYD maintained the fourth spot in the leader board with sales figure of 326 units in November 2024.
The company had a slight fall from the 377 units sold in October, reflecting a -13.54% month-on-month growth. BYD India Pvt Ltd now holds a 3.08% market share.
Mercedes Benz
Mercedes Benz, jumped up to the fifth position in the leaderboard this month. It reported sales of 97 units in November 2024, a reduction from the 157 units sold in October. This represents a reduction in month-on-month growth by -38.22% and its market share currently stands at 0.92%
Final Thoughts
November 2024 saw negligible sales performance across major electric automakers in India, with most witnessing da ecline and slowdown.
The electric four-wheeler market witnessed a change in dynamics as well as conflict in November 2024, with Tata Motors’s market share falling to 39.77%, whilst MG Motors battled closely behind at 29.64%.
Despite Tata’s dominance, its overall sales figures and market share have recently fallen. It dropped from a high percent to below 50% in November. This indicates increasing competition from competitors like MG Motors and Mahindra, whose consistently improving sales figures hint at a potentially tighter conflict in the upcoming year.
