The growing preference for electric cars is fueled by their diverse advantages over traditional petrol or diesel-powered vehicles. Beyond providing an eco-friendly alternative amid escalating environmental concerns, electric cars offer lower operational costs and contribute significantly to reducing carbon emissions. The cutting-edge technology employed in electric vehicles, featuring advanced battery systems and electric motors, enhances environmental sustainability and ensures a superior driving experience with benefits such as instant torque and quiet operation. Financially, the transition to electric cars promises substantial savings through reduced fuel expenses, lower maintenance costs, and various government incentives, making them an economically attractive choice.
Now, let’s focus on a comprehensive overview of India’s top 5 electric car manufacturers in 2023. This exploration will delve into their sales figures, and market share, and highlight some of the much-anticipated premium electric car models poised to hit the market in 2024.
Table of Contents
1] TATA MOTORS
Tata Motors, a key player in the Indian automotive industry, has made significant strides in the electric vehicle (EV) segment. With a commitment to achieving net-zero emissions by 2040, water neutrality, adopting RE100, and aiming for zero waste to landfills by 2030, Tata Motors exemplifies a strong focus on sustainability. The company envisions innovating mobility solutions with a passion for enhancing the overall quality of life. Among their notable electric models, the Tata Nexon EV, Tata Tigor EV, and Tata Tiago EV have contributed to establishing Tata Motors as a frontrunner in the electric car market. Recently, the introduction of the Tata Punch EV further expanded their electric vehicle portfolio. Having already driven over 1.4 billion kilometers, Tata Motors’ electric cars are actively contributing to India’s transition towards electric mobility, aligning with the company’s vision for a greener and sustainable future. In 2023, Tata Motors claimed the top position in the automotive market with a remarkable total sales figure of 59,670 units.
2] MG MOTOR
Established in 2019, MG Motor India Private Limited is a prominent automobile manufacturer in India. Since 2023, the company has operated as a joint venture between SAIC Motor, a Chinese automotive manufacturer headquartered in Shanghai, and JSW Group, a multinational conglomerate based in Mumbai. Under this collaboration, MG Motor India markets vehicles carrying the renowned British MG marque, showcasing a fusion of international expertise and Indian business synergy.
Notably, MG Motor India has made a significant impact in the electric vehicle market with two offerings – the MG Comet EV, recognized as the most affordable SUV ever, and the MG ZS EV. In 2023, the company secured the second position in the market with a noteworthy annual sales figure of 9,443 units, reflecting the growing popularity and acceptance of MG’s innovative and electric vehicle offerings.
3] MAHINDRA AND MAHINDRA
The Mahindra Group is one of the most well-known names in the automobile market. Mahindra and Mahindra’s electric vehicles are designed for a futuristic experience, combining style, performance, and innovation. Their SUVs are meant for those who seek adventure and embrace change, offering a driving experience that goes beyond the ordinary. Mahindra and Mahindra’s electric vehicle lineup includes impressive models like BE.05, BE.07, BE RALL.E, XUV.E8, XUV.E9, along with upcoming concept vehicles THAR.E and BE.9 set to launch soon. In 2023, the company achieved the third position in the market, selling a notable 4,201 vehicles, showcasing the growing popularity of its diverse and innovative electric vehicle offering.
Read More: Top 10 Electric Scooter Companies in India 2023 Sales, Market Share, and Future Prospects
4] BYD INDIA
Founded in February 1995, BYD is a high-tech company dedicated to enhancing lives through technological innovations. With over 30 industrial parks on 6 continents, BYD has been a major player in electronics, auto, new energy, and rail transit industries after more than two decades of rapid growth. Specializing in energy acquisition, storage, and application, BYD provides comprehensive zero-emission new energy solutions. As a dual-listed company on the Hong Kong and Shenzhen Stock Exchanges, BYD achieved a turnover and total market value exceeding USD 38.4 billion from January to September 2022. Its electric vehicle lineup consists of three high-qualitative vehicles, that are BYD ATTO 3, BYD SEAL, and the all-new BYD e6.In 2023, the company stands at the fourth position with total sales of 1, 988.
5] HYUNDAI MOTOR
Hyundai Motor India Private Limited is a subsidiary of Hyundai Motor Company, a South Korean multinational automotive manufacturer. Hyundai Motor India operates as one of the leading automobile manufacturers in India and has gained popularity for its diverse range of vehicles, including hatchbacks, sedans, and SUVs, EVS. Hyundai’s global brand vision of ‘Progress for Humanity’ creates a sustainable outlook for future generations by offering mobility solutions with industry-leading technology. They currently have two electric vehicles, namely Hyundai Kona Electric, and The Ioniq 5. The company plans to launch more electric vehicles under the Hyundai and Kia brands in India, in a sign that it is bullish on the world’s third-largest automobile market. Hyundai has unveiled plans to invest Rs 20,000 crore over the next 10 years in Tamil Nadu, focusing on the modernization of vehicle platforms and a strategic expansion into the country’s burgeoning electric vehicle segment. In 2023 they have a sales figure if total 1,596 units.
