Last month (June) was a mixed bag for the Tatas. Tata Nexon, the country’s best-selling electric four-wheeler by a mile, was caught up in an unfortunate fire accident that left many faces embarrassed. This is the first time a Tata-branded vehicle has been caught in such an accident.
But on the other hand, electric vehicle sales of the Tata Stable reached new heights with quarterly sales of 9,283 in the first quarter of fiscal 2023 and higher monthly sales of 3,507 units in June. The company had a whopping 433% annual growth. The Nexon EV Max, launched in May, witnessed strong demand.
“In the future, we expect that the supply side, including critical electronics, will progressively improve. said mobility.
Single-digit sales, but two car brands in the top-4
Tata Motors is by far the leader in the electric vehicle segment in the country, with more than 70% market share in the four-wheel electric vehicle category. The Nexon EV and Tigor EV are among the top four electric cars sold in India in the month of June. While Nexon’s dominance is well known, the Tigor EV took third place on the list of best-selling EVs in the country. But their numbers will reveal how underdeveloped the Indian electric vehicle market is.
Believe it or not, the Tata Tigor EV version sold a total of 8 units in June, and that’s why it’s in fourth place. This is the sad reality of the Indian electric vehicle market. Only about 7.4% of the vehicles Tata Motors sells are EVs.
MG Motor, which is in second place, has around 27% of market share. The new generation ZS EV, which was launched here recently, sold around 250 units last month. The automaker managed to see a 145% increase in the percentage of sales. The 2022 MG ZS electric SUV is an improved version of its ICE counterpart, the MG Astor. First launched in 2020, the ZS EV is the company’s first electric SUV in the country.
MG Motor India appears to be excited about the prospects for its EVs in India and expects 25% of its total volumes to accrue from EV sales next year. The company is investing Rs 2,000 crore in capacity expansion and new product development in India.
The Hyundai Kona electric, Hyundai Motor’s only electric offering in India so far, is 4th on the list of top electric cars sold in India for the month of June. His achievement: He sold seven units of the car. Hyundai is, however, betting big on the Ioniq 5, which it plans to launch in the Indian market later this year.