Electric car sales in India increased exponentially in February 2022 compared to last year, contributed mainly by Tata Motors with over 85% of the market share in the EV segment.
Though there is a trend of electric vehicles in the Indian automotive sector, the EV market is quite inclined towards electric two-wheelers. Electric car sales in India are quite low compared to the boom of sales in the electric two-wheeler segment. The major reason for this can the not so affordable price range of currently available electric car models in India.
However, the sales figures have much improved compared to previous years, post the introduction of subsidies and friendly government policies for EVs in India. The development of charging infrastructure is also a major reason for the general acceptance of electric cars these days.
The inability of emerging startups to launch electric cars in the affordable segment and fewer options by big automotive giants is another reason for the lower sales figures.
Electric car sales Feb 2022-Feb 2021: YoY Comparison
Incentives and friendly government policies have made a great positive impact on the sales of electric cars over the year. Deployment of charging infrastructure has helped for the general acceptance of EVs as primary vehicles in Indian families.
In February 2022, electric car sales in India reported a whooping growth of 421% with 2,265 units, compared to the previous year’s sales figure of 434 units in February 2021.
With over 426% growth in February 2022, Tata Motors sold 2,264 units of electric cars compared to 434 units in February 2021. The sales figures are contributed mainly by the most loved electric cars: Tata Nexon EV and Tata Tigor EV, priced at 14.9 Lakhs and 13 lakhs respectively.
Unlike Tata motors, not all companies reported a major growth in electric car sales in India, some even sold less compared to last year. Mahindra eVerito sold 12 electric cars in February 2022 with 20% growth, compared to the previous years’ figure of 10 units.
While MG ZS EV’s sales have declined by 70% with 38 units sales compared to previous years’ sales of 127 units. Not a major progress, but many companies like BYD, Hyundai, Audi have reported growth in sales of electric cars over previous years.
Electric car sales in India Feb 2022-Jan 2022: MoM Comparison
Electric car sales in India in February 2022 reported a slight growth with 2,352 units in sales compared to January 2022, with sales lower than 1.4k units.
With 67% MoM growth, Tata motors sold 904 units more electric cars in February 2022, compared to 1,365 units in January 2022 retaining its EV market share of 90%.
Currently offering the only variant MG ZS EV, MG Motors reported a 35% decline in monthly sales at 38 units compared to the previous month’s 59 units. Mg motors are likely to launch the most affordable electric car in India under 10 Lakhs.
The monthly sales figure of Mahindra electric cars doesn’t look appealing, even after being in the EV space for quite a long time. In January 2022, Mahindra sold 31 electric cars, the numbers went down in February 2022 with 12 units in sales.
Offering BYD E6, BYD motors sold 10 electric cars in January and February 2022 each. Like Mahindra, Hyundai too launched its first version of the electric car, Hyundai Kona long time ago, but couldn’t make a major stand in the market. In January and February 2022, Hyundai sold 7 electric cars each month.
The luxury electric car segment is not doing quite great as well. Offering the eTron electric car, Audi sold 7 electric cars in February 2022, and 9 units in January 2022.
Mercedes Benz’s EQC reported a slight growth with 4 unit sales in February 2022 compared to 2 Units in January 2022. Some slight progress is seen in the sales of electric models from Porsche and jaguar.
With the upcoming GOI policies and subsidies, these sales figures are expected to grow at a great pace. Indigenous development of most components has reduced the price of electric cars significantly. With many upcoming electric cars in the affordable segment, the sales of electric cars in India are expected to grow rapidly in the next 5 years.
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