2024 Was The Year Of EVs. How Numerous Launches Like Curvv & Windsor Helped Keep Electric Car Sales Stable

Tata and MG clearly have a firm grip on the EV market with Tata Motors having the largest product portfolio including the Punch EV and the newly launched Curvv EV

To sustain EV sales manufacturers clearly have to launch new models while bringing out initiatives to bolster EV interest.

Source : Somnath Chatterjee

2024 saw a steady number of new electric vehicles being launched and that spurred demand with clear year on year growth. That said, the festive rush which saw record sales of 11,165 units in October has significantly gone down in November at 8,596 units. However, despite still being a very small segment amongst the total passenger car sales, EV sales did grow albeit on the back of new launches.

Tata Motors Leads With EV Portfolio

Tata and MG clearly have a firm grip on the EV market with Tata Motors having the largest product portfolio including the Punch EV and the newly launched Curvv EV. It now has the widest EV portfolio while MG after its JV with JSW also had its success with the newly launched Windsor.

The Windsor is currently the best selling EV in India with its aggressive pricing as well as the battery rental plan which dominated headlines at its launch. However other than two players, Mahindra and BYD also chipped in with sales while in the luxury end it was a battle between BMW and Mercedes-Benz with numerous launches keeping the EV buyer interested.

Sustain EV Momentum

Hence, to sustain EV sales manufacturers clearly have to launch new models while bringing out initiatives to bolster EV interest. Currently the EV segment is hamstrung by higher prices and infrastructure but coming years will see a raft of new introductions which will increase the market size.

The key to expansion of EVs in India would be with more awareness, new launches and lower cost with manufacturers increasing localisation of EVs to keep aggressive pricing so as to offer an EV at ICE prices. While the EV segment has seen steady numbers, a bigger growth trajectory would be seen next year with Maruti Suzuki, Hyundai, Mahindra coming in with the full range of EVs along with giving more options to buyers.