Retail sales of electric passenger vehicles has seen outstanding growth, recording 130 percent YoY and 153 percent in FY2023
As per data released by Federation of Automobile Dealers Association (FADA), Electric PV sales improved by 153.47 percent during the FY 2023 period to 47,102 units, up from 18,583 units sold in FY 2022. Every OEM on this list has reported sales growth.
Electric Car Retail Sales FY 2023
It was Tata Motors that topped the list with 38,322 units sold during the FY 2023 period, up 144.54 percent when compared to 15,671 units sold in FY 2022. MG Motor sales also improved by 119.94 percent to 4,511 units in FY 2023 from 2,051 units sold in the same period last year. It was followed by BYD India with 2565 percent growth to 1,066 units in FY 2023 from just 40 units sold in FY 2022.
Hyundai also saw its electric passenger vehicle retail sales improve by 497.73 percent to 789 units in FY 2023 from 132 units sold in FY 2022 and Mahindra sales were higher by 196.79 percent to 463 units in FY 2023. BMW India electric PV retail sales grew by 4188.89 percent to 386 units from just 9 units sold in FY2022 and Kia India entered the fray with 312 units sold in FY 2023.
Citroen is a newcomer to the segment with 202 electric cars sold in FY 2023. Mercedes Benz electric sales increased by 671.88 percent in FY 2023 to 247 units from 32 units sold in FY 2022. Mercedes-Benz currently has four electric vehicles on sale in India including EQS, EQB, EQC, and EQS AMG and plans launch of four new electric vehicles in India over next 8-12 months. Volvo electric car sales also increased by 2700 percent in FY 2023 to 140 units from 5 units sold in FY 2022 while others in this segment added 664 units to total retail sales, up 36.34 percent from 487 units sold in FY 2022.
Electric Car Retail Sales March 2023
Electric car sales in March 2023 stood at 8,566 units, up 130.39 percent from 3,718 units sold in March 2022. It was also an 87.85 percent growth on a MoM basis from 4,560 units sold in Feb 2023. Tata Motors has the highest number of electric passenger vehicles on sale in India and hence it is no wonder that it recorded the maximum sales in March 2023. Tata electric sales in the past month stood at 7,137 units, up 107.23 percent YoY from 3,444 units sold in March 2022 while it was a MoM growth of 89.01 percent when compared to 3,776 units sold in Feb 2023.
No other automaker could record sales above the 500 unit mark in March 2023. MG Motor sales improved by 420 percent YoY to 494 units from 95 units sold in March 2022 while MoM sales were higher by 43.19 percent over 345 units sold in Feb 2023. The company currently sells the ZS EV in this segment while it plans to introduce the MG Comet EV later this month.
BYD India electric car sales zoomed 1461.11 percent YoY to 281 units in March 2023 from 18 units sold in March 2022 while MoM sales were higher by 23.25 percent from 228 units sold in Feb 2023. Mahindra electric car sales in the electric PV segment improved by 1216.67 percent YoY and by 3285.71 percent MoM to 237 units.
Citroen added 202 units to total electric car sales last month while BMW India electric car sales were at 51 units in March 2023, up 466.67 percent YoY from 9 units sold in March 2023. It was however, a 5.56 percent MoM de-growth over 54 units sold in Feb 2023.
Hyundai (46 units), Volvo India (46 units), Mercedes Benz (29 units) and Kia India (20 units) also found mention on this list. There were others that added 23 units to total electric car sales in March 2023 down 78.10 percent as against 105 units sold in March 2023 but up 76.92 percent when compared to 13 units sold in Feb 2023.
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