June 12, 2024

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A review of the best-selling electric vehicles for the month of August 2023

A review of the best-selling electric vehicles for the month of August 2023

A look at Electric Four-Wheeler sales for August 2023


The four-wheel electric vehicle segment is growing this year. It is booming with the electrification of four-wheeled vehicles aiming to create a cleaner and greener transportation future for the country. However, E4W sales fell significantly in August 2023. The segment saw a 13% decline month-over-month.

Tata Motors also maintained its market leadership position in August 2023, followed by MG Motors and Mahindra and Mahindra. The first 3 positions remain the same. Meanwhile, Hyundai Motors and PCA Automobiles took 4th and 5th place, respectively.

Tata Motors is the company that sells the most four-wheel electric vehicles. It sold 4,598 units and had a peak market share of 81% in August 2023.

COMPANY NAME

JULY

AUGUST 

MOM Growth 

Market Share 

TATA ELECTRIC

5,427

4,598

-15%

81%

MG MOTOR

1,224

1,146

-6%

18%

MAHINDRA

373

377

1%

6%

HYUNDAI INDIA

114

182

60%

2%

CITROEN

(PCA AUTO)

216

110

-49%

3%

BYD INDIA

117

92

-21%

2%

BMW INDIA

105

70

33%

2%

VOLVO INDIA

33

39

18%

0%

KIA INDIA

29

27

-7%

0%

AUDI AG

9

13

44%

0%

 

Market share of Tata Motors

Tata Motors’ continued dominance in the electric vehicle market demonstrates the company’s commitment to delivering high-quality, durable vehicles. It is making significant progress in the electric vehicle segment and also registered significant year-on-year growth of 54.9%. Despite the challenges posed by market dynamics, Tata Motors continues to be the leader and is capturing a major market share in India’s E4W segment. The company’s primary focus on affordable electric mobility continues to give it a distinctive advantage, contributing to its overall performance in a rapidly changing electric sector.

MG MOTOR

 

MG Motor also leads in sales at second place on the list. MG Motors sold 1,146 units, performing well with an 18% market share and maintaining its second position. With an 18% market share, they compete with one of the giant electric vehicle manufacturers, Tata Motors, and with other leading companies. For comparison, MG’s monthly revenue for August was 15% lower than in July.

Mahindra

Mahindra and Mahindra delivered only 377 units and also held 3rd place in August with a market share of 6%. Compared to July and August sales, one of India’s favorite electric vehicle manufacturers has seen growth, but they still need to work harder to compete with other big players like Tata. Motors and MG Motors. At the same time, it maintains its market share in the 3rd position.

Hyundai and Citroen

Citroen (PCA Automobiles) dropped to 5th place ahead of Hyundai Motors. It sold 110 units and gained a 3% market share. Although Citroën has a market share of 3%, more than Hyundai India, sales in August are still 49% lower than the previous month. Hyundai Motors jumped from 6th place in July and took 4th place in the rankings. It sold 182 units and achieved excellent results with a 2% market share.

A few words to conclude

There has been a relatively positive increase in sales in August 2023. In addition to the launch of quite a few electric four-wheelers during this month and in the months to come. It is therefore likely that we will see better sales growth in the months to come. There may be a lot of changes that will be brought about to the positions of the companies as a result of this.

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