Tata Motors consolidates leadership in electric vehicle segment, Nexon EV remains best seller
The Tata Nexon EV, which comes in the standard variant as well as the Nexon EV Max and Prime versions, holds a 66% market share among all electric vehicle models in India.
Tata Motors increased its lead over all other electric vehicle manufacturers in India in the first nine months of the year. Led by the success of the Nexon EV and Tiger EV, the automaker has now expanded its market share to 90% in the passenger electric vehicle segment with a 10% year-over-year increase. With the Tiago EV set to launch early next year, Tata Motors will seek absolute dominance in the electric vehicle segment in the coming years.
In the first nine months of the year, Tata Motors sold nearly 30,000 electric vehicles, including the Nexon EV and the Tiger EV. It is almost double the total number of electric vehicles sold in India last year. The Nexon EV, still considered the number one choice for electric vehicle buyers in India, currently holds a 66% market share in the segment. Tata has sold 21,997 Nexon EVs so far this year. Tiger EV ranked second with 7,903 units with 24% market share.
The closest competitor that Tata Motors has in the electric vehicle segment is MG Motor. With its only ZS EV electric vehicle, MG Motor has a market share of only about 7%. MG Motor has sold 2,418 electric SUVs so far this year. Hyundai in third place, Mahindra in fourth place and Kia with EV6 ranked fifth among the top five electric vehicle manufacturers for the first nine months of this year.
To date, India has brought home more than 30,000 electric vehicles this year. Next to Tiago EV, there are very few other electric vehicles coming to customers, including BYD Atto 3, Mahindra XUV400, Hyundai Ioniq 5 and others. Major EVs launched this year include Tata Nexon EV MaxKia EV6, Volvo Rechargeable XC40.
First published date: October 21, 2022, 10:01 am IST
