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Top automakers riding the EV wave in India

Tata Motors, MG Motor, Mahindra, Hyundai, and BYD are the top electric car companies by sales in India

Top automakers riding the EV wave in India
[Source photo: Chetan Jha]

Chinese electric vehicle (EV) maker Leapmotor this month announced its tie-up with Europe’s Stellantis to roll out its range of EVs in India by the beginning of next year.

Leapmotor’s rollout will make it the third Chinese auto firm to enter India’s EV market, following SAIC’s MG Motor and BYD.

India is emerging as a prime market for global EV companies, driven by its goals to reduce carbon emission intensity and achieve net-zero by 2070. As fossil fuel combustion remains a major emissions source, transitioning to greener fuels is crucial for meeting these targets and promoting sustainable growth.

EV sales in India have been climbing gradually. Retail sales of electric cars and sport utility vehicles grew 22.79% in April to 7,415 units from 6,039 units in the same month last year, data collected from regional transport offices showed.

Total EV registrations crossed 1.5 million units by the end of 2023, Federation of Automobile Dealers Association (FADA) data showed. Passenger EV sales more than doubled in FY24 to 90,996 units from 47,551 in the previous year.

Aiming to woo global EV makers, the government has also launched a policy that it aims will help establish India as a global hub for EVs.

The policy requires a minimum investment of about $500 million, with detailed stipulations on investment returns, domestic value addition targets over five years, and specific customs duties to encourage local manufacturing within set timelines.

Tata Motors, MG Motor India, Mahindra and Mahindra, and BYD are the top electric car companies by sales in India, data from market research firm Counterpoint Research showed.

Tata Motors, bolstered by a robust portfolio and a strategic partnership with cab-hailing firm Uber, held over two-thirds of the EV market share in 2024, though it faced competition from Mahindra and Mahindra and BYD.

Here are the top EV manufacturers in India at a glance:

Tata Motors

  • EV sales in FY24: 64,217 units (up 65.82% year-on-year)
  • Market share: 73%
  • Top models: Nexon EV, Tigor EV, Tiago EV, and the Punch EV

Tata Motors rolled out Punch EV, the fourth electric vehicle from the automaker’s stable, in India in January. Punch EV is the first to sit on its debut Acti.ev platform that will form the basis of its upcoming electric model.

The company reported a revenue of nearly ₹52,000 crore for fiscal 2024, of which its EV business alone generated around ₹9,000 crore, reflecting its growing importance within the company.

The company plans to launch its Curvv sport utility vehicles (SUV) range in petrol, diesel, and electric models. Showcased at the Auto Expo last year and at the Bharat Mobility Show this year, the Curvv SUV, larger than the Nexon, will feature a Gen 2 Acti.ev architecture similar to the Punch EV, promising a range of up to 500 km.

The carmaker recently announced an investment of around ₹43,000 crore to develop new EV models this fiscal. 

The Acti.ev platform accommodates multiple drivetrain options, including four-wheel drive, all-wheel drive, and even rear-wheel drive options.

It offers different configurations for how power is delivered from the engine or electric motor to the wheels.

The battery pack improves the vehicle’s energy density by 10%, and this new architecture will help vehicles enhance the range from 300-600 km on a single charge, depending on the battery pack. 

Tata Motors commands close to 70-73 % share in the Indian EV market, driven by popular models like Nexon EV, Tigor EV, Tiago EV, and the Punch EV.

MG Motor India

  • EV sales in FY24: 11,611  units (up 155.19% y-oy)
  • Market share: 10%
  • Top models: MG ZS EV and Comet EV

MG (Morris Garages), a former British automobile brand now owned by Chinese auto firm SAIC, offers two EV models in India: the MG ZS EV and Comet EV.

The company recently announced plans to expand into tier-iii and tier-iv cities and focus on the rural market.

As part of MG 2.0, the company seeks to expand its manufacturing footprint through extensive localization and increase its annual production capacity from 100,000 to 300,000 vehicles.

The company, which currently has about 380 retail stores or service centers across 170 cities, plans to grow these to 520 stores or centers across 270 cities by the end of the year.

Among its top-selling models, the MG ZS, which boasts a range of 461 km on a single charge, is equipped with a 50.3 kWh battery and is priced at ₹18.89 lakh (about $22,700, ex-showroom).

The MG Comet EV, priced between ₹6.99 lakh and ₹9.98 lakh (ex-showroom) and equipped with a 17.3 kWh battery, offers a range of 230 km and boasts features such as wireless Android Auto, Apple CarPlay and reverse parking sensors.

MG is now the second-largest EV seller in the country, with 25% of its sales being EV models. Its flagship EV is the ZS, India’s first pure-electric internet EV SUV.

BYD India

  • EV sales in FY24: 1,774 units (up 61.86% y-o-y)
  • Market share: 2.26%
  • Top models: SEAL, ATTO 3, and e6

BYD India crossed the milestone of 1,000 bookings for its luxury sport sedan Seal two months after the model was launched in India in March this year.

The premium electric car accelerates from 0 to 100 km/h in 3.8 seconds and offers a 650-km range on a single charge.

The company began operations in Chennai in March 2007, investing over $200 million in two factories. It currently offers three EV models in India: SEAL, ATTO 3, and e6.

With 24 showrooms across 21 cities, BYD recently tied up with airport shuttle service startup Shoffr in Bengaluru to operate 50 e6 EVs.

The e6 model has a 71.7 kWh battery, providing a city range of 520 km and a combined range of 415 km.

BYD’s new energy vehicle footprint spans more than 400 cities in 70 countries across six continents. The automaker is listed on the Hong Kong and Shenzhen stock exchanges.

Mahindra and Mahindra

  • EV sales in FY24: 6,071 units (up 1151.75% y-o-y)
  • Market share: 0.98%
  • Top models: XUV400 EV (in the pipeline: XUV.e8, XUV.e9)

Mahindra and Mahindra Ltd this month announced an investment of ₹12,000 crore ($1.44 billion) in its EV unit by 31 March 2027.

By the end of that year, Mahindra group expects to sell a quarter of its electric SUVs.

The company introduced the XUV400 EV in January 2023. It features two battery variants: a 34.5 kWh and a 39.4 kWh, offering ranges of 375 km and 456 km, respectively. Priced at Rs15.49 lakh, the XUV400 EV boasts advanced features like a 10.25″ infotainment system, wireless charging, and dual-zone automatic temperature control.

The company has outlined an ambitious plan to launch 16 EV models by 2027, spanning the SUV and light commercial vehicle categories. 

Mahindra has announced that it will launch several models under its new Inglo platform, which offers class-leading safety standards, 5G network capability, and over-the-air updates. The models on the way to market are the XUV.e8 and XUV.e9, which are expected to launch in December 2024 or April 2025. These models will offer around 400-450 km ranges and feature advanced battery options and drivetrain configurations.


  • FY2024 – 1,829 units (up 128.91% y-o-y)
  • Market share: 1.68%
  • Models: IONIQ5 and Kona 

Hyundai Motor India, which currently offers two EV models: the IONIQ5 and the Kona, plans to roll out five more EV models under the Hyundai and Kia brands from its plant in Chennai.

Hyundai Motor Group, the parent company of Hyundai and Kia, is gearing up to launch its first electric car manufactured in India by 2025, Reuters reported in April.

The Korean automaker may locally manufacture EVs by the end of the year, the report said, citing people aware of the plans.

Kia will debut its India-made EV by the end of the year, while Hyundai is planning to unveil five electric models by 2030.

Both Kia and Hyundai will have batteries supplied by Exide Energy Solutions.

India is Hyundai’s largest market outside North America and Europe, and the company is preparing for a $3 billion IPO.

Hyundai plans to ramp up annual production to 1 million by 2025.

(All data based on FY24 FADA data )

Kaumudi Kashikar-Gurjar is an Associate Editor at Press Insider. Based in Pune, Kaumudi is a resourceful writer and a trained multimedia journalist who covers business and economy. Formerly the bureau chief at Sakal Times and Mid Day, Kaumudi has written extensively on politics and governance over her career spanning 20 years for publications including the Pune Mirror. More

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