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Highlights
2022 registered the highest-ever BEV sales of 48,262 units, with 229% volume growth over 2021
October 2022 was the best sales month with 5,113 units sold
Tata Motors commands 86% of the Indian BEV market share, followed by MG with 9%
Tata Nexon EV (29,149) is the best-selling product, followed by Tata Tigor EV (11,890)
Availability of competitive BEV products and high conventional-fuel prices are the major BEV market drivers in 2022
Indian BEV mass-market
CY2022 witnessed record BEV sales of 48,262 units
BEV market share reached 1.3% of total PV sales in India.
The Indian BEV market is growing rapidly with the introduction of competitively priced products
High conventional-fuel prices in 2022 also aided BEV market growth
October 2022 BEV sales reached an all-time high of 5,113 units, followed by a seasonal downfall
Body style
SUV/crossover-styled vehicles account for 73% of the BEV market
Improved Tata Tigor EV launched in Q3-2021 scaled sedan share to 25%
In 2022, Tata introduced the Tiago EV, the first BEV hatchback, and BYD introduced the E6, the first BEV MPV
Manufacturer
Tata Motors controls 86% of the market, followed by MG Motors with 9%, and the rest are currently marginal players.
Now Tata and MG derive considerable volume from BEV product sales
Product
The Tata Nexon EV with dual battery pack option is the best-selling BEV in India, followed by the Tata Tigor EV
In the BEV product race, there is no first-mover advantage, and the best product takes the cake in the Indian market
Tata BEV products - Nexon EV, Tigor EV & Tiago EV (Local production with imported battery cell)
The Nexon EV Max with a larger battery pack introduced in 2022 along with the old Prime version took the final tally to an all-time high of 3,070 units in June 2022
With an improved battery and motor, sales of the Tigor EV have grown rapidly since August 2021
Tiago EV has just started its wholesale journey with 500 units in December 2022
Tata Motors sold 29,149 Nexon EVs in 2022
Tigor EV sales have nearly fivefold increased since 2021 due to an improved value proposition.
Nexon EV command 60% BEV market share in 2022
Tigor EV now has a 25% share of the BEV market in 2022.
MG ZS EV (CKD)
After a facelift, CKD MG ZS EV average sales settled around 361 units per month in 2022
There was strong demand for an updated ZS EV with better range, interior and feature updates
ZS EV market share decreased during 2022 due to market expansion by Tata EV products
Other BEV products - Hyundai Kona (CKD), Mahindra eVerito (Local), KIA EV6 (CBU) & BYD E6 (CBU)
Other BEV products have a minuscule share of the growing Indian BEV market
Mahindra eVerito sales are almost negligible
Throughout 2022, the Hyundai Kona EV was available at a discount of over 2 lakhs
Kia has launched the CBU EV6 in 2022 in the premium segment
BYD introduced the E6 MPV in 2021 for fleet operators and made it available for personal car buyers in 2022
Luxury segment – BMW
In the luxury segment - BMW has reported 347 BEV sales in 2022, which is 2.9% of BMW’s total sales in India
The BMW iX SUV is the company's best-selling BEV, followed by the Mini SE hatchback
45 units of the reasonably priced BMW i4 sedan were sold