Electric Passenger Vehicle sales hit a record high in FY2021 and grow 74% over FY2020!
Lead by the Electric SUVs; the Electric Passenger Vehicle sales recorded the all-time highest volume in FY2021. Tata Nexon EV with sales of 3,803 units between April 2020 to March 2021 emerged as India’s Best Selling Electric car for FY2021.
The overall Electric PV sales crossed 1k monthly volume for the first time in March 2021 and registered a 44.3% growth over February 2021.
Tata Motors registered its highest-ever monthly and quarterly EV sales of 705 units and 1,711 units in March'21 and Q4 FY21, respectively. Launched in January 2020, Tata Nexon EV has crossed the 4,000 unit sales milestone which is the highest for any Passenger EV in India. Nexon EV has a 64.4 percent market share in the passenger EV segment for FY2021.
Do note that 3,400 units of Passenger EVs were sold in FY2020 and FY2021 with sales of 5,902 units recorded a YoY increase of a massive 74 percent!
The surge in sales was primarily from the Electric SUVs – namely Nexon EV and ZS EV which were the Top 2 best-selling cars in the segment. Near to 93 percent of Electric Cars sold in FY2021 were e-SUVs!
Nexon EV has proven to be a game-changer for Tata Motors and along with Tigor EV the OEM’s Market Share in the Electric PVs shot up to 71.4% in FY2021
The key reason for Tata’s success is the efforts it has laid to ramp up the charging infrastructure. Tata has a dedicated process towards installing a home charger at the residence of every Nexon EV customer.
Tata Power also has the largest network of CCS2 (Combined Charging System) fast chargers which are compatible with Nexon EV as well. To date, Tata Power has established over 400 charging stations in 65 cities and on several prominent intercity routes across India. It is planning to scale this up to 700, across most major cities and highways by December 2021.
MG ZS EV emerged as the second best-selling Electric Passenger Vehicle in FY2021 with sales of 1,499 units. It's direct rival Hyundai Kona Electric, could sell only 180 units in the last financial year. Comparatively, ZS EV boasts a longer real-world range from its 44.5kWh battery, better cabin space, and a longer list of features.
Tata Tigor was the best-selling Electric Sedan and the third best-selling Electric PV for FY2021. It sold 411 units and could garner a 7 percent Market Share. Tigor EV is all set to receive a facelift soon and a new name (X Pres-T EV) as well. It is touted that X Pres-T EV will be offered in standard and extended range variants with the top-spec trims having a claimed range of 213 km in a single charge.
Mahindra which had an early mover advantage in the EV space is slowly losing out to others. It managed to sell a meager 9 units in FY2021 and the Market Share was just 0.2%! However, Mahindra plans to invest ₹3000 crores in its EV business in the next 3 years and ramp up its volumes in the segment accordingly (source).