EV and Hybrid Car Sales - Q1 2023
We have been covering the Electric Vehicle & Hybrid Vehicle sales statistics extensively and are closely watching the spurt in sales the respective segments are experiencing.
BEV and strong-hybrid EV sales reached an all-time high level of 21,109 and 22,389 units, respectively, in Q1 2023.
Combined sales of strong-hybrid EVs and BEVs reached 4.3% of the Indian passenger vehicle market.
Tata and Toyota continue to dominate the BEV and strong-hybrid EV markets with 73% and 83%, respectively.
Tata Tiago EV is the best-selling BEV product, and Toyota Innova Hycross is the best-selling strong-hybrid EV in Q1 2023.
Strong-hybrid EV (HEV) sales overtook battery EV (BEV) sales in two successive quarters due to the onslaught of the new range of strong-hybrid technology based products from Toyota and Maruti. Combined sales of HEV and BEV reached 4.3% of the Indian passenger vehicle market in Q1 2023, with each contributing 2.2% and 2.1%, respectively.
BEV sales too touched a new level of 21,109 units in Q1 2023, due to the introduction of new products from Tata, Mahindra, Citroen, and BYD.
This trend could potentially continue as Japanese automakers invest in strong hybrid technology, which combines a petrol engine with an electric motor and battery. Strong hybrids offer the benefits of both fuel efficiency and low emissions, without range anxiety, making them a popular choice for consumers. Additionally, the lower cost of production for strong hybrids compared to battery EVs may make them more accessible to a wider range of consumers.
However, it's important to note that battery EVs still have their own advantages, such as zero emissions and lower operating costs over time. As the market continues to evolve, it will be interesting to see how these two technologies compete and complement each other in meeting the needs of consumers and addressing environmental concerns.
As the BEV market expands with new products from Citroen, BYD, and Mahindra - Tata's market share has fallen to 73%.
Higher monthly deliveries in March 2023 by Mahindra and Citron appear to be in a rush, to meet CAFÉ standards for FY 2022–23.
MG has been doing consistent numbers, and BYD started dispatching Atto 3 in January 2023.
Toyota continues to lead HEV sales with the introduction of the new generation Innova (Hycross) with a 2L hybrid engine and high demand for the Hyryder SUV launched in 2022.
Maruti comes next with its lone product, and Honda’s sales have less traction due to higher pricing.
The introduction of the Tata Tiago EV and Citron eC3 increased hatchback share in the BEV segment to 45%, SUVs are next at 45%. Currently, the HEV segment is limited by UV-dominated body styles.
The Tata Tiago EV was the best-selling BEV in Q1 2023. Amid production constraints on Tata BEVs, Tata seems to have shifted production from Nexon to Tiago to meet the strong demand for the cheapest BEVs in India.
Deliveries of the Mahindra XUV400 and Citoren eC3 were exceptionally high in March 2023, which appears to be brisk sales to meet CAFÉ standards.
The newly introduced BYD Atto3 achieved average monthly sales close to 300 units with a limited dealership network.
The Innova Hycross was the best-selling HEV in Q1 2023. Toyota has taken the bold step of introducing an HEV powertrain to its best-selling Innova’s next-generation with a monocoque chassis.
High brand equity allows Toyota to sell more Hyryder HEVs than Maruti's Grand Vitara HEV.