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AUTO PUNDITZ

Q3 2023 : EV sales declined for the first time by 10%!

Auto Punditz has always strived to present the most comprehensive data about the Indian Automotive Industry. In this endeavor, we have been covering Electric and hybrid car sales extensively and also created a section here. We hope our readers appreciate the analysis and share it comprehensively.


Highlights

  • BEV sales declined for the first time by 10% to register sales of 24,028 units in Q3 2023, from Q2 2023.

  • Strong-hybrid EV sales rebounded to 20,022 units as Toyota increased production.

  • Combined sales of strong-hybrid EVs and BEVs stagnate around 4.2%.

  • Tata and Toyota continue to dominate the BEV and strong-hybrid EV markets with 73% and 74%, respectively.

  • Tata Tiago EV is the best-selling BEV product, and Toyota Innova Hycross is the best-selling strong-hybrid EV in Q3 2023.

Market

The Indian passenger vehicle (PV) market grew by 8.3% in Q3-2023, over Q2-2023, and also happens to be the best-ever quarter for the industry. However, in the same period, the battery EV (BEV) market witnessed a sudden decline of 10.3%. Strikingly, sales declined across all products currently available on the market, with few non-consequential exceptions. The slowdown resulted in huge discount offers from Mahindra and Citroen in the last few months and a significant price correction from MG on the ZS EV. Overall BEV sales were limited to 24,028 units, contributing to 2.2% of the Indian PV market in Q3-2023.


With increased supply from Toyota, strong-hybrid EV (HEV) sales in Q3-2023 regained 22,022 units, thus contributing to 2% of the Indian PV market in Q3-2023.


What is clear in the Indian passenger vehicle market is that irrespective of the fuel choice offered, products and brands need to deliver on their core promises on the value side; otherwise, they won’t be sold!


Manufacturer

  • Tata, which witnessed a decline in EV sales by 7% compared to the preceding quarter, still continues to dominate the nascent market.

  • MG posted marginal growth in Q3-2023 due to a new product, Comet, introduced in Q2-2023.

  • Mahindra, Citroen, and BYD suffered huge declines and offered discounts on their products.

  • Toyota continues to lead HEV sales with an increased share due to increased supply.

  • Maruti comes next, and Honda’s sales have less traction due to higher pricing.

Body style

The introduction of the MG Comet increased hatchback share in the BEV segment to 55%, SUVs are next at 33%.


Currently, the HEV segment is limited by UV-dominated body styles.


Products

  • The Tata Tiago EV continues to be the best-selling BEV, followed by the Tata Nexon, which received a facelift very recently.

  • All EV products witnessed a huge volume drop in a quarter, which happens to be the best quarter for the Indian PV industry.

  • The Innova Hycross continues to be the best-selling HEV, followed by the Toyota Hyryder.

Opmerkingen


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