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Highlights
52,415 BEVs (Battery Electric Vehicle) and 51,832 HEVs (Hybrid Electric Vehicle) were sold in H1 2024
BEV and HEV sales growth was 10% and 30%, respectively
The market share of BEV and HEV was 2.4% of total PV sales, each
BEV sales growth was driven by a new product - Punch EV, introduced by Tata in January 2024
Tata and Toyota continue to dominate the BEV and strong-hybrid EV markets with 69% and 86%, respectively
Tata Punch EV was the best-selling BEV product, and Toyota Innova Hycross was the best-selling strong-hybrid EV
Market
There was a strong surge in Q1 BEV sales due to the introduction of the Tata Punch EV and high dispatches of the Mahindra XUV 400 before the FY 2023-24 closure to manage internal CAFE figures. Sales growth for other BEV products was largely flat. However, Q2 witnessed a sharp decline in demand for all BEV products, despite several promotion schemes in place throughout the quarter. As a result, manufacturers reduced production to align with demand.
HEV sales were largely driven by Toyota’s products, which somehow don’t follow a consistent seasonality trend. Except for Toyota Innova Hycross, all other HEV products were available at a discount in H1 2024.
The average car sales price for BEVs is ₹ 14.1 lakhs, and for HEVs it is ₹ 25.6 lakhs, with a sales gap of a mere 1%.
Manufacturer
Tata remains the largest BEV maker in India, with a 69% market share
MG has maintained a steady state by price correction and offering discounts on two products
Toyota continues to lead HEV sales with an 86% share
Maruti comes next, and Honda’s sales have less traction due to higher pricing
Body style
Entry of new crossovers has strengthened its position in BEV segment share; hatchbacks are losing again in the BEV segment too
Currently, the HEV segment is limited by UV-dominated body styles from Toyota and Maruti
Product : Analysis and H1 2024 Updates
The Tata Punch EV was the best-selling BEV in 2024
Other BEV products had limited sales traction, and discounts were on the higher side
Hyundai has discontinued Kona in India
The Toyota Innova Hycross was the best-selling HEV in 2024, followed by the Toyota Hyryder
Both Tata’s SUV/Crossover BEV products achieved a 5 Star-rating in the BNCAP crash test which is a voluntary program now
In fact, the Punch ICE version scored highest in the OBD crash test among all cars tested by GNCAP under the old protocol
This time also, Punch EV achieved the highest score for all the cars tested so far by BNCAP under the new protocol, and quite close to maximum possible points
Punch's safety score surpasses that of its more expensive siblings, the Nexon and Safari, which were on the borderline of the 5-star crash test rating system
At Auto Punditz, we strongly advocate for all automakers in India to prioritize high crash test ratings, despite BNCAP testing being voluntary. We believe that subscribing to rigorous crash test evaluations is essential for significantly enhancing occupant safety in the event of fatal accidents.
By supporting and promoting high safety standards, automakers can contribute to a safer driving environment and reduce the risk of severe injuries, ultimately saving lives and improving overall road safety.
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