Tata Motors (Nexon+Tigor) commanded a Market Share of 67% between April to September 2020! Also the Nexon EV continuous its dominance as the best selling EV for FY2021.
Nexon EV maintains its leadership position in the segment and sold an impressive 1,151 units in the past 5 months and topped the charts in terms of electric vehicle sales. It commanded a lion’s share of the market and registered a FY21 Market Share of 61.4%. Tata seems to have ticked the right boxes with Nexon EV in terms of price, range, design & practicality.
MG’s eZS ranked second in the list and has clearly outsold its direct competitor Kona. eZS has been able to connect well with the premium range of EV buyers and garnered a Market Share of 27.4% in YTD FY21. MG is now all set to expand its horizon and shall now be marketed in 10 new cities. These cities include Nagpur, Lucknow, Agra, Dehradun, Ludhiana, Kolkata, Aurangabad, Indore, Coimbatore and Vizag.
Tata’s other EV offering Tigor could place itself in the third spot. It could sell 100 units in the past 5 months and registered a Market Share of 5.3%.
Mahindra which had a early mover advantage in the EV space is slowly losing out to others. It managed to sell a meager 9 units in the past 5 months and the Market Share was just 0.5%!
We however believe the overall EV volumes are way below expected levels and needs an upsurge to make Auto Makers serious about the segment. This requires Government push and changes in policies to incentivize EV buyers and manufacturers. We have seen many Indian states taking steps in the right direction and hope the segment flourishes accordingly.