Archive · 9 Dec 2025
India's EV Market Shows Mixed Trends
In November 2023, India's electric vehicle (EV) market showed mixed trends.
Overall, there was a big increase in sales compared to the previous year, but sales were lower than the previous month.
Tata Motors, JSW MG Motor, and Mahindra were the top sellers in the passenger vehicle segment.
Some companies like Kia, Hyundai, and VinFast saw big increases in sales, while others like Mercedes-Benz had fewer sales.
Electric three-wheelers and commercial vehicles did well, with big increases in sales.
The market is expected to grow more in the future as new models and better infrastructure become available.
Total EV retail sales in November 2023 were 14,850 units, a 17.75% month-on-month decline but a 61.87% year-on-year rise.
Tata Motors led the electric passenger vehicle segment with 6,153 retail sales, followed by JSW MG Motor and Mahindra.
Kia and Hyundai saw significant year-on-year gains, with sales up 527% and 1,671% respectively.
Electric three-wheeler retail sales rose 32% year-on-year to 83,683 units, while electric commercial vehicle sales surged 202% year-on-year to 1,698 units.
The electric two-wheeler segment slipped 2.51% year-on-year to 1,16,982 units despite continued momentum from key players.
- Who
- EV manufacturers in India, including Tata Motors, JSW MG Motor, Mahindra, Kia, Hyundai, BYD India, VinFast, BMW, Mercedes-Benz, and Tesla
- What
- Mixed trends in India's electric vehicle market in November 2023, with overall growth but varying performance among different segments and brands
- When
- November 2023
- Where
- India
- Why
- Post-festive season reset in buyer sentiment, leading to softer retail activity but resilient underlying demand
- Total EV Retail Sales (November 2023)
- 14,850 units
- Year-on-Year Growth (November 2022 to November 2023)
- 61.87%
- EV Penetration in Passenger Vehicle Segment (November 2023)
- 3.8%
- Tata Motors Retail Sales (November 2023)
- 6,153 units
- JSW MG Motor Retail Sales (November 2023)
- 3,693 units
- Mahindra Retail Sales (November 2023)
- 2,966 units
- Kia Retail Sales (November 2023)
- 464 units (up 527% y-o-y)
- Hyundai Retail Sales (November 2023)
- 372 units (up 1,671% y-o-y)
- BYD India Retail Sales (November 2023)
- 425 units (up 15.8% y-o-y)
- VinFast Retail Sales (November 2023)
- 291 units (more than double October volumes)
- BMW Retail Sales (November 2023)
- 268 units (up 150% y-o-y)
- Mercedes-Benz Retail Sales (November 2023)
- 69 units (lower than last year)
- Tesla Retail Sales (November 2023)
- 48 units (up 20% month-on-month)
- Electric Two-Wheeler Retail Sales (November 2023)
- 1,16,982 units (down 2.51% y-o-y)
- Electric Three-Wheeler Retail Sales (November 2023)
- 83,683 units (up 32% y-o-y)
- Electric Commercial Vehicle Retail Sales (November 2023)
- 1,698 units (up 202% y-o-y)
